DeFi & Web3 TermsExplained Simply

A new way to do banking without banks. You can borrow, lend, trade, and invest using apps on the internet that nobody owns or controls.

A computer program that automatically does what it's told when certain things happen. Like a vending machine - put in money, get a snack, no person needed.

A one-of-a-kind digital item you can own and prove is yours. Unlike regular money where every dollar is the same, each NFT is unique.

Locking up your crypto to help run a blockchain network. In return, you earn rewards - like earning interest for helping keep the system running.

A shared pot of two different cryptocurrencies that people can trade from. Anyone can add money to the pot and earn fees when others trade.

A group that makes decisions together by voting online. There's no boss - everyone who holds special tokens gets a say in what happens.