Drone Racing League CEO Nicholas Horbaczewski discusses why the sports league is launching its first play-to-earn game that will allow players to earn crypto and NFTs.
JIM BIANCO: Decentralized finance is what DeFi is short for, but what it basically means, is that we are creating a bunch of what they refer to as protocols, and those protocols are computer driven programs called smart contracts that will execute on trading, lending, borrowing, insurance, lotteries and the like. So we've taken your local bank and we've we've turned it into a computer program that runs automatically.
So when you enter into the DeFi space, you buy some cryptocurrencies like Ethereum, you put them on an electronic wallet and then you connect to one of the protocols, like a trading DEX, that's short for decentralized exchange, like Uniswap. You can trade your coins, you could exchange your Ethereum for anything else. They've got tens of thousands of pairs out there that you can trade it to, and it's all done by computer code.