DeFi (Decentralized Finance) is a collection or set of applications created using blockchain, cryptocurrencies and smart contracts. In our case – using the Free TON blockchain, coins – TON Crystal and smart contracts developed in the project. These applications are integrated into a single network and it becomes possible to provide services provided by banks and / or other banking and financial organizations.
In other words, this is an alternative to banks, while the services can be used by anyone who, for personal reasons, does not want to deal with state or commercial banks.
DeFi Services provide features such as:
- Reducing transaction fees
- Receiving passive income from cryptocurrencies
- Expanding access to financial instruments
- And others …
As a rule, such services must comply with certain principles, such as:
- Open source code (usually for integration with other DeFi projects)
- Accessibility for each user
- Transparency for everyone (ensuring data confidentiality)
The Free TON project has a whole sub-department that deals with issues and problems in this direction – DeFi SubGovernance.
However, the guys are focusing more on technical solutions to problems. And therefore, a partnership agreement was concluded with the Free TON DeFi Alliance, which occupy the economic field in the direction of DeFi.
By the way, just recently they published their work report and requested a new budget of 25,000,000 TON Crystal. If you are interested, then you can read this article