DeFi, or decentralized finance, refers to a system of financial services built on blockchain technology, typically using smart contracts. Unlike traditional finance, which relies on banks and intermediaries, DeFi operates without a central authority. It enables activities like lending, borrowing, trading, and earning interest directly on the blockchain. With DeFi, users have full control over their assets and can access financial services globally, 24/7, often with lower fees. It’s reshaping the way we think about finance.