Are all smart contracts DeFi?
Asked 4 years ago
Hello, can someone please explain to e the role of a smart contract and how they work?
Weston Burns
Thursday, June 02, 2022
Smart contracts act as a foundation for DeFi by eliminating third parties via publicly traceable programmed agreements. DeFi applications run with the help of smart contract codes, allowing the exchange of goods and services between peers. While traditional financial institutions, like banks, depend on third parties to process transactions, DeFi apps rely on smart contracts to ensure legitimacy, transparency, and trust.
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