Synthetix is a decentralized platform on Ethereum for the creation of Synths: on-chain synthetic assets that track the value of real-world assets.Decentralized Finance (DeFi) refers to a technology that uses decentralized blockchain technology to innovate on current financial services. As cryptocurrency aims to make money and payments universally accessible to anyone worldwide, DeFi has opened an alternative to every commercial service we use today, including investments, taking a loan, exchange of assets, insurance, and more. DeFi includes various financial tools such as protocols, smart contracts, digital assets, and decentralized applications (DApps). A DApp is an app that, rather than being built and controlled by a single, centralized company, relies on decentralized technology. Thanks to the blockchain technology that powers these apps, you can modify them to suit your needs. Why DeFis are Better than Traditional Systems. The concept behind DeFi is to allow you complete control of your assets. So, what differentiates these DeFi apps from other traditional financial systems like banks? Whether you are in Mexico or Kenya, you have access to the same DeFi network and services. Although local regulations may apply, these apps are technically available to anyone with a smartphone and an internet connection. There has been a recent surge in products as well as platforms providing DeFi services. Decentralized Finance, commonly referred to as DeFi, denotes any kind of financial service that is offered on a blockchain, usually Ethereum smart contracts. An example of DeFi services and solutions is Over-the-Counter (OTC) cryptocurrency, which in the past three years has witnessed enormous growth marked by a substantial increase in volume and clients across the globe. OTC trading is a form of crypto trading where the actual trade occurs “Over-the-counter” instead of a regular cryptocurrency exchange such as Binance and Bitfinex. OTC trading is usually done by large-scale cryptocurrency traders and is often placed by hedge funds, private wealth managers, or individuals with a high crypto net worth. Although several platforms offer loans for digital assets, this product from Aave is quite innovative. These flash loans are the first option in decentralized finance that offer uncollateralized loans. As long as the liquidity is returned to the pool within one transaction block, there is no need for collateral. Thanks to the zero collateral, there is the safety of the funds in the reserve pool. If the liquidity cannot get back to the pool, the block reverses the entire transaction to undo the entire actions up until that time. Flash loans are useful for everyone, seeing as they don’t require any capital to get started. Therefore, the entry barrier is quite low, making it quite affordable for anyone.