What are DeFi Products?

Main purpose of De-fi is to shift from traditional, centralized financial systems to peer-to-peer decentralized financal system enabled by decentralized technologies built on the distributed ledger technology.

De-Fi products are designed in an effective modular way - meaning that applications and protocols can be added to or combined with each other. This allows greater flexibility and variety in services one can offer and additional benefits of blockchain technology as well.

De-Fi relies on cryptography, blockchain and smart contracts. Parts of this new financial systems are Lending and Borrowing, Stable coins, Decentralized Exchanges, Derivatives, Margin trading and Insurance.

P2P Softwares 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 De-Fi product development for your business? Here are some of its benefits!

Benefits of De-Fi Product
Development for your business

Decentralized and permissionless
There are no gatekeepers or intermediaries in De-fi therefore it is open for everyone which allows allows for greater participation.
De-fi apps allows users to retain their private key and be in controlof their finances.
Low-cost
The transaction costs with De-fi are significantly lower than traditional financial services because of the efficiency of blockchain, automation of smart contracts and their immutability.
Transparent
De-fi applications code is transparent and can be audited by anyone. The token is a digital asset that is created, issued, and managed on a blockchain. Tokens are designed to be secure and instantly transferable, and they can be programmed with a range of built-in functionalities.
Trustless
The use of De-Fi applications does not require the user to trust them.
Users are given full control over their assets and investments. No need to place trust in any authority about how to handle them.
Interoperable
DeFi applications can be combined to create new products thanks to smart contracts. As a result, many different services can be developed to suit a variety of user requirements.
Due to the nature of smart contracts De-fi applications can be combined with others to form entirely new products.

The Defi Product Development

Process

The Development process goes through several stages to ensure clients requirements
are understood and met. These Stages are:
Use Case Analysis:
At this initial stage an analysis is conducted to understand the solution that client wants to offers as well as the token model they want to establish.
Integration Analysis:
This analysis is done to plan integration with third-parties for transactions and other services.
Development and Testing of Smart Contracts
At this initial stage an analysis is conducted to understand the solution that client wants to offers as well as the token model they want to establish.
frontend Development:
Before the launch of Defi, the application's frontend is developed. Follwing it's completion and further tests, the Defi product is ready for use.

Are you working on a new De-Fi project?

Get in touch with us to tell us more and find out how we can help you in this journey!