Decentralized Finance (DeFi) as the term sounds, is a type of financial innovation that makes traditional financial services - savings, loans, trading, investing, insurance and more - accessible to anyone worldwide. It was born out of the introduction of bitcoin in 2008 and many ensuing cryptocurrencies that brought along a non-traditional way of thinking and interacting with finance through new technology. Some benefits include: decentralization (cutting off middlemen from transactions), transparency, permission-less globally and inclusive, interoperability, and earning opportunities.
Though it is promising, DeFi is also full of risks. Yield farming is probably the buzzword behind DeFi's popularity because of the huge rewards, which play on human weaknesses and desires to get rich quickly and effortlessly.
At the same time, people should consider how the pursuit of high yields can be incredibly complex, risky, and not suited for everyone.