In addition, one of the advantages of Defi includes,
Affordable Cross Border Payments.
A decentralized financial system removes the need for costly intermediaries, making sending money to loved ones overseas more affordable.
In the current remittance system, there are too many intermediaries involved, making cross border payments too expensive. The current global remittance fee is roughly 7%. In a decentralized financial system, remittance fees could well be below 3%.
Also, it Improved Privacy and Security.
In decentralized finance, individuals have full control and custody of their wealth. There are no intrusive KYC procedures, and transactions can take place without validation from a third party. This is unlike the current system where users’ wealth and personal information are stored in institutions where it is at risk.