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Exploring Analytics on DeFi
There are two groups of products that drive the most transactions in the current state of Web3: NFTs, as we discussed in Chapter 4, and decentralized finance (DeFi), which we will explore in this chapter.
DeFi takes its name in opposition to the centralized characteristic of the current financial system. According to the book How to DeFi: Beginner, by CoinGecko, “Decentralized Finance or DeFi is a movement that allows users to utilize financial services such as borrowing, lending, and trading without the need to rely on centralized entities.” DeFi is not a single product but a series of projects trying to address financial demand in the Web3 space.
These projects make use of the concept of composability, which involves ...
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