The DeFi frontier, described honestly

decentralised finance

The system of on-chain protocols - exchanges, lending, derivatives - that run on smart contracts rather than companies, described for comprehension because it is a large part of crypto's structure and a frontier of its risks. DeFi removes the company counterparty and installs the smart-contract counterparty: code that can be exploited, governance that can fail, and composability that chains one protocol's failure into many. Described, never recommended - a frontier the reader should understand and approach with the risks named.