DeFi wallet development checklist

What is a DeFi wallet development?

The most prominent benefit of Defi is nullifying the need for intermediaries and providing high transparency and security. Defi wallet development is carried out by a team having expertise in blockchain protocols, nonfungible token development, wallet integration, smart contract integration, etc., which can help accelerate your business.

What is the Defi wallet checklist?

The Defi market is a fickle one, and proper study needs to be done before entering the Defi space. Below are some of the checklists that will help you navigate the world of defi wallet development.

Do Your Research

Ethereum-Supported Wallet

Select a Coin to Transact

Once the wallet is ready, the next step is to select the coin through which you want to carry out the Defi transactions. Make sure to choose the coin which aligns with your Defi protocol. Most DeFi protocols active today are based on Ethereum, as mentioned before. So it would help if you ideally opted for either ETH or ERC-20. If you want to invest using Bitcoin, you need to ensure that you have an ETH version, such as Wrapped BTC. It would be best if you also chose a coin that you have confidence trading in.

Have a Game Plan

The Defi protocols should be managed and accessed in multiple ways. Once your Defi wallet is ready, the possibilities are endless, like lending crypto loans for an interest rate. You can also earn the governance tokens by lending out your cryptocurrencies and becoming a yield farmer. The next option is to put your crypto in an exchange and become a market maker where crypto exchanges like Uniswap, Sushi Swap will help you earn fees or governance tokens. There is also an option to invest tour coins in highly experimental projects due to their price volatility.

Wrapping up



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