Decentralized Finance (DeFi) uses decentralised networks or applications (dApps) built on blockchain to enable various financial services. Using dApps, DeFi allows permissionless financial operations to be conducted within a peer-to-peer network.
DeFi product development aims to redefine traditional financial services such as lending, trading, investment, payment, insurance, and others by disrupting the role of intermediaries.
Because of how DeFi products are designed, they are effectively modular – meaning that applications and protocols can be added to and combined. This allows for much greater flexibility and variety in the services that you can offer, in addition to the benefits offered by blockchain technology.
Pixelette 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:
Permissionless, Decentralized, And Borderless
There are no limits to who can create or who can use DeFi applications. This eliminates gatekeepers and intermediaries and allows for greater participation. It also grants greater freedom to users as DeFi apps typically allow them to retain their private keys, and be in control of their finances.
DeFi applications’ code is transparent and can be audited by anyone. This allows participants to understand how the application works or even to improve it by finding bugs. Transactions are also public which provides greater market efficiency because there is no information asymmetry like in traditional finances.
Thanks to the efficiency of the blockchain, the automation of smart contracts, and their immutability, transaction costs with DeFi apps are significantly lower than for traditional services. This guarantees greater buy-in from users.
DeFi applications do not require users to put their trust in them. Since users are given full control over their assets and investments, they do not need to place trust in any authority about how to handle them.
DeFi applications can be combined with others to form entirely new products. This is possible thanks to the nature of smart contracts. As such, a host of different services can be created to suit various user needs.
frequently asked questions
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