The crypto world felt liberation after DeFi entered the cryptocurrency market. The purpose of this system is to provide complete freedom to its users from the traditional financial system like banks, brokerages, etc. Due to their decentralized nature and widespread usage, crypto nerds feel more at ease when using these platforms for their financial necessities.
The decentralized finance system is constantly providing new options to users through its platforms. Crypto enthusiasts are eager to grab the advantage of its capabilities in using and owning crypto assets. Recognizing this, the current crypto market reserves a place for these platforms, viewing them as the financial models of the future.
You might be wondering how they can function without the need for third-party oversight, don’t you? To get a clear idea, you need to understand the fundamentals of the best DeFi platforms which I am going to explain further.
What Is DeFi Platform Development?
DeFi is a financial technology built on the blockchain that functions on a secure distributed ledger similar to cryptocurrencies. The process of creating a platform that satisfies all requirements for its functions. Since it is an open-source platform, any user can view the transactional information here. However, the user’s identity is maintained here.
These are meant for their real-time, transparent, and permissionless operations. We can develop a variety of platforms using Decentralized Finance Technology. Staking platforms, liquidity mining platforms, decentralized exchanges (DEX), and dapps are a few of the well-known Decentralized Finance platforms.
Hope you are now clear on the basics of this concept. Before directly switching to the top DeFi platform development, it is better to know whether it is profitable or not.
Let us start the analysis henceforth.
Is Developing a DeFi Platform Profitable?
You might already be aware of the extremely high demand for the best DeFi platforms to invest in 2024. But what do you think are the reasons behind the best DeFi platforms? Let’s take a quick look at the reasons for this as follows,
The Hype of DeFi
These best DeFi platforms have been expanding over the past few years thanks to wider Decentralized trading platform developments, particularly dApps and exchanges. These platforms may soon experience market hype due to the enormous demand and growth. As a result, investors are eager to invest in the top DeFi platforms because they view them as successful business ventures.
Path to Multiple Revenue Generation
As a startup, you can make money in a variety of ways by developing a DeFi platform. You can earn through active and passive income. For example, owning a decentralized Finance platform entitles you to revenue from fees, like trading, withdrawal, etc. Additionally, if you own lending platforms, you can profit from the interest payments and transaction fees from your users.
Blockchain Adaptability
Blockchains are renown for being adaptable and durable enough to support innovations. Thus, a platform built on blockchain technology could withstand technological changes in the future. Making the platform user-friendly is another thing investors may worry about. Therefore, startups can improve the cutting-edge developments in their business to put them one step ahead of rivals.
Attract More User Base
Likewise, you can let your users also earn from various options like Staking, Yield forming, Liquidity Mining, Token swapping, etc. by owning a compatible best-decentralized finance platform. Increasing user interaction with your platform will make you travel on the profit-earning path. This allows small business startups to grow their customer base and generate a stable income no matter which direction the market moves.
Hence, it is hereby you come to know that the best DeFi platforms are therefore regarded as the top option among business startups because they are capable of multiple profit-gaining strategies.
Best DeFi Platforms That Are Successful In 2024
As I mentioned earlier, the current crypto world experiences the new arrivals of Decentralized exchange platforms nowadays extensively. But ranking the best among them would be helpful to startups like you. Here, I have listed the top 5 best DeFi platforms based on various factors like user base, revenue generation, and years of market presence. They are,
- Trust Wallet
- Aave
- Compound
- Curve finance
- PancakeSwap
Trust Wallet – DeFi wallet
Trust wallet is one of the open-source, decentralized noncustodial wallet platforms that supports more than 4.5 million assets. It was launched in 2017 and acquired by one of the popular exchanges Binance in 2018. It allows the user to send, receive and stake crypto assets including NFTs. The Dapp browser is one of the renowned inbuilt features of a Trust wallet through which you can interact with DApps easily.
Being backed by more than 25 million satisfied customers, it extends services across 65 different blockchains. Trust wallet allows the user to send, receive and stake crypto assets including NFTs; but it does not have any control over users’ funds and data. According to online sources, the annual revenue of a Trust wallet would be between $4 – $15 million.
Aave – DeFi Lending Platform
Aave is one of the open-source crypto lending platforms. It was found in 2017 and deployed in the Ethereum network in 2020. Even though Aave supports a lot of markets like Avalanche, Optimism, Polygon, Arbitrum, and more Ethereum still remains the largest Aave market in terms of liquidity.
Supplying crypto to Aave adds tokens to liquidity pools. Aave protocol assures a safe backstop of AAVE tokens – a native token. Here the users can participate as suppliers or borrowers. The supplier can earn interest by providing liquidity to lending pools while borrowers can obtain loans with the interest rates offered by the lending pool. According to online sources, the annual income of Aave is around $17- $23 million.
