Finagle is an asynchronous RPC framework from Twitter that provides client/server abstractions over various protocols like HTTP and Thrift. It uses Futures to handle asynchronous operations and provides methods like map, flatmap, and handle to transform Futures. The Java Service Framework builds on Finagle to add features like metrics, logging, and rate limiting for Java services. It allows configuring options like enabling specific logs and metrics through a Proxy builder.