This article explains what is DeFi and its importance to the Gala Games ecosystem.
This article assumes the reader knows:
Decentralized finance allows users to perform financial transactions without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain.
When a person uses an exchange such as OpenSea or Uniswap, they use a DeFi product.
Some benefits of using DeFi Include:
- Often fewer fees than what banks and other financial companies charge for their services
- Users have full control of their funds, instead of having to rely on a third party such as a bank
- Anyone with an internet connection can use decentralized finance without needing a central entity's approval
- Users can transfer their funds to and from the wallet they use on DeFi without waiting for an exchange to approve a withdrawal.