Decentralized finance: protocols and token swaps
DeFi Provide financial functions such as lending and swapping through smart contracts on blockchains. Open-source code makes the rules easier to inspect, but also requires users to identify genuine applications and authorize access carefully.
How financial functions enter blockchains
Decentralized finance is commonly abbreviated as DeFi, covering activities such as lending, interest-bearing instruments, and token swaps. Users interact with programs on the internet and blockchains rather than conducting transactions only during bank business hours. The course emphasizes the inspectability enabled by public ledgers, but open access and transparent records do not mean that all products are risk-free or suitable for everyone.
Smart contracts and protocols
The course uses lending protocols to illustrate how smart contracts execute prewritten rules. After a program is deployed, users can access it through a website or decentralized application, and developers can also use the open-source code as a reference to build other versions. Open-source code helps users understand the rules, but phishing websites and cloned projects may still use similar interfaces to trick users into granting access to their wallets.
Checks before swapping and granting access
Exchanging one token for another is a basic operation in participating in different DeFi applications. After connecting a wallet, users should confirm that the application they are accessing is the intended project and understand the scope of token access requested and where the funds will go. The course introduces the in-wallet swap entry point as an example of use; users still need to conduct their own research when choosing tools and should not treat a product entry point as a guarantee of safety.
Original Tutorial
https://learn.metamask.io/zh-CN/lessons/finance-decentralized
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