DeFi: (🏦) Decentralized Finance is a movement in the crypto industry which aims to disrupt central banks by offering bank-like services such as high interest-earning accounts, lending & borrowing, and currency exchange - all on the Ethereum blockchain through self governing systems.

👉 Updated: 12/01/21

**new Dapp Wiki 🔥

DeFi 101 - The Easy To Digest Guide

🧠 DeFi Need-To-Know Topic Summaries
👨‍🏫 Crypto Terms Explained In 3 Sentences:
▶️ Tutorials - Start Using DeFi
📚 DeFi Resources & People To Follow
📅 DeFi Monthly News / Events - Explained To Monkeys
📝 DeFi - By The Category
🎮 Explore The Metaverse: Decentraland

🧠 DeFi Need-To-Know Topic Summaries

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Crypto Wallets

📱

DApps

🖼️

NFT - Non-Fungible Tokens

⛽

Gas Fees

⚖️

Stable Coins

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Currency Exchanges (DEX)

📖

DeFi Buzzwords Dictionary

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DAOs

👨‍🏫 Crypto Terms Explained In 3 Sentences:

Understand these 5 high level concepts before diving head first into DeFi.

⚖️ Decentralization

Spreading out responsibility to many different parties instead of one.
Removing single point of power, failure, authority.
Letting people govern the systems they use.

🌐 Ethereum Blockchain

The 'app store' base layer where DeFi apps are built on.
This 'app store' is decentralized, meaning no one owns or runs it. (Community owned)
This allows for decentralized 'apps' to be built on this 'app store', only Ethereum's native currency (ETH) is accepted for transactions.

🏦 Decentralized Finance

Open & borderless financial system that connects the world through the internet.
Peer to Peer instead of relying on banks or institutions.
Financial service 'apps' that run themselves and are governed by its users via voting. (example: Compound)

⛓️ Blockchain

Public, digital database of crypto currency transactions.
Constantly updated and backed up across millions of machines.
Transactions are permanent, irreversible, and viewable by anyone.

📱 Decentralized Apps (Dapps)

Any type of app such as games, lending & borrowing platforms, NFT marketplaces etc..
An app can only be decentralized (not owned by anyone), if it is built on a decentralized 'app store' (i.e : Ethereum)
Examples of Dapps: Compound, Rarible, AAVE.

"DeFi is like putting money on digital ice skates, a world where your money is uncaged, fast, and free from banks or 3-5 business days"

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Heads up: If you plan on skipping straight to the 'Start Using DeFi' section, make sure you understand the following:

Gas Prices - Every transaction on the Ethereum blockchain (sending coins, depositing into AAVE, etc...) requires a fee, paid in ETH. (Always have some ETH)
Gas Prices pt. 2 - Gas fees can be expensive at times when moving lower amounts. Both a $50 transaction & a $500,000 transaction can have a $40 fee.
Ethereum is the 'network' and ETH is the token. Gas fees are paid in ETH. Know the difference. 🙂
MetaMask is an Ethereum Wallet! - ⛔ This means you can't send Bitcoin to it! (Unless you wrap it). Metamask = Ethereum tokens only! (Ethereum token list here)
While testing the DeFi waters, only experiment with small amounts of $$$. (Until you get the hang)