interoperability between different <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">decentralized finance (DeFi)</strong></a> protocols. Decentralized finance arose with the development of Ethereum-based <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>. Since then, DeFi has seen numerous developments and improvements which saw the traditional finance (TradFi) structure revolutionized.</p>\n<p>DeFi allows anyone with access to the internet to use a broad range of blockchain-based financial products. It acts as a borderless, <strong>decentralized</strong> marketplace. Although DeFi has become what it is thanks primarily to the programmable smart contracts, it offers numerous other technical advantages.</p>\n<p>Smart contracts are capable of composability &ndash; a feature connecting the entire DeFi ecosystem. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">Decentralized exchange (DEXs)</strong></a> platforms, loan protocols, collateralized loans, <strong>futures markets</strong>, and other DeFi aspects are all part of composability.</p>\n<p>Composability is a technical feature allowing interoperability between different parts of a single system. Thanks to composability, the different DeFi protocols are able to work in conjunction. This creates a parallel digital financial system that can be accessed from anywhere in the world and is not governed by centralized authorities.</p>\n<p>Developers can take advantage of composable DeFi to create different combinations of protocols and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized apps (dApps)</strong></a>.</p>\n<h2>How Does Composable DeFi Work?</h2>\n<p>Money legos are programmable DeFi protocols and decentralized apps. Since money legos are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-open-source/">open-source, developers can program them for interoperability and synergy, as well as utilize the code to improve their own DeFi protocols and make them better compatible with each other.</p>\n<p>On the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum blockchain, where smart contracts originated, developers can find a nearly endless supply of composable DeFi products. Since the blockchain itself is <strong>permissionless</strong>, meaning that there is no regulatory entity, developers can build their own dApps and integrate aspects of existing protocols on the Ethereum blockchain simply by paying the gas fees.</p>\n<p>This model of decentralized development is possible because smart contracts are designed to be composable. This feature allows both developers and users to engage with decentralized financial strategies.</p>\n<p>For example, users can take the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible tokens (NFTs)</strong></a> that they own and use them as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-collateral/">collateral to receive loan offers. Once they pay back the loan in full, they reclaim their NFTs; however, if they default the loan, the NFT goes to the lender, following the same principle as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-collateral-tokens/">collateral tokens</strong></strong></a>.</p>\n<p>Furthermore, users can rent out their utility NFTs or earn interest on them. This can be useful for those who are interested in the utility of NFTs but do not wish to purchase one. It&rsquo;s possible that the ability to use NFTs as collateral or a rental object will gain more use in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">metaverse&nbsp;projects.

