“Effectively, it was a private ledger,” Powell said. However, that’s not the case for decentralized finance (DeFi) because there is more transparency in how the money is being stored and moved. “If you contrast that with DeFi lending, whether it’s Aave, Compound or Maple, you can see the movement of funds at all times and it’s always controlled using Solidity and using smart contracts,” he added.
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