When Satoshi Nakamoto first released his Bitcoin blockchain in 2008, it was specifically designed for electronic cash transactions. This means it was built to serve the financial system that doesn’t really require high data consumption and customization. The Bitcoin blockchain did great for what it was built for. As the use cases and business opportunities of blockchain grew, there was a demand for more storage space or the block space and the need for faster transactions of data and information grew. It is when Vitalik Buterin built Ethereum as the general purpose computer and composability feature with faster transactions, we get to build more than just financial products on the blockchain.

The year was 2016, October 3rd. Vitalik Buterin proposed an idea to “run on-chain decentralized exchanges.” The idea gave birth to what we called Decentralized Finance or, in short, DeFi.

Imagine, you work so hard for 30 years and save money for your retirement thinking that one day you will actually achieve your financial goal, get time to spend with people you love, and travel to places you like. Maybe even buy land and build a house — you finally made it. But wait, is life that simple? Work hard for 30 years, sacrificing all the time for work that doesn’t even matter to you at the end of the day? Well, like it or not, that’s life for most people. Because the system that runs the world is designed just like that.