Multichain DeFi dApp Development Is Going To Remain In Trend in 2023

Over the past few months, mass adoption of multichain DeFi has reached a new height. As per Defillama.com, the total value locked for DeFi on 27 December 2022 amounted to $39.36b. The growing popularity of play-to-earn blockchain games and crypto payment gateways are the key driving forces behind the rising numbers of DeFi dApp Development service providers. As we are entering 2023, we need to understand why a dApps platform development Company with a futuristic approach will always pay stress on building a multichain platform instead of a monolithic counterpart. 

A Few Reasons for Developing a Multichain DeFi dApp

In the future, smart contract interoperability is going to make it easier to ensure that data and liquidity can seamlessly migrate across different blockchain networks. With the evolution of Web3, the trends of DeFi dApp Development will also change and allow multichain compatible smart contracts to extract functionality & logic from the popular blockchain, including Polkadot, Cosmos, Ethereum, Avalanche, etc. In the coming year, we will see new dApps with highly advanced features and functionalities. If you don’t want to miss the beat, you just need to consult the best dApps platform development Company to understand the benefits of deploying multichain features in your upcoming dApp. 

We are going to take a look at some of the well-known benefits below:

1. Increases Development Agility

It is an undeniable fact that using elastic side chains will enable the dApp creator to complete the development and deployment process much more quickly. With sidechains, processing speed and data concerns can be handled efficiently, and it will improve the dynamics of the DeFi dApp Development team. On the other hand, the development of monolithic apps can be delayed because several developers will be interacting with the same data and codebase, which will result in clashes. Apart from this, all transactions will be processed through a single mainnet, which will take time. 

2. Speeds Up The Development Process

As the team of professionals at a dApps platform development Company works in synchronization and they have more open communication pathways. Thus, it becomes easier for the teammates to discuss the problems and find remedies without losing time. It tends to speed up the pace of development. At the same time, using multichain or multiple sidechains helps to reduce development friction and makes it easier to launch the new platform at a much faster pace. 

3. Improves Performance

As the network load is distributed between the elastic sidechains, it can handle multiple numbers of transactions at a time, without making any delay. This is the key aspect that makes multichain dApps readily acceptable by people with a futuristic mindset. 

Comparing Futuristic dApps With The Existing Ones

Here’s how future-ready DeFi dApp Development is going to change the scenario:

• The use of multichain helps to make the platform highly scalable.
• It will also help to reduce gas fees.
• The time of processing transactions will improve magically.
• It helps to migrate a feature from the mainnet to the elastic sidechains.
• It will also be possible to add new features much more easily.
• Smart contracts on a sidechain can be deployed easily, without disturbing the entire mainnet. 
• Improves storage capacity.
• Enables enhanced safety, privacy, and interoperability.
• Assets can be transferred from mainnet to sidechains and vice-versa with ease. 
• It helps to optimize the features and functionalities of a dApp with greater ease.

Most Popular Blockchain Platforms Used For  DeFi dApp Development  

Over the years, blockchain users have started following innovative multichain approaches for developing dApps. Today, big investors like to choose a leading dApps platform development Company having rich experience in creating multichain decentralized platforms. It’s because will not only helps to enhance scalability but also improves network throughput, reduces gas fees, and speedier transactions. 

Here are some of the best blockchain networks that are best suited for DeFi dApp Development:

1. Cosmos : It’s also termed the “Internet of Blockchains” because of the continually expanding ecosystem. There are more than 300 dApps using Cosmos as it also allows Inter-Blockchain Communication.   

2. Polkadot : It’s the best supporter of multichain technology. Anyone can leverage the advantages of parachains for making dApps with fool-proof security and faster data exchange between different blockchains.   

3. Polygon Network : This blockchain protocol helps users to make faster and cheaper transactions, which makes it perfectly suitable for developing DeFi dApps. 

Final thoughts

In today’s world when we are using high-speed internet, and love streaming our favorite songs or videos on our smartphones in a break-free manner, how will it feel when the payments are done through dApp get struck because of network congestion? Well, technologists have found an easy way to overcome this problem by carrying out multichain DeFi dApp Development. It comes with a complete package of high-end features that are impressive. 

Antier is a well-established dApps platform development Company that has been enabling businesses to get intuitive solutions with next-gen DeFi dApps. Feel free to contact the team of SMEs today!