kelonmusk
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Activity: 198
Merit: 10
COMBO Network ex COCOS-BCX
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March 13, 2023, 12:54:59 AM |
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From what you've described, it seems like you're using Metamask to connect to a DeFi exchange, but even after connecting your wallet, you still need to make a deposit in order to trade.
And once you make that deposit, the funds are removed from your Metamask wallet and placed into the exchange's account balance. This can feel a bit nerve-wracking, especially if you're worried about the exchange going bankrupt and your assets being lost.
I can see why you might be skeptical of these DeFi exchanges, especially if they still feel centralized to you. However, one of the key features of DeFi is that it's designed to be more decentralized than traditional financial systems.
This means that instead of relying on centralized institutions like banks or exchanges, DeFi aims to create a more open and transparent financial system that's accessible to anyone with an internet connection.
Of course, there are still risks involved in using DeFi, just like there are risks involved in any financial system.
But, one of the benefits of using DeFi is that it can offer greater transparency and control over your assets, since you're not relying on centralized institutions to manage your funds.
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