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Decentralized finance is an open-source, decentralised, and immutable database based on blockchain technology. It is a system on which regular financial applications can be created but with decentralised functionalities. Decentralsised finance is essentially a middle ground between the existing centralised financial system and totally decentralised cryptocurrencies like Bitcoin and Ethereum. DeFi is a powerful invention with a wide range of applications. The most groundbreaking ones are listed below. Users can easily join a DeFi community and conduct anonymised peer-to-peer trade using an encrypted peer-peer-powered smart contract.