DeFi is a general term for decentralized finance, which is a general term for a broad range of decentralized financial products, including cryptocurrencies, stablecoins, and derivatives.

The first decentralized financial product was the Bitcoin cryptocurrency. It launched in 2009 and has been used to transfer value between peers ever since. It was followed by other cryptocurrencies like Ethereum and Ripple. Stablecoins are another type of DeFi product.

They are designed to be pegged to fiat currency so they maintain a stable value. The first stablecoin was Tether (USDT), which launched in 2014 and has been on the market ever since. Many new stablecoins have been created since then, including MakerDao's DAI token, Havven's nUSD token, and Kowala's kUSD token. DeFi includes derivatives like futures and options (e.g., BitMEX) and leveraged lending platforms like Compound Finance that offer fractionalized ownership of assets. It also includes Simple Agreements for Future Tokens (SAFTs), which are used to buy tokens before their official launch using only the promise of tokens later on instead of money now.

Application DeFi is a rapidly evolving field with new products being developed every day!