DeFi Education • 5255 implied HN points • 29 Jun 21
- DeFi means doing banking activities using code instead of traditional banks. It’s changing how people manage money online.
- Common DeFi terms, like APR and APY, help you understand how interest works. APR is straightforward, while APY accounts for compounding interest, making it higher.
- Risks in DeFi include potential losses and scams like 'rug pulls.' It's important to do your research and understand these risks before getting involved.