What it means
Saving, paying, exchanging and lending with money held on a public blockchain, in a wallet you control.
It brings the services of a bank account to self-custody: your balance is yours, and the services are open protocols.
How it works
Defied is an onchain finance app for euros and dollars.
Related terms
| Term | What it means |
|---|---|
| Onchain | Recorded on a public blockchain, where anyone can check it, rather than in one company's private database. |
| DeFi | Decentralised finance: lending, borrowing and exchanging that runs on public smart contracts instead of through a bank. |
| Self-custody | Holding your money yourself, in a wallet only you control, instead of trusting a bank or exchange to hold it. |
This glossary explains terms in general. It isn't investment, tax or legal advice.