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What Is Defi Space? How Does It Work In KuCoin?

There are many crypto exchanges from which one can get cryptocurrencies, such as Coin Base, Binance.US, Crypto.com, KuCoin, and many more. Let’s get to know more about the KuCoin exchange. This phenomenal exchange was launched in 2017 by Johnny Lyu.  Kucoin grew with time, and more than 200 million people are registered with this fantastic exchange. Moreover, according to Coin Market Cap, KuCoin is a top 5 crypto exchange based on its performance.

Furthermore, it is a safe and secure system for its users. Kucoin also presents a variety of registered coins from which the users can pick according to their needs. With the massive rise in cryptocurrency investments, decentralized finance (Defi) is being explored. Well, now we are sure that you’ll be so excited to explore more about kucoin and defi. So, without any delay let’s begin!

Let’s Learn About Defi In Detail 

Defi, short form for decentralized finance. Its primary aim is to cut out the middleman and make the transactions directly with others. With time it has gained popularity as an alternative to traditional financial services. However, Defi opposes “centralized” financial assistance provided through banks or other conventional financial institutions. As it allows its users to use cryptocurrency to provide most services that traditional banks offer to the government, such as fiat currencies, earning interest, trade assets, and more.

Comparison Between Decentralized Finance And Centralize Finance

Centralized finance refers to a group responsible for decision-making and action-taking activities. This organization’s significant rights and powers lie in senior management’s hands. Decentralized finance, on the other hand, enables people to transact through financial applications through blockchain, cutting out third parties, such as traditional banking groups.

Benefits Of Defi 

Though Defi offers many advantages, few of them include being transparent. This is the utmost significant benefit. All the transactions are public on the blockchain and broadcast to and verified by other users on the network as the cryptocurrency prices differ from coin to coin. If one looks at the USDT price, it is Tether 205.53PKR. Likewise, Bitcoin is 4,237,812.82PKR. The second advantage enjoyed by the user is that data on the blockchain are tamper-proof, secure, and auditable. The next benefit on the list will be Self-Custody.  Defi users have control of their assets in their hands.

Let’s Get To Learn About The Working Of The Defi

Using Defi is hassle-free as it uses smart contracts and doesn’t require traditional financial institutions to act as a guarantee for transactions. And transactions are secured through blockchain technology. Once a smart contract is organized, it cannot be replaced.

Defi Projects

Defi has numerous projects, including Uniswap, Yearn Finance, Mana, and many more. Ku Coin also supports these Defi projects. According to KuCoin Global, “To facilitate the development of Defi, the launch of KuCoin Choice Community Vote (Defi Session) for Defi projects has also been done.”

Closure

Thus KuCoin supports Defi and has launched a new project, GMEE, along with providing remarkable features to its users. Therefore it’s not wrong to say that Crypto has a bright future.

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