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Saturday, September 23, 2023

Dan Schatt of Earnity and Insights on DeFi Apps


When developing decentralized finance applications, there are a few things developers need to keep in mind.  Earnity’s fintech veterans Dan Schatt and Domenic Carosa want everyone to be able to develop Defi apps. This article provides a walk-through on the basics of DeFi app development, including what they need to know about smart contracts and how to use them. 


Every DeFi project must uphold qualities such as transparency, autonomy, security, accessibility, and cost-effectiveness. DeFi apps must promote peer-to-peer transactions through blockchain technology and reduce fees and waiting times. Starting a DeFi project can be daunting and overwhelming, especially when it’s a developer’s first time doing so.  

The Sevenfold Process

Earnity executives Dan Schatt and Domenic Carosa believe there are fundamentals on every platform. Creating a DeFi app requires seven steps. First is business analysis. This step deals with defining the app’s requirements and functionalities, helping developers determine the optimal solutions stack to construct the product architecture effectively. Second, UX or UI design. A critical part of any UX/UI design application deals with building a user-friendly interface that would benefit user engagement rates. Both functional and exciting features slated for the interface must be properly applied in the design. Smart contracts development is the third step. The accuracy, authenticity, and security of a DeFi project hugely depend on the quality of its smart contracts.  


The fourth step is DeFi integration. DeFi projects have an incredibly high chance of being linked to other DeFi protocols. This development helps ensure that proponents create a practical and operational financial ecosystem. Front-end development is the fifth step. The developers bring the UX/UI design to life by utilizing the most effective libraries and front-end frameworks. During testing, the sixth step, developers check if the project is reliable and secure. A security audit may be necessary for this step. Launching and support is the seventh and final step. Here, everything the developers have worked for will be experienced by global users. They must be ready to provide solutions to issues users might report.

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