Suppose you have a thread pool.
The thread pool owns a certain number of threads. Say 10.
When you add tasks, they return a future, and they queue into the pool.
Threads in the pool wake up, grab a task, work on it.
What happens when you have 10 tasks in that pool waiting on a task later in the queue? Well, a deadlock.
Now, what if we return a deferred future from this pool.
When you wait on this deferred future it wakes up, checks if the task is done. If so, it finishes and returns.
Next, if the tasks is in the queue and not yet started, it steals the work from the queue and runs it right there, and returns.
Finally, if it is being run by the queue but not finished, it does something more complex. (the simplest version which usually works is that it blocks on the task, but that doesn't solve some pathological cases).
In any case, now if a task in the queue sleeps waits for another task in the queue to complete that isn't queue'd yet, we still get forward progress.
Another use of this is less arcane. Suppose we have some lazy values.
Instead of calculating them, we store shared futures with the calcuation steps in them. Now anyone who needs them just does a .get(). If the value has already been calculated, we get the value; otherwise, we calculate it, then get it.
Later, we add in a system to do some work on idle or in another thread. These replace said deferred lazy futures in some cases, but not in others.