what do we call a cryptocurrency loan service implemented on a blockchain?

Demystifying Crypto Loans: Understanding Decentralized Finance (DeFi) Lending Platforms
The world of cryptocurrency continues to evolve, offering innovative solutions for various financial needs. One such solution is DeFi lending, also known as crypto lending or blockchain lending, which provides a way for individuals to borrow and lend digital assets in a decentralized manner.

What is a DeFi lending platform?

Unlike traditional financial institutions, DeFi lending platforms operate on blockchain technology, eliminating the need for central authorities. This creates several key advantages:

Transparency: All transactions are recorded on a public ledger, ensuring transparency and security.
Accessibility: Anyone with an internet connection and a compatible digital wallet can participate in DeFi lending, regardless of their location or credit history.
Efficiency: Automated smart contracts facilitate instant loan approvals and settlements, streamlining the borrowing and lending process.
So, what do we call these platforms?

While there’s no single universally accepted term, here are some of the most common names used:

DeFi lending platforms: This term directly references the decentralized nature of these services and their connection to the broader DeFi ecosystem.
Crypto lending platforms: This term explicitly mentions the use of cryptocurrencies within the lending and borrowing process.
Blockchain lending platforms: This term emphasizes the underlying technology, highlighting the platform’s reliance on blockchain technology.
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By understanding the concept of DeFi lending and the various terms used to describe it, you can navigate the world of crypto loans with greater clarity and confidence.