How To Build Crypto DeFi App? Uniswap, 1Inch | Blockchain tutorial

Do you want to build your own Crypto DeFi app? Perhaps you have a unique idea something like DeFi app for unique coins, DeFi app with AI integration, DeFi app marketplace or even DeFi app for air drops or token sales options. Well, stay with me because I'll give you a step-by-step guide on how to do that quickly and save money!

My name is Dennis Babych, and I’m the director of a software development company. In this video, I'll show you how to test your idea, outperform your competitors, hire the greatest team, and save money along the way. All of this knowledge comes from my agency's expertise, successful businesses, and top-tier practices combined into one ultimate system.

Let's get started! Ok, let's start by identifying the core components of your defi app. Depending on your business goals it might include the mobile app as the main gateway, browser extension for defi operations and sometimes the desktop app.

The mobile apps will have the functionality such as AMM, liquidity provision, swaps, basic crypto wallet, staking, and so on. The browser extension and the desktop app will have almost the same functionality like mobile apps. So, let's dive straight into the essence of your software development voyage.

Creating a rock solid MVP (Minimum Viable Product) is your golden ticket to the software development journey. So, what's the sense? Picture this, you're aiming to build a DeFi app.

You're looking at users app, browser extension and the desktop app. But hold on a minute. Do you truly need a mobile app and the desktop app right now?

Could you, perhaps, create a simple browser extension with few basic functions? Same thing for a minting process. And that NFT support feature – is it urgent?

Maybe it's one of those things that can wait until your version 2. 0. Look, this MVP approach isn't just about speed.

It's tailored for efficiency. By focusing on select features and possibly one unique killer element, we're talking about a streamlined development process, optimized resource allocation, and an effective market test run. And here's the kicker: Once your MVP is up and running, gathering a user base then it becomes a magnet for angel investors.

Believe it or not, valuations can skyrocket to a $1,000,000 or more especially if you are making combination of cutting edge technologies like crypto, AI, VR and so on. So, the bottom line? MVP isn't just a buzzword.

It's the secret recipe, and we're about to master it. So, let's talk about pricing! When it comes to identifying the price for your software, there are several things you have to keep in mind such as: quality assurance, bug fixing, project management, maintenance and risks.

Estimating the cost of developing unique features at this stage, can be quite challenging. But don't worry, I'm here to provide you with pricing for the basic MVP functionality. Here's a pro tip for you: if an investor contract requires an in-house development team, you'll need to allocate a budget based on US or EU rates.

However, you always have the option to outsource your software development expenditures to Ukraine, which can be a significant game-changer when you are seeking value for money. Ukraine is an absolute hidden gem in the software development world. Many successful startups such as GitLab, Grammarly, and Jooble have already recognized a huge value of hiring Ukrainian developers to build a top-notch software.

Ukrainian developers have excellent English skills, extensive experience in outsourcing development, strong math background, they have innovative thinking which help them always think outside of the box, on top of that they are hard workers. Ok, so, the most pressing question you might have right now is probably about which features to include in your MVP and how to prioritize them properly. And the answer is super simple.

Follow the methodology that I'm about to share with you. This comprehensive methodology that I've developed after 10 years of experience will assist you in identifying essential features, make the pricing accurately, finding the best execution team, outplaying competitors, achieve your product-market fit, and saving a significant amount of resources. Moreover, it will shed light on why the app price can range from $25,000 up to $100,000.

Buckle up! Let’s dive in! So, the first step is the business plan.

And this is where the modified Lean Canvas comes into play. It's like a business plan on a napkin that uncovers all hidden aspects that you need to focus on. This business plan will take something about an hour to prepare.

Next, the order of these boxes that you see on the screen and the process flow is crucial. It’s been created after experiencing with 1000+ Lean Canvas workshops with my clients. So, it starts with understanding your user groups and their main pain points.

What are their struggles? What issues can your service address and make their lives easier? Next, explore your competitors and the solutions they offer.

Identify their advantages, disadvantages, and their strategies that you can adapt. Your goal is to find the space where you can outshine your competitors by creating a unique solution for your specific niche without reinventing the wheel. Now, let's talk about your unique unfair advantage.

This is the powerful factor that sets you apart from your rivals. It could be your cheap developers, marketing insights, AI advanced utilisation, advisory board, strong network and so on. Ok, once you've identified your unique edge, it's time to target your early adopters.

These individuals will be the pioneers who will test your service and give you the most valuable feedback at the early stage. Discover where they spend their time online and create a cool marketing hook to engage them. Give them something truly unique and powerful.

Broadcast your unique offer via social media, crypto influencers, or just regular Facebook or Google ads. By keeping a close eye on how your app's doing and really diving into the feedback from your users, you can shed the light on what’s need to be changed or improved. Also, if you are interested in learning more about Lean Canvas and get insight from 1000+ workshops, I’ve created the full video about that.

Link in the video description. Next, don't just think about the present. Plan for the future and envision global growth and international expansion of your platform.

