What is DeFi? A Beginner's Guide to Decentralized Finance

DeFi recorded $133.6 billion in total value locked in 2024, a 2.5x increase from $50 billion in December 2023. Services include lending, trading, and yield earning built on public blockchains using smart contracts. Access requires only a crypto wallet, not credit checks or geographic eligibility. The model operates 24/7 and is open-source, auditable by public code.