DEFI is an open, global financial system created for the Internet age, an alternative to a system that is opaque, tightly controlled, and held together by decades-old infrastructure and processes. It gives you control and visibility over your money. It gives you exposure to global markets and alternatives to your local currency or banking options. DeFi products open financial services to anyone with an Internet connection and are largely owned and maintained by their users. So far, tens of billions of dollars in cryptocurrencies have flowed through DeFi apps and they are growing every day.

Bitcoin in many ways was the first DeFi app. Bitcoin allows you to truly own and control the value and send it anywhere in the world. It does this by providing a way for large numbers of people, who do not trust each other, to agree to an account ledger without the need for a trusted intermediary. Bitcoin is open to anyone and no one has the authority to change its rules. The rules of Bitcoin, like its scarcity and its openness, are written in the technology. It is not like traditional finance where governments can print money, which devalues ​​their savings and companies can close markets.

Ethereum builds on this. Like Bitcoin, the rules cannot change on you and everyone has access. But it also makes this digital money programmable, using smart contracts, so it can go beyond storing and sending value.