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DeFi Crypto Lending Platform
The growth of Decentralized Finance (DeFi) has been pretty interesting in 2020. The aim of the entire DeFi ecosystem is to provide a permissionless, transparent, and open-source financial ecosystem to the users. According to DeFi Pulse, the DeFi ecosystem locks in close to $13.01 billion and DeFi lending is the single largest segment of the ecosystem. On top of that, this segment has exhibited impressive growth in 2020.
What is DeFi Lending?
The process of offering and borrowing cryptocurrency assets in a permissionless and decentralized manner is known as DeFi lending. As the smart contracts automate transaction handling, the decentralized finance lending platform needs no middleman.
How Does DeFi Lending work?
A DeFi crypto lending platform requires users to deposit crypto assets to build a liquidity pool. While the users who add to the liquidity earn interest for being the liquidity providers, the borrowers can borrow the assets from the pool. All the terms of offering and borrowing of crypto assets are managed via self-managing smart contracts.
As a DeFi crypto lending platform is powered by blockchain, the operations remain transparent and immutable. On top of that, the lenders get an opportunity to earn high returns.
