Decentralized Finance, better known as DeFi, has become a groundbreaking concept today, with a market size of about $93.5 billion as of October 2021. That is a huge number, considering the value in decentralized assets owned by people in May 2020 was a mere $1 billion. The fact that DeFi is making a pathbreaking entry into the financial systems of the world can be largely attributed to blockchain technology. There is a definite opportunity for the developers to incorporate blockchain networks and systems on their apps for DeFi operations, looking at the trends in the adoption of this digital finance alternative to traditional banking.
By nature, DeFi is built to be open source so as to allow developers to build on top of its existing protocol if they need it. This is a way for the decentralized finance platform to:
1. Enhance transparency through the use of highly traceable and immutable blockchains
2. Encourage permission-less, democratized access to transactional information
3. Keep records decentralized for further protection against tampering or fraud
Let’s see how open-source resources can prove to be helpful in developing decentralized finance applications.
Some of the best-known projects that developers can build on top of using open source libraries are:
* Marble and Airswap (for developing exchanges-based applications)
* Polymath and Harbor for investments
* Argent and Metamask for wallets
* Salt and ETHLend for crediting and lending
* Omisego and Groundhog for payments
* Ox and Settle for infrastructure
Open-source libraries that contain essential coding components such as frontend codes and adapters for other open-source projects can be easily found on Kandi.