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In the most simple terms- what are lending protocols, and why are they important for blockchains?

#cryptocurrency #english #oasis

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09.03.2022

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Aman K · Accepted Answer

The concept of “lending and borrowing” has been around for ages and is one of the core aspects of any financial system. In the context of cryptocurrencies, lending and borrowing can be facilitated via DeFi protocols. Lending protocols allow users to become lenders or borrowers in a completely decentralized fashion, such that an individual has complete control over their funds at all times. In contrast to traditional finance, lending platforms can be used by anyone, anywhere without them having to hand over their personal data to a central authority.

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