“Decentralized Lending Protocols” is a hot new sector in the DeFi space, though it’s nothing like taking out an unsecured loan in the conventional finance world.
DeFi “borrowers” don’t sign piles of paperwork to ensure repayment—they instead put up crypto collateral via smart contracts on the blockchain.
This allows them to free-up cash for day-to-day expenses or trading, without selling the crypto they believe will appreciate in value. If they allow the collateral to become insufficient as a result of market movement, the lending protocols liquidate the collateral instantly. This area of DeFi is soaring in popularity.
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