Decentralized finance, commonly referred to as DeFi, has grabbed the attention of mainstream financial and technology audiences alike. While the sector has been applauded for bringing about innovative digital finance solutions from lending to payments, progress has been overshadowed by high profile security breaches. Adhering to these security guidelines will ensure that DeFi solutions will be better equipped to offer users a more instant, safe and secure network than traditional banking services.
When governments enforced lockdowns to prevent the spread of the coronavirus, the mainstream financial and banking system buckled under the enormous weight of souring loans and the need to process fiscal stimulus payments. Businesses and individuals waited several weeks for government handouts that should have taken only a couple of hours. The COVID-19 pandemic exposed a shortfall in the financial system that had long been evident to DeFi proponents: namely, the inability to provide direct and instant capital access.
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