Clever DeFi brings innovation to a Banking ecosystem riddled with flaws

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The Decentralised Finance (DeFi) markets are going through yet another phase of expansion. While Ethereum (ETH) is soaring to new all time highs, the DeFi markets is growing to new highs as well. According to data from defipulse, the total value locked (TVL) in DeFi protocols is currently at an all time of $49.85 billion. The TVL has increased 25% within a week from $40.36 billion on March 26. This could be a sign on another “DeFi Summer” that could be incoming similar to the DeFi boom in 2020. The DeFi ecosystem is extensively revealing flaws in the traditional banking system which were looked into earlier due to the lack of a viable alternative for the same. To start with, the traditional banking system is a centralised ecosystem that is not something that many investors and consumers prefer due to them having no powers in the hierarchy in this system.…

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