“Dapp” stands for “decentralized application.” Decentralized apps are built and run on top of blockchain networks. This means that no single company or organization manages or stores your information. Dapps provide users with an interface to easily interact with smart contracts. Simply put, smart contracts are a set of instructions that trigger when pre-defined conditions are met.
Dapps vary by the different services they offer, such as decentralized exchanges, lending and borrowing, storing NFTs, yield farming, and more. Under the hood, these services are carried out through the use of smart contracts.