DeFi, or decentralized finance, is just about the most exciting thing to happen to money for centuries.

DeFi is an umbrella term for peer-to-peer financial services on public blockchains, primarily Ethereum.

Rather than having to hand over cash to bankers and investment managers, people can now use DeFi to save, invest, borrow, and lend between themselves using cryptocurrencies through fully automated, digital smart contracts, basically all without the paperwork or a third party.

DeFi is important because it has the potential to create more open, free, and fair financial markets that are accessible to anyone with an internet connection.