What are some of the advantages that come with using decentralized finance protocols like those offered by MakerDAO compared to traditional financial institutions like banks ?

One of the main advantages of using decentralized finance protocols like those offered by MakerDAO compared to traditional financial institutions like banks is that they are more secure and reliable.

Decentralized finance protocols are built on blockchain technology, which is an immutable and distributed ledger system that ensures the security and reliability of transactions. This means that users can trust that their funds are safe and secure, as there is no single point of failure or central authority controlling the system. Another advantage of using decentralized finance protocols like those offered by MakerDAO compared to traditional financial institutions is that they are more transparent.

All transactions on a blockchain-based system are recorded on a public ledger, meaning that anyone can view them at any time. This makes it easier for users to track their funds and verify the accuracy of their transactions. Finally, decentralized finance protocols like those offered by MakerDAO also offer users greater control over their finances.

Since there is no central authority controlling the system, users have full control over their funds and can make decisions about how they want to use them without having to worry about being restricted by a third party. This allows users to make more informed decisions about their finances and gives them greater freedom when it comes to managing their money.