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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":186,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Consensus?","slug":"what-is-consensus","section":"C","keyword":"Consensus","status":"published","definition":"an agreement reached between all network participants on the content and order of the blockchain blocks.","content":"<p><strong>Consensus</strong> is the outcome of an agreement between all participants in a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain network on where a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block should be located on the chain and what its contents should be.</p>\n<p>Typically centrally organized systems have a single authority figure that makes the important decisions. These can be <strong>centralized accounting ledgers</strong> used by businesses to record economic transactions. The accounting department is normally responsible for managing the ledger, making it the central authority figure for transaction records.</p>\n<p>Since decentralized systems contain numerous independent actors distributed around the network, all of them have the same weight in authority decision-making. Thus, all decisions are made collectively, by reaching a consensus.</p>\n<p>Blockchain consists of transactions that are updated by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miners. Rather than declaring a single central authority, blockchains rely on miners to oversee the transaction entries in the blocks and ensure the information is accurate. To ensure the network is operating optimally, the network members must reach a consensus.</p>\n<p>The process of reaching a consensus can be complicated. There is no way to know how many <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes may be malfunctioning or acting maliciously. Thus, the network of nodes may encounter a practical example of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-byzantine-generals-problem/">Byzantine Generals&rsquo; Problem</strong></a>.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a> algorithms are two of the most common <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus mechanisms</strong></a> used in blockchain, including the two biggest blockchain-based cryptocurrencies in the world, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></a>.</p>\n<p>Consensus mechanisms ensure that the blockchain is maintained properly and the transaction data is recorded correctly. All information management is achieved without declaring a central figure to oversee the blockchain building process.</p>","level":"easy","meta_title":"What is Consensus? Definition & Meaning | Crypto Wiki","meta_description":"Consensus meaning: Consensus - an agreement reached between all network participants on the content and order of the blockchain blocks.","meta_keywords":null,"language":"en","created_at":"2022-02-23T14:55:29.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-consensus"},"prevSection":{"id":184,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Cold Storage?","slug":"what-is-cold-storage","section":"C","keyword":"Cold Storage","status":"published","definition":"a sort of offline cryptocurrency wallet.","content":"<p>Cold storage wallets&nbsp;usually are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-paper-wallet/">paper wallets</strong></a>, USBs, hardware non-custodial wallets, or offline computers.</p>\n<p>Overall, crypto wallets are utilized for keeping, sending, or receiving cryptocurrencies.</p>\n<p><strong>Paper and hardware cold wallets are the most common.</strong> A paper wallet is nothing more than a sheet of paper with private and public keys printed on it. A <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hardware-wallet/">hardware wallet</strong></a> is a gadget that must be connected to a computer to gain the access to funds.</p>\n<p>This way of storing funds is utilized by individual people as well as firms who hold custody over clients&rsquo; funds, such as cryptocurrency exchanges.</p>\n<p><strong>Cold storage adds an extra degree of security to users' money</strong> by physically removing the wallet from insecure networks, most notably the public Internet, while not in use. Possible fraudsters cannot access the funds held in the physical cold wallet as long as it is kept in a safe place.</p>\n<p>Admission to funds saved on a wallet is protected by one or several <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></a>, depending on whether the wallet is a single-signature or multi-signature.&nbsp;</p>\n<p>However, if the private keys would get leaked, such as through stealing or a hacking attempt, the funds saved in the wallet may be taken and lost forever. Because blockchain transactions are irreversible and cryptocurrency users' identities are anonymous, the rightful owner has little to no remedy in such a circumstance.</p>\n<p>Overall, crypto wallets are utilized for keeping, sending, or receiving cryptocurrencies. They can be categorized as:</p>\n<ul>\n<li><strong>Hosted/hot wallets</strong></li>\n<li><strong>Cold wallets</strong></li>\n</ul>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hosted-wallet/">Hosted wallets</strong></a> are not the same as cold wallets. These can be entered on the website of the wallet service supplier. Given its accessibility and simplicity, this is the most popular alternative.</p>","level":"easy","meta_title":"What is Cold Storage? Definition & Meaning | Crypto Wiki","meta_description":"Cold Storage meaning: Cold Storage - refers to a sort of offline cryptocurrency wallet.","meta_keywords":null,"language":"en","created_at":"2022-02-23T14:50:26.000000Z","updated_at":"2023-04-03T13:48:14.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-cold-storage"},"currentChapter":"C","currentSection":"what-is-composable-defi","chapterTitle":"C","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-composable-defi","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter C

What is Composable DeFi?

Composable DeFi MEANING:
Composable DeFi - the capability of DeFi protocols to work in tandem.
Medium
2 minutes

Let's find out Composable DeFi meaning, definition in crypto, what is Composable DeFi, and all other detailed facts.

Composable DeFi refers to the interoperability between different decentralized finance (DeFi) protocols. Decentralized finance arose with the development of Ethereum-based smart contracts. Since then, DeFi has seen numerous developments and improvements which saw the traditional finance (TradFi) structure revolutionized.

DeFi allows anyone with access to the internet to use a broad range of blockchain-based financial products. It acts as a borderless, decentralized marketplace. Although DeFi has become what it is thanks primarily to the programmable smart contracts, it offers numerous other technical advantages.

Smart contracts are capable of composability – a feature connecting the entire DeFi ecosystem. Decentralized exchange (DEXs) platforms, loan protocols, collateralized loans, futures markets, and other DeFi aspects are all part of composability.

Composability is a technical feature allowing interoperability between different parts of a single system. Thanks to composability, the different DeFi protocols are able to work in conjunction. This creates a parallel digital financial system that can be accessed from anywhere in the world and is not governed by centralized authorities.

Developers can take advantage of composable DeFi to create different combinations of protocols and decentralized apps (dApps).

How Does Composable DeFi Work?

Money legos are programmable DeFi protocols and decentralized apps. Since money legos are open-source, developers can program them for interoperability and synergy, as well as utilize the code to improve their own DeFi protocols and make them better compatible with each other.

On the Ethereum blockchain, where smart contracts originated, developers can find a nearly endless supply of composable DeFi products. Since the blockchain itself is permissionless, meaning that there is no regulatory entity, developers can build their own dApps and integrate aspects of existing protocols on the Ethereum blockchain simply by paying the gas fees.

This model of decentralized development is possible because smart contracts are designed to be composable. This feature allows both developers and users to engage with decentralized financial strategies.

For example, users can take the non-fungible tokens (NFTs) that they own and use them as collateral to receive loan offers. Once they pay back the loan in full, they reclaim their NFTs; however, if they default the loan, the NFT goes to the lender, following the same principle as collateral tokens.

Furthermore, users can rent out their utility NFTs or earn interest on them. This can be useful for those who are interested in the utility of NFTs but do not wish to purchase one. It’s possible that the ability to use NFTs as collateral or a rental object will gain more use in metaverse projects.
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