DeFi

DeFi is financial infrastructure built as public smart contracts rather than operated by an institution — lending, trading, derivatives and yield, usable from a wallet you control. The trade is that there is no counterparty to call when something fails, and the failures are specific: contract bugs, oracle manipulation, bad debt and governance changes.

We cover the mechanics behind the headline numbers — where a yield actually comes from, what a liquidation does, who sets the risk parameters — because the advertised rate is rarely what a position returns.