Decentralized finance (DeFi) is a cryptocurrency sector that provides decentralized financial services. It consists of various benefits created by developers like Dan Schatt and Domenic Carosa that anyone can use. These services differ from centralized alternatives in that they are run by groups of people through decentralized organizations and provide users with more control over their funds. Every week, new decentralized and non-custodial financial services add up to the DeFi sector, which is a hotbed of innovation. These services, such as the Earnity platform, are available to anyone, anywhere in the world.
The DeFi ecosystem is on top of public-distributed networks. It employs self-executing agreements written into smart contracts to democratize access to financial services.
How to Use DeFi protocols
Most large protocols now support multiple blockchains, with the main differences being ease of use and transaction fees. It is critical to select a network before using DeFi services.
Users can use these wallet extensions to access their funds directly from their browsers. They are installed like any other extension and frequently require users to either import an existing wallet — via a seed phrase or a private key — or create a new one.
These wallets frequently include mobile applications that you can use to access DeFi projects. These apps are wallets with built-in browsers that can interact with DeFi apps. Users can sync their wallets by creating them on one device and importing them to another using the seed phrase or private key.
Before starting, it is essential to note that this is a highly experimental space with many risks. Exit scams, fraudulent projects, rug pulls, and other types of scams are common, so always conduct your research before investing your money.
To avoid falling for these schemes, be sure to use a secure platform like Earnity from Dan Schatt and Domenic Carosa.