Cryptocurrency • Custody & Sovereign Wealth • Intermediate Level

Decentralized Finance (DeFi)

Definition: Non-custodial financial infrastructure (lending, borrowing, trading) governed by autonomous smart contracts.

Comprehensive Institutional Breakdown

DeFi protocols eliminate traditional financial intermediaries like banks or clearinghouses, replacing them with open-source smart contract protocols on Ethereum and other networks.

Cross-Market & Execution Note
Automated market makers (AMMs) like Uniswap replace traditional central limit order books (CLOBs).