Why decentralized finance isn’t just the Wild West of Wall Street
DeFi deserves the attention it gets for the idealism that animates its mission to decentralize power
Senator Elizabeth Warren, who frequently inveighs against cryptocurrency, calls it “the most dangerous part of the crypto world." She is talking about DeFi, or Decentralized Finance, a dark area of the crypto world, which, if successful, could upend traditional finance. The New York Times defines DeFi as “an umbrella term for the part of the crypto universe that is geared toward building a new, internet-native financial system, using blockchains to replace traditional intermediaries and trust mechanisms." (nyti.ms/3K8fHPG ).