DeFi Product Development
Decentralized Finance (DeFi) is the use of decentralized networks or applications (dApps) built on blockchain to enable various financial services. By using dApps and distributed ledger technology (DLT), DeFi allows for permissionless financial operations to be conducted within a peer-to-peer network.
What are DeFi Products?
The goal of DeFi product development is to redefine traditional financial services such as lending, trading, investment, payment, insurance, and others by disrupting the role of intermediaries.
Because of the way in which DeFi products are designed, they are effectively modular – meaning that applications and protocols can be added to and combined with each other. This allows for much greater flexibility and variety in the services that you can offer, in addition to the benefits offered by blockchain technology.
LimeChain can develop some of the most popular types of DeFi applications that include:
– Staking platforms
– Liquidity mining platforms
– Decentralized Exchanges (DEX)
– Decentralized Lending Protocols and Apps
– Non-custodial wallets
Are you considering DeFi product development for your business? Here are some of its benefits!
Benefits of DeFi Product Development for Your Business
DeFi’s core purpose is to reimagine traditional financial services and offer open access to them to more people. It does so by expanding the application of distributed ledger technology beyond simple value transfer to include more complex operations. Here are some of the benefits of DeFi product development:
The DeFi Product Development Process
The DeFi product development process goes through several stages to ensure that client requirements and needs have been understood and met. These stages include:
An initial analysis of the use-case is conducted to understand the solution that the client wants to offer as well as the underlying token model that they want to establish. This creates the basic plan for the development of the DeFi product and the next steps.
External dependencies and integrations analysis
In addition to the use case itself, external dependencies of the DeFi product must be understood and taken into account. This analysis is necessary to plan integrations with third-parties that are necessary for transactions or other services.
Use-case smart contracts development and testing
Following the initial analyses, smart contract development begins. Smart contracts are responsible for the seamless and automated operation of the DeFi and therefore constitute one of its most important aspects. Smart contracts are immutable and cannot easily be modified. For this reason, once developed, they are also tested extensively to ensure that there are no bugs or errors in them.
Frontend application development
Finally, before the DeFi is launched, the application’s frontend is developed. Following its completion and after further tests, the DeFi is ready for use!
DeFi Product Development by LimeChain
At LimeChain we have been building dApps since 2017 and have completed over 90 blockchain projects to date. Over the course of this period, we have gained a rich and diverse experience in developing DeFi products. In working with notable customers such as AllianceBlock, Celo, BarnBridge, ETHRift.io, and others, we have polished our DeFi development skills and processes. Our expertise in the field includes end-to-end DeFi product development, the development of features such as staking, liquidity mining, non-custodial wallets, and more.