What is the primary benefit of decentralized finance (DeFi) in blockchain? 🔊
The primary benefit of decentralized finance (DeFi) in blockchain is the elimination of intermediaries in financial transactions. By utilizing smart contracts and blockchain technology, DeFi allows for direct peer-to-peer transactions, enhancing transparency and reducing costs. This decentralization offers users greater control over their financial assets while increasing access to financial services for individuals who might be excluded from traditional banking. Additionally, DeFi ecosystems often provide opportunities for users to earn on their investments through yield farming and other innovative financial products.
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