DeFi has replaced traditional banks, brokers, exchanges, and financial institutions. According to statistics, the number of DeFi users worldwide is estimated at 4.87 million in 2022, and growth of the DeFi market is estimated to happen at a CAGR of 42.5% until 2030. This means it will open avenues for investors to capitalize on their investments and earn profits from them. The segment's growth has only been possible due to DeFi wallets, which establish a link between users and decentralized financial services and earn a small commission for being the intermediator in most transactions.

This blog highlights everything you need to know before creating your own Defi wallet and the development process.

Are DeFi Wallets Secure?

Defi wallets are the most secure as they are blockchain-based, open source, and give users complete authority over their funds. Apart from this, to prevent wallets taking some extra measures can protect your wallets from security threats, as highlighted below:

• Independent Auditors for Software Audits

Test the wallets for worst-case scenarios like network overload or hacker attacks. It will make the system more optimized and keep cyber attacks at bay.

• Protection Measures from User End

Use security features like Use two-factor authentication technology, biometric security methods, multi-signature, and logout when there is a long idle time to have a safe wallet experience.

• Avoid Storing Private Key within the System

Private key stored within the system is susceptible to hacks and breaches, so avoid storing them within the system.

How to Create a DeFi wallet

#Step 1:Set Project Goals

#Step 2:Select the Defi wallet type

#Step 3:Design Archietecture

#Step 4:Platform Development

#Step 5:Encoding the Wallet

#Step 6:Wallet Testing

How Much Does it Cost To Develop a Defi Wallet?

The cost of developing a crypto DeFi wallet depends on features and functionality, complexity and the provider you are consulting. The cost of developing a simple application will be less, while you need to pay more for developing a complex application. You can add or reduce features you don't want in the wallet. A Defi wallet development provider will provide an exact cost estimate based on the requirements.

Create Your Own DeFi Wallet with Antier

Defi wallet development is way different from developing conventional software. This is so that the third parties don't handle the services. The entire business logic is handled by the blockchain and smart contracts. Developing these solutions requires extensive knowledge and experience from a reliable Defi wallet development agency like Antier. They have been developing Blockchain, Defi and fintech solutions since 2016 and have delivered over 250 projects. Under the guidance of the experts, you can either create a DeFi wallet from scratch or obtain a customizable solution that meets your budget and requirements. Obtain a free consultation today!