DeFi Dapp Development Solutions
Ever since the advent of Cryptocurrency, the Blockchain network, and Decentralized Finances the possibility that anyone can have access to all available financial resources and services with just a smartphone and stable internet connectivity became a reality. In this scenario, Decentralized Finance - an open finance movement, took all financial services to the next level by taking away control from traditional financial bodies. There are several DeFi projects and one among them is Dapps.
Decentralized Apps or Dapps are not owned by any central authority but run on a peer-to-peer network. It is an open-source network and relies on Smart Contracts to run transactional services on the Ethereum Blockchain. They have a variety of use cases beginning with lending and borrowing services, betting, and exchanges going all the way to liquidity provision and yield farming.
Today, by partnering with Blockchain App Factory’s DeFi Dapp Development Services, you can develop and launch your own Decentralized Application or Dapp and enter into the expanding DeFi ecosystem. With our DeFi development services that span over several years, our experience and knowledge that goes into building Dapps are unparalleled and guarantee success for your business venture.
DeFi Decentralized Applications Or Dapps
Differing starkly from traditional apps, Decentralized Applications are software applications that are not controlled by a principal or central authority. Just like any other app, they have a user interface and a backend code that is supported by Smart Contracts rather than a centralized service.
They function independently or rather are decentralized so all data and records regarding the Dapp are stored on a public ledger. They are deterministic, as in they perform the coded function irrespective of external circumstances. Dapps can perform any function with the appropriate resources and since it functions on the Ethereum Blockchain, there is no possibility of bugs and hassles to the functioning of the network. Dapps also provide incentives such as tokens for its users.
Various Services And Protocols That Are Enabled With Dapps
While planning on launching a DeFi Dapp to expand your business, there are several protocols to consider building a Dapp for. Listed below are a few of the DeFi services that our DeFi Dapp Development Solutions will support.
Lending and borrowing platforms
Yield farming
Liquidity mining
Stablecoins
Decentralized Finances
Crowdfunding
Betting
Insurances
Prediction markets
Money legos
Wrapped Bitcoin (WBTC)
How is a Dapp Different from Traditional Apps?
The main underlying difference between them is that Dapps are decentralized, without a central governing authority.
Trust and data immutability. Since Dapps function on the blockchain network, once data has been coded and integrated, it cannot be altered or erased.
In the development stages of traditional apps, lesser dependency on third parties is the driving force. When it comes to Dapps, trust and scalability are the crucial aspects to look out for during development.
Another stark difference is that while developing Dapps, a lot of vigorous auditing and testing goes into it to make certain the absence of bugs. The Dapp code needs to be tested vigorously as well since once the smart contract is launched, it cannot be edited again.
Traditional applications usually have lengthy sign-up processes that require personal verification. With Dapps, anonymity is maintained since there is no need for ID verification.
Unlike traditional apps that are centralized, Dapps give access to users who can view all transaction details since the blockchain is a public ledger system.
Leading Dapps in the DeFi Crypto Space
MakerDao
One of the most popular Dapps, this protocol issues loans with a certain interest rate for its users. It has its own Stablecoin - Dai which is pegged to the US Dollar.
Synthetix
This is a protocol that converts real-life assets into crypto assets. It also is a derivative liquidity protocol. It gives its users a wide range of access to synthetic forms of fiat currencies, commodities, and cryptocurrencies.
Compound
It is a DeFi lending platform where users can deposit crypto assets and currencies and earn interest against them. Users can also borrow other crypto-assets with this platform.
Dharma
This semi-centralized DeFi platform that allows borrowing and lending at fixed rates.
dYdX
A DeFi trading platform, it supports functions like margin trading, lending, and borrowing without any intermediaries.
Uniswap
This Dapps allows for swapping or ERC-20 tokens and ETH in a completely decentralized manner, with the help of liquidity pools.
InstaDapp
This protocol is a simple user interface that allows users to perform functions such as lending and borrowing all in one application instead of switching between several other protocols. They can manage all their crypto assets safely and efficiently in one place.
Extensive Benefits and Advantages of Dapps
- Zero downtime - The core of Dapps are Smart Contracts. Once they are deployed, it will always be able to serve users for their various needs. It cannot be shut down for maintenance etc. Denial of service is never an option.
- Privacy - Real-world identity information need not be given to access Dapps.
- Absolute data integrity - since cryptographic primitives and algorithms are what data is stored on, the data is immutable and indisputable. Data on transactions cannot be forged since it has already been made public.
- Dapps are censorship-resistant due to the immutability of Blockchain
- All Dapps are open-source. In an ideal situation, these applications will have a governing body that decides on changes. The codebase of the Dapp will be made available to be scrutinized.
- The speed that Dapps provide is unparalleled. Because of the absence of intermediary applications like payment gateways, the transaction of funds happens quickly with ease.
- As iterated earlier, all Dapps are decentralized - all records and data are stored on a public decentralized ledger, unlike their counterparts.
- All decentralized applications are distributed, meaning they’re quite hard to shut down, unlike centralized or traditional apps. It is quite difficult to bring down Dapps from a central point while the underlying blockchain is operational.
- Complete transparency is observed with Decentralized Applications since only pseudonyms are being used for user authentication and not their real data.
- The permissionless nature of DeFi gives anyone the opportunity to create and launch a Dapp to a global audience.
- All Dapps are interoperable. This means that one Dapp can be built on another using one single source. This concept is also known as Money Legos.
Build your own Dapps with Blockchain App Factory’s DeFi Dapp Development Solutions
The Decentralized Finance sector has grown and gained a lot of traction in recent months and is seen as a profitable business venture for aspiring entrepreneurs and businesses wishing to make the best of this lucrative ecosystem. Numbers don’t lie and the data compiled by surveys show that the US dollar value of ETH locked in DeFi protocols has grown from $674 million at the start of January to over $8.2 billion today - an 1116% increase. This shows the reliability of DeFi protocols and applications. This is the right time to create and launch Dapps since they offer better returns than traditional applications.
Blockchain App Factory’s DeFi Dapp Development Services are the best in the industry right now. From offering a variety of services in the DeFi spectrum like DeFi Smart Contract Development, DeFi lending and borrowing platform, DeFi wallet, and Yield Farming development, our Dapp development extends not only on the Ethereum blockchain but other proficient networks like TRON and Binance Smart Chain. We have successfully developed and launched numerous projects that are now booming businesses. With our updated tech stack and dexterous developers, your DeFi Dapp project is sure to bring in profitable returns.
Get in touch with us soon to learn more about designing and launching your own DeFi Dapp with our prolific Dapp Development Company.
We Spotlighted In
We are Partnering With
