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DeFi (decentralized finance)
Market structures

DeFi (decentralized finance)

A parallel financial system built on public blockchain networks. It replicates the functions of traditional finance - lending, borrowing, trading, using code instead of institutions. No bank required to participate.

TradFi equivalent
In traditional finance...
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TradFi equivalent
An over-the-counter (OTC) market. Transactions happen directly between participants without going through a formal exchange. No central counterparty, no standardized contracts, no guaranteed settlement. The trade is real. The institutional infrastructure around it is not.
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Analogy
In everyday terms...
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Analogy
A vending machine version of a bank. Available at all hours, no teller required, operates on fixed rules. But if something goes wrong with the machine, there is no manager to call.
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