Defi ecosystem development services aim to break away from the shackles of the traditional financial system that involve powerful authorities like governments and banks. DeFi operates through smart contracts, DApps, and well-defined protocols established on the immutable blockchain network. According to DEFI Pulse, a web portal that keeps a close watch over the industry, a whopping $14.13 billion has been locked in various DeFi projects worldwide.
What Is the DeFi Ecosystem?
The DeFi ecosystem involves the process of building transparent financial applications on top of the blockchain. It includes all the financial projects covering different aspects like lending and borrowing, stablecoin development, investments, payments, insurance, staking, yield farming, prediction markets, decentralized exchanges, asset management, alternative savings with interest-earning mechanisms, and derivatives. Defi ecosystem development solutions are also referred to as an open ecosystem as financial tools and services are available for everyone in a decentralized manner.