Compound – DeFi Lending and Borrowing Platform
Compound is the foremost Decentralized Finance lending and borrowing platform its launch in 2017 with the Ethereum blockchain network. Its native tokens are Ctokens. Once the users lock their crypto assets in the compound, an equal amount of Ctokens is given to the users. Using these tokens you do any transaction on Dapps. The interest rate of the compound is fix by the real-time market demand and supply.
So, here the interest you earn from lending in the Compound platform is currently set at 4% APR (Annual Percentage Rate) for Borrowing it is 6% APR where the interests are compound on a daily basis.
Curve Finance – DeFi Exchange and Liquidity Protocol
Curve Finance is one of the best DeFi platforms and liquidity protocol platforms with the aim of providing AMM (Automatic Market Makers) to a decentralized trading platform with low fees and low slippage. It makes for swapping between different crypto coins, especially stablecoins such as USDC or DAI. CRV token is a native token to Curve Finance.
Along with providing coin swapping it also supports a liquidity pool. Whenever a user provides liquidity support, they are reward with CRV tokens. According to online sources, the Annual revenue of Curve Finance is between $10 – $20 million.
PancakeSwap – DeFi Exchange Platform
PancakeSwap is a popular and best DeFi platform using a BNB chain. It is one of the best DeFi platforms in the crypto industry. Here is an algorithm-based permissionless liquidity pool that enables PancakeSwap to function smoothly. It has its native token is CAKE. In comparison to others, it offers very low gas fees with ultra-fast transaction speed. Here, the AMM helps you to give liquidity to the pool, and the user earns rewards in the form of tokens.
The usage of these tokens can be just like digital assets for a variety of things, such as paying gas fees or providing further liquidity to the pool, etc. And finally, the more tokens you receive will make you earn. There is no limit on token generation. Anyone in the world can use pancake swap without documentation.
These are the popular and best DeFi Platforms prevailing in the marketplace. Having more than 650 million trading volumes, it is one of the top Decentralized Exchange platform. It also adds more than 1 million satisfied users each month. PancakeSwap users can make money by farming and trading. Online sources estimate that a PancakeSwap exchange would generate between $14 and $28 million as annual revenue.
Know About the DeFi Exchange Platform
Based on the analysis, it is clear that the Decentralized trading platform leads the way among other top Defi platforms considering the revenue stream. The current market does not provide enough decentralized exchange platforms to meet global demand. The potential of the best DeFi platforms could add many other platforms to meet global demand and power the network widely.
Therefore it helps startups find a standard place to build their business. By developing a DeFi exchange platform, you can not only meet your financial needs but also find ways to grow your business further over time. So as a startup, developing a Decentralized Exchange Platform for your startup business is a smart choice.
As a startup, before involving in the launch a Decentralized exchange platform, consider the key factors that help to launch a successful decentralized exchange platform.
Factors To Consider Before Developing a DeFi Exchange Platform
The following are the key factors that a start-up might consider while involve in DeFi exchange development,
Information Gathering
It is the first step in laying the groundwork for decentralized exchange development. In this stage, the company does market research based on the client’s needs to analyze the requirements for the development.
Blockchain Selection
Choosing the right blockchain for your Decentralized trading platform could make your platform futuristic.
Design and Development
In this phase, the developers create the platform with essential features and ensure the platform is capable of handling every scenario. In this stage, the flaws in the software are rectified, which makes the exchange stable.
Testing
In this stage, the quality testing team examines the deFi exchange platform and makes necessary changes to facilitate higher performance output in the platform.
Deploying
After completing all the quality checks, the platform will be deployed by the client side with the help of a team of experts.
Considering the above factors, developing a futuristic Decentralized trading platform is not an easy task. You need a lot of technical knowledge and guidance. In addition, by approaching a DeFi Exchange Development Company, you can get your DeFi Exchange platform cost-effective and also launch your business in a short span of time efficiently.
Where To Get a DeFi Exchange Development Service?
ZAB Technologies is a leading DeFi Exchange development company in the marketplace. Our developers have experience in offering first-rate service for DeFi exchange platform development. Also, you can get a complete idea about the best DeFi platforms as per your business needs. Keeping the customer’s business needs as a prime focus, a team of experts is constantly working to provide a fine-tuned defi exchange platform.
The knowledge and experience of highly dedicated developers result in powerful Decentralized trading platform development capable of decoding real-time market challenges.
Giving clients an exceptional experience with optimal business strategies by providing on-demand technical support helps them to grow their businesses. So, engage with ZAB Technologies, to make your exchange successful and competitive on a global scale. With the constant support of a dedicated team of technical experts, ZAB Technologies realizes your aspiration of becoming an entrepreneur in the decentralized trading Business.
