DeFi protocols, or decentralized finance protocols, are blockchain-based systems that enable financial services without traditional intermediaries like banks. They allow users to lend, borrow, trade, and earn interest on their digital assets directly through smart contracts, which are self-executing agreements coded on the blockchain. These protocols operate on various blockchains, with Ethereum being the most popular platform. By using DeFi protocols, users can access a wide range of financial products and services, often with lower fees and greater transparency compared to conventional finance. This innovation aims to democratize finance and increase accessibility for everyone.