Do you remember when you used a dApp last time? Many of us are not even aware of what dApp is and how is it different from the traditional software. Just imagine, isn’t it something usual to stay ignorant about the concepts like dApps & DiFi in this blockchain era?
The tech-savvy community would understand why blockchain dApp development is becoming a hot topic in the current times. It’s because dApps help the users to have total control over their data and carry out the financial transactions without paying massive transaction fees.
There are many who would also be interested in knowing how to build DeFi app, as they are capable of providing a foolproof peer-to-peer lending and borrowing solutions by using
cryptographic verification mechanisms and integration of smart contracts.
Before we proceed with the discussions related to the blockchain dApp development, we must know how dApp is different from DeFi.
Concepts of DeFi and dApps are becoming increasingly popular in the FinTech industry as both of them provide data privacy, disrupts the traditional banking system, and eliminate governance & regulatory headaches. Both the terms are often used interchangeably, but they have certain basic differences.
While learning how to build DeFi app, it would be necessary to know that DeFi runs on smart contracts, and they are capable of working without any human intervention. They are decentralized, permissionless, programmable, transparent, and censorship-resistant.
dApps are open-source, decentralized, incentivized, and driven by cryptographic algorithms & consensus mechanisms. Those involved in blockchain dApp development can help the users to experience all such benefits without any risk.
DeFi and dApps (decentralized applications) have similar features, but the key difference is that DeFi is built on dApps.
Before learning how to build DeFi app, it is necessary to know another major difference between DeFi and dApps. Unlike DeFi, dApps are not limited to financial purposes as they are also used for game application development, education, and more such things.
However, hiring a blockchain dApp development team can also solve the purpose of creating DeFi applications as per your requirements.
DeFi or decentralized finance has a huge market value, as they are used for multiple purposes, such as lending & borrowing, mining cryptocurrencies, trading assets, claiming insurance, and doing more financial activities.
The first step is to make a decision regarding the type of DeFi app you intend to build. You may consult the blockchain dApp development team regarding the desirable features. It can help you to align the business requirements with the application features.
Are you still wondering how to build DeFi app?
Let us now proceed with the steps involved in building a DeFi app successfully:
The developers are required to choose a perfect web infrastructure, before starting the development and testing of software applications.
Awareness of the latest tools and technologies helps to scale the applications whenever required.
DeFi applications are based on blockchain. Thus, the next step is to focus on the blockchain network on which the DeFi application is going to reside. Ethereum is most popularly used for DeFi and blockchain dApp development.
If there are concerns regarding network congestion and slower or costlier transactions, there is no harm in exploring the other blockchain networks.
While getting ready to get answered for how to build DeFi app, make sure that the blockchain to be used for DeFi application development must support the desirable features that are required to be incorporated into the DeFi.
As blockchain dApp development is a vast field, it would be essential to make the right choice for the application development methodology and the associated frameworks. Blockchain experts often use agile development methodologies as it helps the team members to keep on the same page.
Eagerness about how to build DeFi app may lead the developers in earning a detailed knowledge of programming languages and testing frameworks.
Ganache, a personal blockchain is often used for completing Ethereum and Corda blockchain dApp development life cycle. It enables the DeFi enthusiasts to develop, deploy and test their applications within a safe and deterministic environment.
Ganache is a part of Truffle Suit that helps to sweeten the experience of developing smart contracts. Therefore, it is essential to install Truffle for managing the contract artifacts, library linking, and making custom deployments with ease.
Currency is an integral part of any blockchain-based application. The creation of ERC20 token would be the next phase of building a dApp. The blockchain dApp development specialists would help to utilize the blockchain properly and make the smart contract fully functional.
It’s feasible to create unique tokens and integrate them with the existing coins or tokens. It would enable the user to pursue sales, purchases, exchanges, and similar actions.
The integration of a crypto wallet would make it possible to store private keys and use tokens to conduct authenticated and secured transactions. MetaMask and Trust wallets are the most commonly used crypto wallets.
Developers are often curious to focus on the development of the app, but they forget about the significance of UI/UX designing in application development. Thus, it is necessary to ensure that the blockchain dApp development team is capable of building attractive user interfaces and ensuring smooth user experiences for DeFi applications.
It is necessary to free the DeFi applications from vulnerabilities. Security breaches may result in huge losses. Therefore, it is necessary to learn the best ways vulnerability testing procedures, apart from carrying out a deep study on how to build DeFi app. It will help to stay protected from the cybersecurity risks like SQL injection, cross-site scripting, and various other malicious activities.
The blockchain dApp development team should be apt in doing rigorous testing and making the DeFi application completely error-free.
Once the development and testing processes are completed successfully, the DeFi application is ready to be launched in the market. It’s time to monitor how the blockchain community is responding to the performance of the newly created DeFi application.
Regular improvement & maintenance of the DeFi application would also be required.
The market for DeFi apps is growing rapidly, and raised the demand for experts in the field of blockchain dApp development.
However, it is necessary to carry out deep market research before starting with application development. It would also help you to know how to build DeFi app as per the current trends in the industry.
Antier Solutions can help with DeFi application development. Our seasoned blockchain engineers leverage their expertise, deep domain knowledge, and understanding of the market to develop world-class dApps that help you gain an essential competitive edge.
Connect with our subject matter experts to share your business needs.