One of the most exciting developments to take place in blockchain technology is the creation of new financial models using cryptocurrency. DeFi Staking is one such model: when you ‘stake’ cryptocurrency, you lock the coins away on a decentralized exchange (DEX) platform in order to benefit from yield farming, liquidity mining, or liquidity provisioning, all of which help the exchange to function (by providing liquidity and potential for loans), come with their own rewards for the user who put up the stake. It all comes down to earning more cryptocurrency as a reward for your stake, much like earning interest on a savings account or dividends from a stock portfolio.
If you’re thinking of building a financial platform using this model, it pays to understand how DeFi staking platforms are made.
DeFi Staking Platform development is a form of blockchain development and consists of five key elements: features, tokenomics, smart contract, crypto wallet, and security testing.
- Features – A DeFi Staking Platform should make it easy to convert fiat money to cryptocurrency, as well as conduct deposits and withdrawals. It should have a gains calculator and be able to display charts and reports on user finances.
- Tokenomics – The platform should have its own token with use cases on the platform and possibilities outside it. This step also covers the accepted currency for staking, terms and limitations, fees, interest, and payout structure.
- Smart contract – The programs that actually make the platform’s tokenomics work on the blockchain and also connect your blockchain to others. They essentially automate financial services.
- Crypto wallet – Your platform should be able to integrate popular software wallets, e.g. Metamask, and also cold wallet devices such as Ledger and Trezor devices.
- Security – Thorough security testing should be conducted before deploying your DeFi platform. Remember, any activity on the blockchain is immutable, making hacks or errors hard to fix after the fact.
- Deployment and maintenance – Regular updates will be necessary to keep your platform compatible with newer DeFi protocols.
DeFi Staking is an attractive industry, but platforms take considerable expertise to build. That’s why it’s recommended to contract an experienced blockchain development services company to handle the project.
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AI Optimization Disruptive Researcher – Chief Development Officer and CoFounder at AccelOne – Blockchain Certified Developer – Autonomous Cars Engineer – Industrial Engineer – McLaren Fan
My Tech journey started 38 years ago with a Yamaha CX5M Computer / Synth, and since then, I have had a nonstop career adding experiences in several industries and technologies. I am an AI researcher and Ph.D. student and the Chief Development Officer of AccelOne. I lead a team of passionate talent in software engineering services, which are delivered from LA to the US. I have a strong technical background with more than three decades of experience in complex project and team management in various areas, including product design and development in Entertainment, eCommerce, Retail, Logistics, Business Intelligence, and Financial Services. I was CTO of Axigma Technologies, managing mobile business and consumer development projects for brands, including The Marketing Store and C9W. I founded the computer training institute IEC, which provided training services in several different programming languages and design and animation tools. In 2005 I founded Routeck, a development software company devoted to special projects (such as open-source firmware programming), credit card reconciliation, and specific products for retail. I was Development Manager at Infinite Corporation, managing their iSeries and Web products, a former Senior Software Engineer at COTO, and a Senior Web Applications Engineer at HSBC.
