Where to Hire DeFi Developers to Build Your Dapp?

With the rise of cryptocurrencies, the global community has quickly realized the immense power behind decentralized finance. This growing interest encouraged the development of what is now called the Decentralized Finance (DeFi) sector – a complex of blockchain-based financial products enabling secure, private, and direct financial transactions among individuals without an intermediary’s oversight. 

Most DeFi apps (also referred to as Dapps) have been developed based on the Ethereum blockchain. Still, the situation is currently changing, with new DeFi-enabling blockchains emerging on the market. At present, developers actively explore the functionality of Maker DAO, Polkadot, Solana, Binance Chain, etc., to expand the scope of DeFi products and deal with the mounting load on the Ethereum ecosystem.

So, with the growing popularity of Dapps and the DeFi sphere overall, many businesses try to embrace the trend and launch their DeFi products to the booming market (an x80 growth from $1 billion in 2019 to $80 billion in 2021 proves the immense monetary potential of such efforts). But the trick is that Dapps possess a unique underlying infrastructure that a usual coder will hardly create. Thus, the demand for blockchain programmers with expertise in DeFi is growing, and hundreds of employers face the challenge of expert recruitment. 

Do you need a DeFi developer for your new project? Are you unsure where to look for one and how much you should pay to such a pro? Here the experts of our blockchain development company provide an overview of the Dapp market and explain the intricacies of DeFi developer search.

DeFi Development: Market Overview 

DeFi is growing fast, with the market accounting for less than $1 billion at the beginning of 2020 and reaching $93+ billion by October 2021. Despite a dramatic plunge of the total value locked (TVL) in the DeFi projects in summer 2021 (a 45% decrease in June compared to the May figures), the marker recovered in the fall, targeting the figure of $100 billion by the end of the year. Thus, it’s clear that decentralized finance is enjoying immense popularity among individuals and institutional users worldwide, encouraging further sector growth. 

The appeal of DeFi is that Dapps operate without a central controlling authority. Users wishing to send or receive money interact directly with the app via smart contracts, thus paying no intermediary fees and enjoying complete privacy. The DeFi sector represents a complex of Dapps, such as stablecoins, insurance, top Defi lending platforms, and decentralized exchanges where users can trade their assets. 

Thus, in other words, the advent of the DeFi sector is a new step in the evolution of global finance. Fintech products used to be an innovative digital alternative to traditional finance, while DeFi brought about even more changes to the field with tokenized financial products and decentralized operations.

What Skills Are Required from Developers?

If you’re planning a Dapp project, you should understand that its creation is fundamentally different from other digital finance solutions. Dapps are blockchain-based and possess unique features associated with this technology: composability, transparency, and auditability. Thus, you need a qualified DeFi engineer with field knowledge and hands-on expertise to create such a product. 

But what exactly is the required tech stack for DeFi development? The question doesn’t have a single answer because DeFi products differ by the underlying technology and additional features. Still, the most common technical qualifications required from a Dapp developer are: 

• Knowledge of the underlying frameworks (e.g., Truffle, Hardhat, Brownie, etc.) 
• Communication with Ethereum (dfuse library) 
• Transaction processing (Ethereum, Tendermint, Lisk, Corda) 
• File storage systems (IPFS, Swarm) 
• Databases (BigchainDB, IPDB) 
• Technologies for hash registry development (e.g., uPort) 
• Contract registry (e.g., dapp.registry) 
• Oracles connecting Dapps with other blockchains (e.g., Oraclize) 

Please take into account that this sample tech stack was provided for Ethereum-based DeFi dApp development. If you consider outsourcing IT projects and need a developer working with another blockchain technology for Dapp coding, you may need to check additional qualifications with your potential developer.

How Easy Is It to Find DeFi Engineers?

The market of decentralized finance is booming today, so it’s incredibly challenging to hire a blockchain developer with experience in DeFi, especially if you need that expert quickly and at a reasonable rate. 

Now, coming to the pay rates, the sum you will need to pay will heavily depend on the country where you reside (or where your developers operate). For instance, the average salary of a DeFi developer in the USA is over $97,000 per year, making it $8,000 per month (Glassdoor). Still, according to ZipRecruiter data, clients are ready to pay $100,000-$160,000 per year for DeFi development work, and the maximum annual rates reach $242,000 ($20,000 per month). Thus, if you’re not ready to pay such money for your new DeFi product, it’s recommended to look for outsourced DeFi dev teams.  

