DeFi – short for Decentralized Finance – or more aptly termed Open Finance is perhaps the most revolutionary concept in the Blockchain value chain. In addition to that, it is also known to be the biggest disruptor in today’s financial system. It refers to democratizing the financial ecosystem using a decentralized, non-custodial infrastructure. DeFi development and services cover all the tenets of a financial ecosystem like borrowing and lending, exchange and trading, investing, and risk management. It is a huge development from the current closed financial economy to plain and simple open finance, making it available to the millions of underbanked or unbanked population.
Instead of relying on conventional banking or finance methods, DeFi utilizes smart contracts on blockchains giving people the ability to control various financial services like borrowing funds, lending funds, raising assets, trading cryptocurrencies, and provide insurance without the actual need of a financial intermediatory. At Sofocle, our experts serve the best DeFi solutions to our clients, therefore, making the need for a mediating financial authority almost redundant.
Of late, DeFi has piqued the interest of many thanks to the ease by which one can create and real-world assets such as currencies. It has also allowed folks to borrow and lend cryptocurrencies to earn money via interest. Of course, our DeFi development services have also been extended to clients across the globe, making Sofocle one of the most trusted DeFi development companies across the globe. That’s not all, however, as DeFi has much more benefits than just being a non-mediated service. So, for your convenience, we’ve listed all the key benefits of DeFi down below.
Sofocle has been a leading Blockchain and Smart Contracts development company. Sofocle has extended its Blockc#hain expertise to DeFi services and solutions. Sofocle helps you build decentralized applications (dApps and Smart Contracts) for various financial services in Open Finance.
The DeFi apps allows financial processes to be managed by rules written in the code using Smart Contracts. The financial instruments and digital assets are created using Smart Contracts and all the transactions can be done in a peer to peer network without intermediation of institutions. Smart Contracts manages the transaction trail leading to high transparency and auditability.
The users have complete control over their private keys to manage their assets. Anyone from anywhere can be part of the DeFi network and avail financial services. Users can directly interact with the decentralized network using their crypto wallets without any bias or lengthy process.
The transactions on DeFi are tamper-proof and store immutably on Blockchain network. Any user can validate and verify the transactions leading to enhanced security and auditability.
The different DeFi products and applications are able to talk to each other using interoperable standards. Like Lego, the building blocks and DeFi applications can be combined to form new applications and products. For example, asset management platform combines the asset tokenization, asset issuance and decentralized exchange.
Sofocle, a global Blockchain Consulting company has been building innovative Blockchain based solutions for more than 4 years. Sofocle has a strong team of Blockchain Architects, Engineers, UX/UI experts and Security Analysts that helps you build the next big thing in Web 3.0. We are experienced with Ethereum, EOS and other protocols powering the DeFi ecosystem.
Our DeFi Development services and solutions includes:
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