Too Long; Didn't Read
DeFi aims to recreate traditional banking services without centralized entities - savings, loans, trading, insurance and more. The goal is to have an open alternative that is accessible to anyone in the world with an internet connection. DeFi is open finance that utilizing the infrastructure of the blockchain, one can verify every transaction that takes place on it, which also brings transparency. It is more appropriate to call it ‘distributed finance” or ‘open finance’ as most of the current DeFi products and services are a combination of centralization and decentralization.