Decentralized finance, or DeFi for short, is a blockchain-based network that puts banking services in your pocket without a central authority. In this system, you are your own bank.
DeFi is appealing because it keeps personal information safe, the code is open to everyone so the process is clear, the interest rates are high, and there are no middlemen.
So, if you want to start developing DeFi games, you should not jump on the last step of this locomotive. Still to come! That’s why it’s so important to figure out how to use the DeFi development service market to find a reliable company.
How do DeFi Services work?
Let’s talk in more depth about the Defi development services that are growing the most quickly right now.
1) DeFi Smart Contract Development
In the field of DeFi, smart contacts are an important technology that needs to be worked on very seriously. Literate programming solves many problems, such as accuracy, speed, scalability, reliability, security, transparency, easy exchange and access, and many more.
2) DeFi Dapp Development
More and more areas, from the NFT market to gaming to communication to healthcare, are using decentralised applications. But by far, the majority of dApps are in the area of decentralised finance. As of 2021, $40 million had been put into the market. Having a good level of privacy and being hard to hack goes along with being so popular. But, as practise shows, there are still “craftsmen.” This means that there is no limit to how good something can be, and whoever makes a nearly perfect application in terms of security will get a lot of attention quickly.
Also, because there aren’t that many people using dApps right now, UI/UX design issues aren’t as good as they are in the apps we’re used to. So there is also room for improvement in this area.
3) Decentralized Exchange Development
Due to the lack of middlemen, a decentralised currency exchange (DEX) is a good idea. A distributed ledger like blockchain can act as a third party with DEX. The technology behind cryptocurrencies gets rid of single points of failure by moving important transactions to the blockchain. This lets people keep ownership of their assets and makes trading safer and more open. The DEX uses smart contracts, which are distributed across an offline code, to carry out market transactions. But there are ways to fulfil orders that vary in how decentralised they are.
So, working on these kinds of projects seems like a great idea. But don’t forget that a crypto exchange is a complicated system that can’t be made by someone who doesn’t know about it. Because of this, a full study is needed.
4) Development of the DeFi Landing/Borrowing Platform
Building a site for DeFi lending and then making native mobile apps for it once you have real support is a smart move, as long as the site scales well for both the web and mobile platforms. Keep in mind that the flexibility, openness, and speed of the agile method are key to the success of the project.
5) DeFi Wallet Development
The technology behind DeFi Wallet is different from what most people are used to. Instead of a central bank, smart contracts are in charge of keeping funds safe. And to make smart contracts that are safe and work, you need to know a lot about the blockchain.
As a general rule, DeFi wallet should have these options:
- Face/Touch ID
- Session logout
6) DeFi Staking Platform Development
DeFi Staking is the act of putting money in a cryptocurrency wallet so that all transactions on the blockchain can be supported. The more attractive your reward terms are, the more likely it is that users will put their assets into the liquidity pools on your platform. Because of this, users see a platform as more reliable the more liquidity it has. By letting people stake, your platform will also be able to make more money from transaction fees, since more transactions will happen.
More and more investors are interested in this type of passive income from crypto-assets as new staking models and better staking platforms come out. So it makes sense that work on the DeFi staking platform is going so well.
Since DeFi and the Web3 niche as a whole are just starting out, it’s not easy to find the right company to carry out your project the way you want. Hundreds or even thousands of outsourcing companies around the world now provide DeFi development services in the field of decentralized fintech.