The emergence of decentralized finance or DeFi in cryptocurrency has garnered significant buzz worldwide, something that Dan Schatt and Domenic Carosa, founders of DeFi startup Earnity, are well aware of. DeFi caught the attention of crypto enthusiasts in mid-2018, and by 2019, the market was valued at more than $500 billion. At present, the market sits at a value much higher than that.

A DeFi product could be lending platforms, decentralized exchanges or DEXes, yield farming, prediction markets, derivatives, P2P marketplaces, and asset management tools. For Earnity’s Dan Schatt and Domenic Carosa, it’s worth noting that all kinds of DeFi products must be developed to be democratic, empowering, efficient, and accessible.

Effective DeFi platforms and products are made from extraordinary ideas. As with every successful venture, the idea behind a product or project must be unique to break through the industry. Some companies outsource professionals, while others prefer to enlist the expertise of in-house development teams. It usually takes teams three to five months to build new decentralized applications. Experts advise new developers not to look at the timeline first; instead, plan, develop, and test estimates with the team and allocate the budget accordingly. Conduct business analysis to put the idea to the test. Determine the product’s selling point or platform and see how it operates differently from its competitors. Technical analysis is a must. It’s critical to determine technologies that permit the product or platform to run smoothly.

Once the project is completed, it’s time for DeFi integration. As DeFi apps run through an integrated ecosystem, determining which apps the project will be linked to is paramount. In addition, planning for continued bug fixing and upgrades is a must. While it may not be apparent to spectators, the DeFi space is becoming crowded. Proper promotion can help one stand out from the crowd.