DeFi lending and borrowing platforms offer innovations in performance, accessibility, highly secured, and transparency compared to CeFi. DeFi allows any user to become a lend and borrow without having to hand over personal information, identity, or KYC (Know Your Customer) procedures. Borrowers and lenders do not have to hand over the responsibility for the assets (i.e. the user can access their assets at any time). This is mainly done through smart contracts on open-source blockchains on Ethereum. Lenders can deposit in the lending protocol and borrowers will borrow from that protocol. Lenders can redeem the deposited assets at any time and the borrower can repay part or all of their loan.