The Ethereum community has largely embraced Decentralized Finance. The idea behind Decentralized Finance, commonly called DeFi, is a financial system without a central governing authority, fully open to anyone around the world. The hope is such a system would level the playing field and make it easier and more affordable for anyone to get access to financial services.
Control of our current global financial system rests predominantly with centralized entities. To access many financial services, one has to deal with multiple intermediaries. Some others can’t get access at all. With DeFi, the aim is to radically transform the system as it exists and connect individuals throughout the world through decentralized applications built on Ethereum.