Traditional finance fails to cater to low-income populations with strict requirements like high credit scores, steep fees, and high incomes. DeFi eliminates such barriers and promotes accessibility through a permissionless network.
According to UNICEF, “Even without a personal banking history, institutional financial literacy, a passport, or a smartphone, Leaf helps people save, send, receive, exchange and pay money directly to and from their phone.”If you’re curious about the available opportunities through DeFi but don’t know where to start, here are a few tips:where you can store your crypto coins to be used in DeFi protocols. You can choose any wallet, but make sure to keep your public and private keys.
ETH or ERC-20. You can also use Bitcoin if you have it, but you’ll need to first exchange it for an ETH version such as Wrapped BTC.Now that you’re ready to get started, you can either lend out your crypto, invest it or place it in a DEX. Investing in DeFi projects is also an option, but consider this only if you’re open to risk. You can invest in projects like Yearn Finance or Aave.However, keep in mind that the crypto space is full of risks as fraudsters and scammers still abound. Be careful when entering agreements, and make sure to do your due diligence when joining any pool or platform.
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