Another factor challenging the search for a DeFi developer is the booming demand for such services, causing a shortage of labor force supply on the global market. In these conditions, you may fail to recruit an experienced and capable engineer even with a large budget for the project. This shortage may also contribute to the decision to go beyond your location in the search for developers. 

DeFi Developer Recruitment Step by Step

Step 1. Choice of technology 

At first, you need to choose the right blockchain technology for your future Dapp. It should be the first step because the technology choice will affect your search significantly. Most coders focus on one technology only to offer in-depth expertise and professionalism. Thus, if you need a Binance Chain-based Dapp, hiring an Ethereum developer won’t do. 

Step 2. In-house or outsourced 

As we’ve already discussed, the choice between in-house and outsourced DeFi developers is often challenging. Having an in-house team is a much more attractive way to go, but the cost of dull-time DeFi development staff may be too high for a startup or SME. Besides, you may simply fail to find the proper tech stack in your location. Thus, outsourcing the job may be a good option, giving you access to the global talent pool. 

Step 3. Clarity about project requirements 

The cost of development and the choice of staff for the project depends on what exactly you need. Do you want to create an e-wallet? Or will it be a lending/borrowing platform? Or maybe you want to launch a new DEX? 

Step 4. Careful search and interviewing 

Once you’re done with the previous steps, the time comes to look for the developer job postings. It’s vital to talk to each potential candidate in person and look through their portfolios as not all resumes reflect the employees’ skills and expertise objectively. Ask friends and colleagues about their work experience with such specialists; word of mouth often helps close the vacancy much faster. 

Where to Look for Qualified DeFi Developers? 

If you’re decided to hire a freelance DeFi developer or outsource the project to a dedicated team, you can search for the suitable candidates online. Luckily, there are numerous platforms and outsourcing companies helping clients and DeFi coders meet.

Toptal 

TopTal is a company specializing in bringing top talented specialists in tech spheres and clients requiring such staff together. It has been operating since 2013, and to date, it processes over 1.2 million talent applications a year, engaging up to 40,000 employees. Toptal serves clients and experts in 158+ countries and has 16,000 active clients in its portfolio. All applicants pass through professional screening, ensuring that the company’s clients hire only the best-fitting experts. 

Defi.Jobs 

DeFi.jobs is an innovative project by Beyond Ventures helping companies in need of DeFi developers find the required staff on this platform. If you need a DeFi coder, you can click on the “Post a Job” tab and fill out the vacancy form to receive the applications of interested contenders. 

Upwork 

As usual, Upwork could not be bygone in the list of international freelancer search agencies. This global job platform has been working for over 20 years, expanding and including new fields of professional interest. Now it’s the most prominent job marketplace globally, which nevertheless makes it quite hard to locate a suitable employee quickly. You may simply be lost amid the variety of offers and applications. Still, hundreds of qualified DeFi developers reside here, and you can get the job done at a much lower cost than an in-house team would do it. 

4IRE 

Besides freelance platforms and recruitment intermediaries, you can choose a software development outsourcing provider like 4IRE. We are a reputable DeFi and financial software development company with many years of experience in the innovative finance and blockchain sectors. Our experts deliver all kinds of DeFi, blockchain, green finance, and FinTech solutions, including blockchain consulting and development services. The best about working with us is no need to look for DeFi coders on your own. Once you clarify your project requirements, we compile a dedicated team including the required tech stack to work on it. Thus, your input is minimal, with the rest of the organizational and administrative work done by our Project Managers and Team Leads.   

FAQ

What is DeFi? 

DeFi, an acronym for decentralized finance, is a blockchain-based financial app running without centralized control or intermediary oversight. In other words, it’s a decentralized app through which users conduct transactions by interacting only with smart contracts.

Why do I need a Dapp?

Dapps are highly popular today, with thousands of users and businesses joining the market every day. You can also reap the benefits of hype around DeFi by launching a DeFi aggregator or offering an innovative, robust payment solution. Whatever your Dapp project is, you’re sure to reap numerous financial benefits from it due to many appealing Dapp features: 

• Global access to funds 
• Transactions via smart contracts 
• Programmable assets 
• Complete user control 
• Impressive security and immutability 
• Transparency and auditability 
• Interoperability 

How much do DeFi development services cost? 

If you understand the process of Dapp development step by step, the reasons for high DeFi creation rates become clear. The process is complex and tedious, including the installation of the Truffle framework, generation of the boilerplate code, and creation of the development environment. Next, your developer will create customized smart contracts that fit your Dapp’s needs, deploy them, and check whether the Dapp runs appropriately. If some bugs are identified, the Dapp code rectification takes place to make the Dapp function well. Next comes Dapp’s QA test and further market launch.