> For the complete documentation index, see [llms.txt](https://tech-app.gitbook.io/par4/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tech-app.gitbook.io/par4/glossary/defi.md).

# DeFi

DeFi stands for Decentralized Finance. It refers to a category of financial services and applications that operate on decentralized blockchain networks, such as Ethereum. In DeFi, traditional financial intermediaries like banks are replaced or supplemented by smart contracts and decentralized protocols.