DeFi Staking Platform Development

We are a team of professionals who specialize in DeFi staking platform development and know exactly how to minimize the risk of hacking a smart contract.

ICODA agency provides assistance in creating a protocol that will allow you to trade cryptocurrencies with high interest rate, make loans, issue stablecoins, and insure risks. We provide the client with user friendly open source code, which can always be checked, modified and used in other applications.

Entrust the creation and audit of a smart contract for any task to experienced developers.

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Advantages of DeFi Protocols

  • Transparency. DeFi staking platform development is set on the basis of open source software, so that everyone can check the principles of their work, honesty, reliability and security.
  • Economic efficiency. DeFi platforms removes most of the intermediaries (like inflation rate difficulties), which makes financial services cheaper for end users and more cost-effective for service providers.
  • Ease of access. Decentralized finance offers significantly easier access to cryptocurrency financial services. This applies to both bureaucratic and legal restrictions, as well as the amount of capital and seems to be very attractive to end users.
  • Increased speed and flexibility. Blockchain and smart contracts allow cross-border transactions to be carried out in seconds, unlike traditional banks, where the operation can take up to several days. Not to mention the time of registration of loans, deposits, insurance, etc.
  • Autonomy. DeFi users fully manage assets.

The DeFi segment is developing rapidly, earn interest and is rated quite high on the market. Investing in it  is becoming more and more profitable and provides a wide range of possibilities. Decentralized finance is becoming an affordable alternative to conventional financial services. There are many effective platforms for competent business management, asset management and work with tokenized securities. 

 

In order to be in the trend and use all the benefits of DeFi you need to understand them and use them correctly. To understand the cryptocurrency system, you need to have basic knowledge, DeFi staking benefits and be able to create projects. If you are not a blockchain developer, writing working code can cause a number of difficulties. It is most profitable to entrust the development to those who understand this and provide reliable staking platform development services.

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What Are DeFi Technologies?

Decentralized finance, or DeFi for short, is the latest advanced ecosystem of electronic finance based on public blockchains. Similar to cryptocurrency, which is a peer-to-peer system of electronic money, a new trend in this segment serves as a fully peer-to-peer system of financial instruments in electronic form. Most applications are available and open to absolutely everyone. Each user of the network can interact with the ecosystem: manage assets using special applications, carry out trading and lending.

 

Here is an example of the information architecture of a DeFi-crypto wallet:

 



Among the features and advantages of DeFi solutions, it is worth noting that business rules are necessarily prescribed in a smart contract. After signing the contract, the DeFi project is launched, while the application can work independently. An advantageous difference from the well-known financial sector is the absence of controlling dispatchers, as well as the need to fill out various complex forms.

DeFi is managed through a smart contract and by voting using tokens. Thanks to decentralization, control over the system is distributed among many players, at the same time there are no unnecessary intermediaries and all operations are transparent and fast. The use of decentralized finance has already gained popularity due to the convenience of obtaining loans without the participation of banks.

  

 

How Secure DeFi Are?

 

Blockchain. 

DeFi protocols are considered to be one of the most reliable and secure, since they are created on the basis of blockchain. The information recorded on the blockchain cannot be changed, therefore, no one can fake the data stored in it. In addition, the functions of managing and maintaining the health of the blockchain network are distributed among many nodes, therefore, it does not have a single point of failure, which makes such systems less vulnerable to hacker attacks.

Smart contracts. Asset management and DeFi is carried out through automated protocols – smart contracts, where it is strictly prescribed what and how a particular DeFi protocol should do. Thanks to this, you can avoid most of the mistakes related to the human factor. In addition, smart contracts also remove corruption risks.

 

Example of a cryptocurrency wallet architecture:


 

Open source code. All DeFi platforms and their smart contracts are open source software. Thanks to this, anyone can check how the system works and how reliable and secure it is.

 

 

Where Are DeFi Applied?

Credit and deposit platforms. This is perhaps the most popular application of decentralized financing. Platforms such as BlockFi, Dharma, Maker DAO, Compound and Zano provide customers with loans in crypto without the participation of banks and regulators. Some such services also allow not only to take loans, but also to invest in cryptocurrency at 3-10% per annum.
Decentralized Exchanges (DEX). Another very popular type of DeFi platform. They allow you to quickly sell and buy virtual tokens for other tokens and fiat without a centralized intermediary and the need to keep depositing money on the exchange’s accounts, which makes such exchanges more secure. Examples: Uniswap, 0x and Kyber. More about the features of such platforms and their development is written in the article: “How to create a decentralized exchange”.
Asset management. These are various decentralized wallets that function as depositories of assets that are not related to banking and/or government structures. Such services provide users with applications through which holders of cryptocurrencies can safely store and manage their assets. Popular examples: Melon, InstaDApp, Set Protocol.
Exchange protocols. These are decentralized tools based on smart contracts that allow you to quickly and easily exchange one cryptocurrency for another outside exchanges and exchangers. The user simply gives one token and immediately receives another, as in the bank’s cash register. The most popular exchange protocols are Uniswap and Bancor, as well as the second-level Lightning Network. About the latter, you can read the article: “What is the Lightning Network”.
Forecast markets. These are DeFi platforms where people can make predictions about the coming of future events, ranging from sports or political bets to forecasts of stock prices and exchange rates. DeFi makes these markets more accessible and more transparent because they operate on the basis of open source smart contracts, unlike opaque brokers and investment funds. The most popular examples are Syntetix and Augur services.
Insurance. This type of DeFi-platform allows you to insure movable and immovable property by depositing your funds in smart contracts, which form a common pool of liquidity for payments in the event of insurance events. This market is still very small, but it has good growth prospects in the future. Vivid examples: Nexus Mutual and Opyn.
Derivatives. In DeFi, such tools are very flexible, since their smart contracts allow you to issue tokenized derivative contracts that are executed automatically. Examples: UMA, Synthetix.

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 

 

Business Analysis

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).

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