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How is Decentralized Finance (DeFi) useful in borrowing and lending?

Decentralized Finance (DeFi) offers a revolutionary approach to borrowing and lending, providing users with enhanced accessibility and control over their financial activities. In DeFi lending, individuals can lend their digital assets and earn interest, while borrowers can access funds by providing collateral, all without the need for traditional intermediaries. Smart contracts on blockchain networks automate the lending process, ensuring transparency, security, and seamless peer-to-peer transactions. DeFi’s decentralized nature fosters a trustless environment, making borrowing and lending processes efficient and empowering for users worldwide.