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In the past few years, the concept of Decentralized Finance (DeFi) has transformed the entire crypto space while portraying a whole new ecosystem for carrying out regular yet critical financing while streamlining all other major operations. Crafting a completely decentralized and transparent financial system, DeFi Platform Development is not subject to the centrally owned power and regulators full of flaws and risks.
Unlocking the True Potential of DeFi Platform Development
DeFi gives the freedom to individuals to carry out transactions and fix financial issues directly over decentralized protocols backed by the concept of smart contracts. With no involvement of centralized intermediaries like banks and courts of brokerage groups, DeFi development enables buyers, sellers, and lenders to connect and work directly with borrowers and save huge capital in a fully secure manner.
Compelling reasons to invest in DeFi development services include:
- Transparency
- Decentralization
- Permissionless
- Privacy
- Interoperability
- Efficiency
- Security
DeFi Development Services has many other benefits for the digital world and modern customers while catering to the evolving needs of diverse industry verticals.
Can’t believe it?
Let’s take a glance at a few recent stats:
Besides this, With a revenue generation of over 300 million U.S. dollars in August 2021, the video game Axie Infinity is an example of how DeFi protocols increasingly generate more money.
What is a DeFi Platform?
A DeFi platform is a secure yet self-contained operating ecosystem that enables users in developing and running their own applications. Another compelling reason for businesses investing in a professional DeFi development company is that DeFi platforms are open-source software that can be downloaded in a hassle-free manner and tend to be easy to use and understand even for newbies. As of now, DeFi platforms support Linux, Windows, and Mac operating systems.
Best DeFi Platforms to give a Digital Boost to Your Business
With countless DeFi platforms available in the market right now, one thing is certain- each platform has a unique role to play, a different set of functionalities, specializations, purpose, and challenges it combats.
The forthcoming section will take a closer look at the most popular DeFi platforms, their features and other highlights that every DeFi enthusiast and a market player must be familiar with and further make the right choice for their business.
Aave: Setting users free from KYC and the tedious registration process
Aave is a popular crypto lending platform and Aave v2 is the largest public lending market having around $5.29 billion in TVL. Being an open-source liquidity protocol, it is ideal for building Non-Custodial Liquidity Markets and allows individuals to earn interest on deposits and borrowing assets.
Launch Year: 2017
TVL: $12,670,000,000
Exciting features of Aave:
- Interest Rate Switching
- Unique Collaterals
- Flash Loans
Upcoming features:
- Native undercollateralized loans/credit delegation
- Improved borrow rates
- Debt trading
Compound: Enabling issuance of decentralized anonymous loans
Compound enables lending and borrowing with no involvement of intermediaries while allowing users to earn interest on the amounts lent, or even borrow tokens to be collateralized. Therefore, a decentralized liquidity pool can be developed which remains open to all, lenders and borrowers both.
Launch Year: 2017
TVL: $12,670,000,000
Exciting features of Compound:
- Time locks
- Delegation
- Voting rights
- Proposals
Major Benefits of Compound:
- Wider earning opportunities
- Security
- Interactivity
- Autonomous
- No trading fees
Curve Finance: Directly Trade For The Desired Token
Operated on Ethereum, Curve Finance is an Automated Market Maker (AMM)-based decentralized exchange with prime emphasis on swapping across varying stablecoins. Curve Finance supports yield-bearing tokens where the individuals participating get gas/swap fees produced by the Curve pool. For getting started, a user needs to have an Ethereum wallet, a few funds and can swap numerous stablecoins having low fees.
Launch Year: 2020
TVL: $15,560,000,000
Major Benefits of Curve Finance
- Lower trading fees
- Minimal slippage
- Direct token trades
- Better yield opportunities
- Stablecoin liquidity
Uniswap: Giving Superpowers to Developers
Backed by a decentralized network protocol, Uniswap is a popular decentralized exchange that strengthens automated transactions across cryptocurrency tokens on the Ethereum blockchain via smart contracts. Uniswap offers superpowers to DeFi developers such as protocol documentation, start guides, fully open-source codes, and a Javascript SDK.
Launch Year: 2018
TVL: $8,290,000,000
Major highlights of Uniswap:
- Exchanging crypto values
- Yield farming opportunities
- No registration and KYC processes
- Censorship-resistance
Coinbase: Ideal for Newbies
Founded in the year 2012, Coinbase is a well-known exchange service for purchasing and selling Bitcoins that comes equipped with a software Bitcoin wallet. It even operates as an exchange with offerings like Litecoin exchange and Ethereum exchange. It presents a wide array of altcoin options, a simple user interface, and high liquidity.
Final Thoughts
All the above-listed DeFi platforms come with their own set of features, functions, and specifications. Based on the business needs and expectations, market leaders and DeFi enthusiasts need to pick the ideal DeFi platform for their unique business models.
Omatech is an award-winning DeFi Development Company that holds wide exposure and specialization in dealing with the diverse business needs of traditional and modern enterprises. The subject matter experts at Omatech have a strong hold on all the cutting-edge DeFi platform development technologies and platforms being practiced in the global market. Connect with an expert today to discuss your business needs!
