Nowadays, everyone is talking about “staking is good”, “staking platforms are the best way to earn passive income”, “DeFi staking platform development makes you build the best business in this era” and more. But what is special about this protocol? Why are entrepreneurs searching for reliable DeFi staking platform development services?
Let me make it simple for you.
Consider how great it would be to earn money during your sleep. Feels good right? The services like Lido and Roket Pool are growing at a lightning speed. And, these protocols show that staking is the way forward for earning a passive income in crypto. This is one of the reasons why entrepreneurs are showing interest in DeFi staking services.
If you’re one of them, having a detailed guide for your DeFi development solutions is important. In this blog, I'll give you a clear blueprint for developing your decentralized staking protocol, which provides a clear vision to start your journey.
Pick the Right Blockchain Network
Your blockchain you decide will impact your platform’s performance. Here are some popular choices you can go with.
Ethereum (ETH 2.0) - It’s one of the most trusted blockchain networks with proof of stake (PoS). But this network has a high gas fee.
Binance Smart Chain (BSC) - It offers faster and lower gas fee transactions.
Solana (SOL) - It is especially known for its high transaction speed.
Polkadot (DOT) - A multi-chain system that allows easy interactions between different chains.
Note: If your platform needs low fees and quick transactions, consider BSC or Solana over Ethereum.
Smart Contracts Are Like Your Platform’s Heart
Your DeFi staking platform solution heavily relies on your platform’s smart contract. Even a tiny flaw can lead to a huge loss in your users’ assets.
Your smart contract needs to be,
Secure - check if your blockchain project development company audits your smart contracts.
Transparent - Enable users to see their locked assets and rewards.
Automated - Make sure staking, unstaking, and reward distribution run smoothly on your protocol.
Choose the Best Staking Models
Not all staking models are the same. You need to choose the one that matches your audience.
Fixed Staking - Users lock in their stake for a specific duration and earn a set APY.
Flexible Staking - Users can withdraw whenever they want, but the rewards may differ.
Liquidity Staking - Platform users can stake Liquidity provider (LP) tokens (like COMP or UNI) and receive rewards from two different streams.
Liquid Staking - Users can stake but still access their tokens via derivatives.
Prioritize Security On Your Platform
DeFi platforms lose millions of dollars because of tiny mistakes. You need to keep it safe by,
Implementing multi-signature wallets for fund protection.
Use two-factor authentication.
Conduct regular smart contract audits and other security measures.
Governance and Community Participation
Users are searching for something more than just staking; they want to influence the platform’s future. So introduce DAO governance, which can enhance their trust and involvement.
Distribute governance tokens so users can vote on future decisions regarding the platform.
Encourage discussions on Discord, Twitter (X) and Telegram.
Offer an extra staking bonus for active users.
More than this, you need to execute some common factors like providing a “User-Friendly” design on your platform and executing perfect “Marketing campaigns”. These two factors are claimed for every DeFi platform you build.
So, by keeping these blueprints in mind, you can get started on your DeFi staking platform development easily, More than this, you need to find out the best Decentralized finance staking software development company to make everything fine.
