DeFi or decentralised finance is defined as financial services running on blockchain and controlled by the smart contract, often known as “code is law” in DeFi space, all set of operations run under the rules present on it. Once deployed on the blockchain, smart contract cannot be changed or modified. DeFi tends to make a new financial institution which is not regulated and is open to anyone, irrespective of who they are. They are generally governed by an autonomous entity known as DAO (Decentralised autonomous organisation). Where common people using the protocol could vote or propose the change in protocol.