What advantages does DeFi have over TradFi?

DeFi is on a mission of revolutionizing TradFi by eliminating the financial bureaucracy plaguing mainstream financial systems like banks. The application of decentralized ledgers like Ripple’s XRapid makes it a reality for people to enjoy complete control of their money and personal data when transacting. Apart from these structural benefits, the other advantages of DeFi over TradFi are:

• The offering of unique financial products.

• A faster pace of innovation.

• Lower transactional costs.

• More transparency.

• More efficiency.

Besides, DeFi is easily accessible globally and offers near-instant settlements, but it is still a work in progress with drawbacks such as hacks and outright scams.