DeFi Is Booming, But There Are Caveats To This Killer DApp

Cryptocurrency may have found a killer DApp, in DeFi (Decentralized Finance). It has opened up the cryptocurrency space with a total valuation locked at $8.11B in early September 2020, with a high of $9.605B (source: DeFi Pulse). DeFi is providing an alternative financing instrument for loans, funding and exchanges that do not require the usual documents and papers in traditional finance. Banks would require new accounts to provide their KYC (Know Your Customer) information, along with personal data about employment, salary and assets. DeFi does not have such requirements. It is an open protocol for decentralized finance, and this is the main benefit of…...