Having a clear vision for your app's future in 5 or 10 years is crucial for attracting investors and achieving unicorn status. If you have any questions, please leave them in the comments section below. I'm always excited to help you out, and I'll personally review each comment.

Also, don't forget to hit that like button and subscribe to stay updated and gain more business insights. Thanks! One of the most crucial steps in creating your startup is achieving a product-market fit.

Believe me, it's a game-changer. So, how can you offer innovative and disruptive solutions that address the pains and gains of your target audience? Well, completing your Value Proposition table is the key to achieving that.

Picture this you have an exciting idea for your own DeFi platform like Uniswap. Before starting the software development phase, it's important to identify pains and gains of your users. It could be something like: high gas fees, limited number of coins, liquidity limitations, lack of customer support.

Once you have identified all these issues, it's the perfect time to leverage your platform to tackle them. You can provide solutions such as: a system that will send transaction in few hours automatically when it will identify low gas fee, integration with each and every popular and hype coin, the system that will allow you get more profits with different liquidity options and, intercom customer support where users will feel love from your side. Look, when you prioritize the platform value for your audience on front and keep that at the core of everything you do, you're setting up your business to become a money making machine.

Remember, small companies and startups can easily outperform industry leaders by being agile, flexible, and focusing on unique problems and local niches. You don't have to compete with everyone in the market. Instead, concentrate on a specific audience and provide them with the best possible value.

And always keep in mind that it's crucial to fall in love with your customers' problems and not just your solutions. This leads us to a crucial yet often underestimated aspect: the real care and love you show to your customers through the features of your service. When creating a DeFi app or any other software, it's important to keep your focus on helping your customers in solving their problems and offering unique features that significantly improve user experience.

Let me explain. One crypto company funded two software development teams simultaneously to develop two different crypto wallets. At the end of the day, they had two different products.

Both functioned, but only one gained a huge fan base while the other was really unsuccessful. What made the difference? One team, during design and programming, miss an issue in one crypto network where a transaction often required from 5 to 10 attempts due to network glitches.

Their solution was just a popup with error notification. The other team, come up with a system solution where all these repeated attempts happens in the background, behind the scene, showing the user only a beautiful progress bar. Once a transaction succeeded, a congratulations popup appeared.

Can you guess which approach brought success? Offer to your customers a real and unique care; that can truly make a real difference. Alright, if your goal is to create an app that can outperform your competitors and satisfy your clients, then it's crucial to do your homework and conduct proper competitor research.

Look at the industry giants for inspiration. They've mastered the game, and you can learn from them by studying their user flows and proven methodologies. Remember, there's no need to reinvent the wheel completely.

However, don't limit your research only to the big players! Expand your scope and explore startups in smaller niches and different countries. You never know what you might discover - there could be a hidden gem that gives you a competitive edge in the market.

Trust me, this exploration could be the most beneficial factor in your startup's success. On top of that, you can learn which startup ideas was successful and which one fails. So, the idea here is to grab inspiration from different markets and combine it with your cutting edge new technologies.

If you need assistance or support, feel free to reach out to me through any of the contact details listed in the description below. I'm here to help you, and I'd be delighted to share my niche knowledge that could significantly impact your startup's success. Let's outperform competitors together!

Okay, once you've done a deep dive into your competitors, pinpointed all your customers' issues, and come up with a bunch of solutions, it's a perfect time to properly prioritise your software features. You'll have to figure out which features are must-have, should have, could have, and won't be developed. This savvy approach not only gives you a solid game plan for the essential features your app needs without busting the budget, but it also lets you pivot as necessary without burning through all your resources.

Plus, it helps you with finding the path to your apps core idea and crystallize your project's main objectives, translating them into the software features that should be on your development list. When it comes to creating an MVP for your app, it's important to keep your focus on what matters most to your users. And that's where a story map comes into play.

With a well-crafted story map, you can break down the user requirements and map out the essential features that need to be developed and launched quickly. But hold on, there's more! To ensure maximum user engagement and satisfaction, it's important to develop separate story maps for each user type.

Think of it as providing each user group with their own treasure map, guiding them directly to the features that are most important to them. By doing this, you can identify the specific needs of each group and prioritize the features accordingly. This way, your MVP will meet their crucial needs and provide the best possible value at this stage.

Thus, the real power of a story map lies in its capacity to help you save funds on one side, while simultaneously enabling you to concentrate on providing the most value to your audience at the right stage on the other side. Marketing is one of the most significant challenges in the crypto industry. However, once you understand these three simple concepts, the task becomes much more manageable.

So, what should you know? Firstly, the most effective way to promote your crypto project is to implement a real FOMO (Fear Of Missing Out) mechanics within your app that motivates your users to try it immediately. Which means that your crypto DeFi platform, should not only be the most comfortable tool in the market, but also contain a killer feature that will motivates your users to use it.

Secondly, when it comes to promoting your app, the ultimate goal is word of mouth. However, in the initial stages, consider investing in ads utilising popular YouTube and TikTok crypto influencers. That will give you initial boost that you can utilise in future.

