This article discusses key stages in developing decentralized finance (DeFi) applications, including problem identification, blockchain selection, and smart contract creation.
Identifying the Problem
Every successful DeFi app starts by solving a real financial problem. Examples include high remittance fees, limited access to loans, and slow transaction speeds. Your product should address at least one of these issues. Examples might include yield farming aggregators, lending platforms, and insurance protocols.
Choosing the Blockchain
Ethereum was the first, but today there are many alternatives. For instance, Polygon is suitable for cheap and fast transactions, while Solana is for real-time applications. It's essential to analyze scalability, cost, and ecosystem tools when selecting a platform for your app.
Creating and Testing Smart Contracts
Smart contracts are the foundation of your app. Start building with Solidity or Rust and make sure to include aggressive testing. Testing should cover all possible scenarios to avoid bugs that could lead to financial loss.
Developing a DeFi application requires a comprehensive approach, including understanding the user's problem, choosing the right blockchain platform, and thorough testing. This is the path to a successful and secure product in a rapidly growing financial sector.
