Abstract
Abstract: Decentralized finance (DeFi) is an ever-growing sector of the cryptocurrency and blockchain industry. Decentralized finance is aiming to transfigure the classical and traditional financial systems and modernize and innovate the old and rusty financial systems which regulate the centralized banks controlled by the governments of their respective countries. Decentralized finance provides a system that aims to penetrate all classes of society across the board to build an inclusive society regardless of background, race, or location. This research paper aims to provide a comprehensive outline of the present DeFi topography, including its history, major players, and significant applications. Additionally, the paper aims to explore the potential of DeFi and the challenges facing the DeFi industry to be brought into the mainstream of society averting the reluctance among a huge percentage of the skeptical population. This research paper also provides an overview of the problems associated with DeFi and their potential solutions.
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