How to Make a Successful DeFi app?
Getting a revolutionary idea and knowing how to code is not enough to ensure success in the DeFi space. You need to support your whole development process on efficient operations, proactive planning, comprehensive research, experienced developers, and flexibility to ensure you make a successful DeFi app. Here are five tips that will help you ensure your success while building a DeFi app:
Boost the Development Speed
The DeFi market is moving as quickly as a flash and your development speed needs to keep up with it. In other words, your DeFi app needs to be a revolutionary or better solution developed at lightning-fast speed. An average estimation of all the main processes involved suggests that 4-5 months is an optimal amount of time to develop your DeFi Project.
Dividing development time into these three phases always proves to be effective and time-efficient:
Research and Planning Development Project Testing
Dedicate your maximum time to planning and testing.
Create and Integrate
Gone are the days when DeFi apps used to be isolated with just one pea in the pod. Nowadays, DeFi apps coexist, deal, and integrate with other DeFi protocols to develop better solutions in terms of effectiveness or scope. The DeFi space is gradually becoming a huge ecosystem of branched and interconnected DeFi protocols. Put simply, DeFi projects will soon be either competing with other projects or connected to them.
The biggest example of this in the DeFi space is yEarn, one of the first protocols to introduce yield farming. It is a widely popular aggregator protocol. It leverages different DeFi protocols which allow its users to benefit more from this integration.
For your DeFi App, start by integrating with the DeFi giants like Curve.fi, Compound, Balancer, or Aave. You’ll have to go through extensive planning and thorough research before even writing code for these integrations. This is because all of these protocols have very different interfaces and features. So, to make an app that provides a truly immersive experience in terms of compatibility and cooperation, comprehensive research and experienced code reading are essential.
Keeping Up with DeFi
With the DeFi space moving at an ever so swift pace, keeping up with the market becomes more of a necessity than a choice. Keeping up with the advancements in the DeFi space helps you get new ideas for your project and also makes sure that you’re aware of the emerging and popular DeFi projects.
It also helps you find better integrations for your DeFi app which brings flexibility to your project. This allows you to create new DeFi strategies for your app and switch between them.
Also Read: How to Make a Decentralized App?
Online communities and forums are the best places to know more about the developments in the DeFi space. Tune into these communities now and then to find out what’s happening in the DeFi market.
You can also use these communities to get reviews on your DeFi projects. This will be a great marketing channel for your app. It will also help you get insights on how to improve the overall experience of your DeFi App. Keep in contact with the dedicated communities for DeFi and do not miss user comments and recommendations while you make a successful DeFi App.
Sound Business Analysis
The idea behind your DeFi App might be revolutionary or innovative. But, does that ensure your success in the DeFi market? It doesn’t. Many brilliant ideas which were practical and “working” with ample initial capital have gone to dust. So, what was missing? Sound business analysis. Many people get straight to the planning of architecture preparation after finalizing the tech requirements and miss some of the most crucial steps of business analysis.
Business analysis is very crucial for the success of your DeFi app. Inconsistent business analysis results in a weak tech stack, lack of thoughtful analysis, and distorted business perspective.
Once you have figured out the tech requirements get to the ideation and discovery phase. In the ideation and discovery phase, start looking at your idea through the lens of consumer use and take different product perspectives into account. Then, figure out the primary features for your DeFi app and prioritize them from a business perspective.
Once you have struck the perfect balance between the features and your resources, get to the Software Requirement Specification (SRS). In this phase, you’ll determine the software requirements for your DeFi project. Starting architecture preparation without a complete list of software requirements is disastrous and can delay the whole project development.
Your DeFi app will succeed if it is a revolutionary, innovative, or better solution which is more cost-efficient than other DeFi protocols. A prioritized feature list with an SRS document that contains the description and implementation of those features will help guide the path to success.
Developing Foolproof Smart Contracts
Smart contracts are the heart of any DeFi app and decentralized peer-to-peer transactions. A smart contract can be defined as an automatic and self-executing agreement that operates without the need or permission of a central authority or rent-seeking third party.
They eliminate unnecessary paperwork and expensive intermediaries from the system while upholding transparency and visibility on the blockchain. Ensuring foolproof security of your platforms
To build a foolproof smart contract, first, make sure that your smart contract includes all the possible steps and actions the user can make. Then you need to make sure that everything is transparent and secure. This adds to the complexity of the initial contract. Finally, make sure that the contract is reliable and properly secured from hacking attacks.
Also, if you have decided to integrate other DeFi protocols be sure to analyze and study their code carefully for reliable and safe integration. If the integration is not implemented properly, the money locked in your DeFi App can be stolen or locked in a smart contract while switching between two or more protocols.
To sum up, developing your own DeFi App is not going to be an easy road. You need to carefully examine and optimize every aspect of development. You’ll also need to review every operation or decision from a technical, business, and customer perspective. Following these five tips will help you build a successful DeFi App.