Since being introduced in 2020, flash loans have quickly grown in popularity. How do these uncollateralized-type loans work without the typical requirements for borrowers?
the idea of flash loans in 2020. As such, the concept remains relatively new and still has a lot of issues to fix. According to Aave, flash loans have “no real-world analogy” and are “an advanced concept aimed at developers.”
When it comes to flash loans, the borrower is required to repay the full amount of the loan before the completion of the transaction. Flash loans, however, happen within a very short timeframe . This means that while no collateral is needed, the borrower must return the full amount they borrowed right away.As opposed to longer processes for traditional loans, flash loans are processed faster, thanks to smart contracts.
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