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Academy

intermediate · DeFi

DeFi Explained: Lending, Swaps and Yield

What decentralized finance is and how people use it.

DeFi apps let you trade, lend and borrow using smart contracts instead of a bank. • Swaps (DEXs) trade tokens directly from your wallet. • Lending protocols pay interest to lenders and charge borrowers. • Yield comes with risks: smart-contract bugs, price swings and impermanent loss. Start small, use well-audited protocols and understand where the yield comes from.

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