In the previous article, we discussed the fundamentals of Defi Staking. In this article, we’ll discuss how to launch a defi staking platform. As explained before, Defi staking is the mechanism by which people pool money in the form of cryptocurrency and create a fund, using this fund to stake in a proof-of-stake-based blockchain network for validating transactions. The reward from successful validation is shared between the people who chipped in.
What exactly is a DeFi Staking Platform?
A defi staking platform allows people to stake their cryptos into crypto pools and get rewarded for their contributions. So, if you plan to launch a defi staking platform, you must build an application that facilitates the above-said operations. The platform can be web-based or mobile app-based. The platform would, bare minimum, need one customer module and an admin module. The Basic functionality in the customer module is to link wallets to the platform and stake coins based on preset conditions. The tokens also need to be locked based on the preset conditions. Admin will be able to manage the platform’s overall functioning, including setting stake amount, interest rates, reward percentage, lock-in periods, set campaigns, and more.
How to build a defi staking platform?
You have two options if you want to launch a defi staking platform on a high level. Use a white-label defi staking platform and go to market in a short time or build a custom platform from scratch.
White-label Defi staking platform
A whitelabel defi staking platform allows you to launch your product in the shortest time. The platform will have all the essential features and prebuilt advanced features to help you manage the product operations. Coinfactory’s white label solution offers end-to-end customization that can make the platform match your business brand. The benefits of choosing a Whitelabel solution are
- Less initial investment
- Security audited software
- Go-to-market faster
- Less running cost
- More Ops flexibility
Build from Scratch
Building one from scratch would make sense if you plan to build a staking platform with different user flows and mechanisms from the existing ones in the market. Building from scratch would be more expensive and time-consuming than the white label option. We have created a development checklist for building a defi lending application. This could be helpful for you if you are planning to build a lending application from scratch.
As the defi staking market expands, more startups are developing innovative solutions and platforms to make DeFi staking more accessible for common people. Contact us for a no-obligating consultation if you need help launching your defi lending platform.