DeFi Product Development Process
DeFi staking platform development is a complex task that requires deep knowledge of finance, blockchain and cybersecurity. Therefore, it is best to entrust the creation of such software to a technical partner with the appropriate personnel and development experience, such as ICODA. Our company has been developing various DeFi solutions in the field of blockchain and fintech – from smart contracts to decentralized cryptocurrency exchanges. DeFi staking platform development is one of you key competences
The development of a DeFi platform, like the launch of any other similar project, begins with business analysis. At this stage, you and your technical partner define the overall concept, tasks, technical requirements and functionality of the project, which will further help you choose the optimal technology stack and build the architecture of the product, as well as develop design requirements.
Opening / planning
At the next stage, you need to clearly define the requirements for the design and technical component of the software being created. The DeFi staking platform development design requirements implies the creation of a common UX strategy, multiple user personalities, user flows, information architecture, low-precision wireframes and other things.
Next, you need to work out the technical requirements, finding a middle ground between meeting the needs of end users and your business goals. The result of such changes should be: the structure of the overall data flow, the architecture of the platform, the principles of quality assurance, the technology stack and the development plan with an estimated time and cost of the project.
Development of UX/UI design
UX/UI design is an integral part of any application. In the case of DeFi staking platform development, it should be as simple and understandable as possible, since its end users are ordinary people unfamiliar with blockchain technologies and decentralized finance. Ideally, working with your service should not differ from working with traditional asset management, lending, insurance or investment applications.
Development of smart contracts
In most cases, the correctness, reliability and security of your DeFi platform will depend on the quality of smart contracts. They are the basis of any DeFi-product, since they contain all the logic of the system. In addition, you should also understand that, depending on the quality of implementation, smart contracts can both increase the security of your DeFi platform and make it more vulnerable to hacker attacks (most of the hacks of DeFi projects, if not all are carried out through holes in their smart contracts).