How Much Does It Cost to Develop a DeFi App Like Maker?

The DeFi is evolving faster than ever. Technology leaders are considering new opportunities to utilize DeFi and create a secure and robust finance infrastructure.

As the DeFi app market reaches new heights, business owners have the chance to create transformation applications that make decentralization more perceptible and accessible.

MakerDAO is a DeFi app creating a wide range of finance opportunities for businesses such as borrowing, lending, cryptocurrency trading, and savings on Ethereum Blockchain infrastructure.

The platform has been among the most popular and fastest-growing DeFi apps in recent years.

This blog post shall highlight the possible estimation and primary factors affecting the cost of developing a DeFi platform like MakerDAO.

What is MakerDAO?

Founded in 2014, MakerDAO is a DAO built on Ethereum Blockchain, transforming the decentralized economy with its unique solutions.

The platform follows the MakerDAO crypto protocol that allows the participation of ETH and Metamask in lending and borrowing cryptographic assets.

You can monetize your business by utilizing stable cryptocurrency DAI. Platform users can unlock new opportunities by implementation of MakerDAO protocol and utilizing certain amounts featured in DAI.

Cost-Driving Factors For Developing a DeFi App Like Maker

Business Objectives

Before you reach out to a DeFi app development company, it can be crucial to identify the core project requirements. You can have diverse business goals that you can achieve by implementing unique technological strategies.

With passion and clarity of goals, you can define your objectives and create a clear project roadmap.

If you do not have a clear vision and have a collection of raw ideas, you may need to invest $5,000 to $10,000 during the discovery phase for validating your vision.

Blockchain Technology

MakerDAO utilizes Ethereum Blockchain to build the DeFi ecosystem. The platform utilizes Smart Contracts based on Ethereum Blockchain. If you are planning to create a DeFi app like MakerDAO, you can Ethereum Blockchain to build the infrastructure for your DeFi app.

It may cost you anywhere between $50,000 to $300,000 to build and deploy an Ethereum-based DeFi app.

Smart Contract

Blockchain developers use programming languages like Solidity to write Smart Contracts for your DeFi app.

It may cost between $30,000 to $80,000 to create Smart Contracts.

Development

Alongside the Blockchain architecture, you may need to build the frontend and backend of your DeFi app using scripts and backend programming language.

DeFi app development cost for creating a platform like MakerDAO may range between $50,000 to $4,00,000.

DeFi App Development Cost: Final Estimation

Alongside the above-discussed factors, there can be several other real-time parameters that a client may need to consider while creating a DeFi app.

From maintenance to marketing, you can be charged on different rates, terms, and conditions.

The cost to build Decentralized Finance can vary from $65000 to $270000

Conclusion

The DeFi app market is growing fast and reaching new heights. The adoption of new technology standards is making the development of DeFi solutions more lucrative and competitive.

If you are looking to explore more about the mechanism, current market scenario, top examples, tech stack, and more through a DeFi app development guide.

Sparx IT Solutions is a leading DeFi app development company based in New York. With more than 14 years of experience, we have attained industry-wide recognition for our services.