The most obvious distinction between DeFi and traditional financing is accessibility. Anyone with some cryptocurrency can build a wallet and begin using DeFi services.
There is no requirement for sign-ups or identification verification. Know Your Customer (KYC) checks and other conditions must be met in order to use traditional finance services.
This basic distinction makes DeFi accessible to the unbanked, hence increasing financial inclusion.
DeFi also provides financial services that are not otherwise available.
It is possible to construct fresh new products that use several platforms by layering different DeFi services (also known as DeFi legos).
This adaptability enables the development of novel items for which anyone can devise strategies.
