DeFi (Decentralized Finance)
Financial services (lending, trading, derivatives) built on public blockchains via smart contracts.
In depth
Operates without traditional intermediaries (banks, brokers). Major protocols: Uniswap (DEX), Aave (lending), Curve (stablecoin swaps), Lido (staking). High-yield opportunities but smart-contract risk, regulatory uncertainty, and rugpulls have caused major losses.