In a nutshell, a cult with many decentralized financial applications which have been innovated to replace the traditional centralized counterparts. Although still small when compared to the global economy, DeFi has seen rapid growth in 2020. In early 2019, there was only $275M of crypto collateral locked in the DeFi economy. By February 2021, that number had grown to $40B, and it has continued to grow impressively throughout the year, hitting $2.5B in early July 2020, $3B by mid July 2020, $4B on 25 July 2020 and currently sitting at $40B. This growth shows that there is significant interest in DeFi from within the crypto community, but it’s still a small enough sector that many outside the industry may not have heard of DeFi yet.