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The introduction of DeFi lending and borrowing platforms has transformed the way lenders and borrowers operate while overruling traditional lending and borrowing practices. In the traditional system, borrowing and lending take place with fractional banking, where individuals with extra funds give their funds to banks as deposits. Borrowers further borrow that money for a particular interest rate where the bank acts as a guarantor. In the case of DeFi lending and borrowing, the system is completely decentralized and transparent with the involvement of any other third party. This helps in building trust across lenders and borrowers, ensuring secure services, and opening doors to more accessible lending and borrowing opportunities.

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