Decentralized finance as a new globalization accelerator

cointelegraph.com:

Those who studied history well might remember the city-states of medieval Europe. Back then, caravans of merchants traveled from one city-state to another, bringing luxury goods and news from far-away places. It was this lifestyle that enabled these merchants with freedom of mobility and choice. It is a very similar concept to the one described by Michael Ondaatje in his book The English Patient. The author envisioned complete freedom, without borders or nationalities limiting people in their strive for development and progress. 

Today, broader access to the financial markets through decentralized finance marks the beginning of the open world. DeFi has been highly positive from the standpoint of wealth accumulation and cheaper financing, giving new meaning to the concept of “finance for everyone.” By removing intermediaries via the use of blockchain technology, DeFi widens the scope of financial transactions while significantly lowering their costs. It is evident that DeFi is the future of finance and other industries. The only question remaining is: How fast will we get there?

It’s quite fascinating how, in only ten years, we’ve departed with the concept of Bitcoin (BTC) as a digital currency (and personal bank in a traditional sense) and arrived at Wrapped BTC, farming, and all the other crypto alchemy.

Essentially, there are several types of applications for DeFi, reflecting the depth of its integration and range of its uses. Decentralized exchanges (DEXs) represent a large category of DeFi operations, offering an authority-free trade of cryptocurrencies. Stablecoins are pegged to external assets, such as fiat currencies and precious metals. Lending platforms and prediction markets are also prevalent in the sector.

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