Short of decentralized finance. The first and most successful product of Web3 after tokens. By DeFi, we mean creation and exchange of value bearing assets represented as blockchain tokens. Would include:
- Decentralized Exchanges (DEX) to trade tokens. The tokens can be
- Native Web3 tokens
- Other tokenized assets
- Any other value-bearing digital asset like NFT and game assets
- Any value-bearing digital commodity like storage, GPUs, and computation
- Borrowing and lending against any tokens
- Stable-coins