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DeFi, or decentralized finance, describes financial services that aim to provide an open, decentralized alternative to traditional financial services like lending, borrowing, and trading. DeFi services are designed to provide a more accessible financial system as central authorities do not control it. By allowing users to collateralize their assets and borrow against them, DeFi is providing much-needed liquidity to the market. Currently, almost $52 billion of assets are locked in the DeFi sector, down 82% from November 2021 high.