Important Steps to Consider before Leaping into the DeFi Project

According to DeFiPulse, decentralized finance developed into a $92 billion business in 2021, measured by total locked value (TVL). To put that in perspective, TVL was valued at $24 billion in December 2020, representing an almost 300 percent increase, which cannot go unnoticed. DeFi has grown into an ecosystem of over 534?crypto?applications that provide financial services such as lending, borrowing and asset management in less than three years.

Do you have any plans to create a DeFi product?

You’re likely to have several queries if you have a decentralized financial project concept that you want to experiment with and build:

• What should I do first?
• Name the important things that need to be considered.
• How could you make sure that the product solves a genuine user problem?
• I’ve identified a problem, but how can I be sure that potential customers will be interested enough in it to use my solution to solve it?
• How do I calculate how much time and resources I’ll need to complete a project?

Before you even start your excursion into the market, a product discovery phase may help you find answers to these questions and ensure that each essential component of your product is clear and well-defined.

What is product discovery?

Product discovery assists you in validating your DeFi’s business plan against a market fit and preparing your product for further development.

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