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DeFi is an abbreviation of the phrase decentralized finance which generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum. In simpler terms, it's financial software built on the blockchain that can be pieced together like Money Legos.
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In the heyday of ICO, the Ethereum Platform became one of the most popular platforms for building ICO projects. Likewise today, when DEFI was Booming, the Ethereum platform was again the number one platform where DEFI projects were founded.