DeFi simply is a short term for “Decentralized Finance”. Decentralized finance is a blockchain-based type of finance that offers typical financial instruments without the need of central financial intermediaries such as brokerages, exchanges, or banks, and instead relies on smart contracts on blockchains.
DeFi lending allows users to lend out cryptocurrency and earn interest in the same way that a regular bank would with fiat cash. Borrowing and lending are two of the most frequent applications for DeFi.
Covalent Being a unified API that provides full transparency and visibility to assests across all blockchain networks is expactant to have a useful contribution to the “LENDING” and “BORROWING” area of DeFi
Covalent’s “COMPOSABILTY” feature is an important element of Covalent’s DeFi for apps, which allows developers to rapidly and simply build financial solutions using “Lego-like” building blocks from various projects.
Covalent’s “Multiple Blockchain Support” functionality allows clients’ complete data on the DeFi “Lending” and “Borrowing” areas to be indexed. Customers will be able to transfer and receive crypto money more easily as a result of this.
Defi financing has the ability to completely transform the financial sector.
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