In decentralised finance, traditional finance or TradFi, refers to the old financial system.
TradFi consists of regulated securities markets, banks, commodities and FX markets.
TradFi markets are considered to be inefficient compared to decentralised finance,
due to excessive amount of middlemen, custodials and lack of automation.
See also
Decentralised finance
Decentralised exchange
Lending protocol
Protocol
On-chain