Lastly, and most importantly, it's essential to establish a proper token economy within your product. Yes, you can create your own token. But the main thing that your token have to have a really powerful marketing campaign and should be produced right on time when your app is growing and you need just an additional boost to raise money from investors or pupm your project.

Airdrops for your customers or fun base can be a huge boost. But make sure it’s legal and you are not creating yet another Ponzi scheme. So, are you interested in delving deeper into the world of startups, AI and businesses?

Do you want to connect with business-minded founders and entrepreneurs where I share tons of insights and host live chats? If so, click the link in the video description and join me on my Telegram channel right now. Alright, let's talk about wireframing.

Wireframes are the blueprint of your app business logic, where you create every possible user cases and scenarios. It helps you uncover all the hidden or unexpected user flows. For example, let's say you're in the process of creating your crypto DeFi app.

You've covered the basic functions like wallet connection, swap, stacking and so on. But what about situations where the user want to create a long position? Have you incorporated a feature or a functionality?

These are the types of issues where a wireframe will help you identify potential gaps. Look, once again, the wireframe serves as the foundation for your app's functionality and user experience, and it's crucial to make this foundation rock solid. Next, let's delve into the UI Design of your app.

There are two key aspects to consider. Firstly, the UI design should cater to users of all age groups, so the UI should be modern but not too fancy. Secondly, and most crucially, your UI design should facilitate users in solving their problems with the fewest clicks possible.

Because each additional click will cost you a user and their engagement. So, your job here is to incorporate well known icons, design intuitive elements and their locations, and a simple colour scheme that will help your users swiftly and effectively navigating your app. Forget about branding, fancy logos, and other visual design nonsense.

At the early stage this won't bring value neither to you nor to your customers. Center your design around your users' problems, minimizing clicks, accelerating user goal paths, and simple but modern design esthetics. Here's a helpful pro tip for you - to generate really cool UI design style and ideas, explore portfolios on websites like Behance or Drbbble.

Search for crypto apps, and incorporate design elements that catch your attention. And remember what Picasso said, "good artists copy, great artists steal. " If you found value in these tips, please show your support by hitting that like button and subscribing to my channel.

Your support will boost this video visibility in the YouTube algorithm and you don't miss any valuable business videos from me. Thank you! Now, let's delve into the tech stack.

This is one of the most critical aspects when creating a DeFi app. Therefore, choosing the right tech stack is vital to avoid challenges such as slow user interfaces, non-scalable and non-maintainable cloud infrastructure, high costs, payment and subscription issues, and the risk of your app going offline during traffic spikes. So, if you're planning to create a DeFi app, it's essential to select the appropriate tech stack that enables rapid development of your minimum viable product.

Flutter or React Native are excellent choices for the mobile app development. For back-end development, a combination of Ethereum, Solidity and Python, Django, Node. js plus Amazon Web Services for a basic functions are perfect options.

Look, your objective is to quickly create the MVP product, but you should also consider a comprehensive software architecture plan to ensure you can expand and scale your product in the future. Some tools are necessary in the early stages, while others become essential later on. In any case, choosing the right tech stack is like receiving an accurate diagnosis after a blood test.

Alright, let's discuss the Agile process, one of the most powerful methodologies out there that can significantly speed up your development process. However, did you know that in some situations, it can actually slow down your project by up to 30%? Picture this: you have a team of 5 developers who understand their roles, communicate effectively, and have made significant progress in coding the product, they could use simple tools like Trello, Asana, Google Docs, and quick Zoom meetings.

However, as your team expands to 15 or more people, you may face some challenges such as: losing your key developers, complex and time consuming onboarding processes, reduced team productivity, communication issues, missed deadlines, and a decline in code quality and architecture. To avoid these problems, it's important to: • Hire a tech lead to oversee the team and code architecture. • Find project manager with tech background • Implement SCRUM, Sprints, Backlog, and Retrospective processes.

• Conduct daily standups to keep everyone updated on pending tasks. • Utilize advanced tools like Jira to manage tasks and track your team velocity. Choosing the right tools at the appropriate stage can accelerate your progress towards achieving your Minimum Viable Product.

However, keep in mind that even the best tools can lead to failure without the necessary knowledge or expertise. Another pro tip for you: The Agile methodology can be a valuable asset not only for your software development journey but also for your daily tasks, business, and marketing. It's a truly powerful tool.

Collecting user analytics is a crucial practice in the tech industry, allowing you to uncover essential metrics like unique visitors, user behavior, and session frequency. Using powerful tools such as Google Analytics, Sessionstack, Firebase, and Mixpanel will enable you to gather valuable data. By consistently tracking your app's performance and analyzing your users feedback, you can pinpoint areas that require improvements to ensure your users' satisfaction.

Alright, if you're thinking of creating a mobile app or a web app, but you're not quite sure where to start and you need some advice on how to start and outplay your competitors, feel free to shoot me a message via Calendly, and we can have a 30-minute call. Trust me; I'd be more than happy to share some insider knowledge and expertise with you, that could be a real game-changer for your startup. So, what are you waiting for?

Let's make it happen! See you!