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Decentralized Finance is a developed financial ecosystem that offers conventional financial services without a governing/central authority or intermediaries. Virtually all financial services provided by the traditional system of banking are available on DeFi. Liquidity Pool-based DEXes use the Automated Market Makers—AMMs—algorithm to determine the token's price. DeXes are built to execute orders automatically using the smart contract; this is known as P2C—peer-to-contract—protocol.
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