Ever since decentralized services came into the crypto domain, numerous DeFi apps and protocols have been created, permitting users to access financial services without depending on intermediaries.
Founded in 2018, Uniswap is one such popular DeFi exchange that operates on the Ethereum blockchain. Primarily, the cryptocurrency exchange app is used by traders to swap ERC-20 tokens.
Building a decentralized crypto exchange like Uniswap delivers a feasible option for centralized exchanges, as the swapping of tokens is accomplished in an entirely decentralized manner, without the need for any intermediaries.
Uniswap also authorizes users to participate in liquidity pools where they can earn interest. Furthermore, the exchange has acquired funding from renowned venture capital firms.
According to the latest data, Ethereum-based decentralized exchange Uniswap established a new record by passing $1 trillion in lifetime cumulative trading volume in May 2022.
Seeing the massive growth, many business owners want to leverage this opportunity to gain a competitive advantage in this niche.
This blog post will present you with a complete insight into how you can develop a cryptocurrency exchange app like Uniswap.
So, let’s get started.
1. Discover Your Product
Discovering your product is one of the foremost steps in creating a decentralized exchange platform. Business leaders or startups can validate their crypto exchange idea to understand the market’s evolving needs. You can consult with an experienced cryptocurrency exchange development company to validate your business concept and goals.
A blockchain development company would assist you in validating your product concept by developing a prototype. These prototypes can help startups and enterprises to envision a product better.
2. Hire a Reliable Service Provider
You will need highly experienced professionals to build a revenue-generating decentralized crypto exchange app like Uniswap. The cryptocurrency exchange software development company you hire can assist you in working with skilled Blockchain app developers who can turn your dream project into a practical and feature-packed cryptocurrency trading and exchange app.
However, it would help to remain vigilant while selecting a service provider. You can conduct a detailed market analysis, read customer reviews, and check clientele before taking the help of a blockchain service provider.
3. Design
In today’s mobile-centric world, an interactive application design is critical to flourishing in the mobile app market. You can facilitate your needs with a productive mobile app design approach using which you can envision your product quickly.
It is suggested to consider developing an app prototype before structuring the design of your crypto exchange app. UI/UX designers of mobile applications permit enterprises to build intuitive app designs that stand out in the market.
4. Development
After deciding on a well-structured application design, the next step is to code the listed features via scalable, readable, and secure code. You can also seek the assistance of a Blockchain development services provider to create your cryptocurrency exchange according to the latest market trends.
Creating an exchange app is the same as any standard app, which suggests that you can consider any viable technology stack used for mobile app development. However, if you want to build a native decentralized crypto exchange app for your business, you can consider creating the app using Swift for iOS platforms and Kotlin for Android.
5. Integrating API
Integration of APIs can assist you in developing and planning efficient techniques for creating your crypto exchange app. Professional blockchain developers are capable of building and executing both custom and prebuilt APIs for your Blockchain app project. Experienced Blockchain developers can use multiple APIs for various app elements like payments, carts, wallets, etc., to streamline and fasten the app development process.
APIs play a significant role as they act as an interface between the Blockchain nodes and the network of parties where you can easily connect with your customers. You can use APIs in the app development procedure to allow a good and influential group of data across the terminals.
6. Setting Up Blockchain Architecture
It would be best if you established a Blockchain architecture to leverage decentralized technologies for trading cryptographic tokens through your crypto exchange app. In addition to this, Smart Contracts and Consensus features help your cryptocurrency application become more feature-packed, robust, and secured. An efficient Blockchain architecture will assist you in utilizing the decentralized resources to achieve utmost efficiency.
7. Test Crypto Exchange Functionality
After completing the design and development phase, the next crucial step is app development testing. In this phase, crypto exchange app features are tested using advanced testing frameworks. These tools are handy in identifying the defects in the conventional development process.
Testing experts make reports based on the features, usage, and other performance-related tests, which assist the delivery management team to provide a rigorously tested, result-oriented product. The objective of keeping the entire procedure test-driven will help enterprises to fulfill the end goals effectively.
Extensive testing of the product would provide a seamless and quick launch and deployment of your decentralized crypto exchange like Uniswap. Furthermore, many product owners utilize Testnet to efficiently test various functionalities, features, and other essential app components.
8. Launch
Launching your product is the final phase in developing a decentralized crypto exchange app. However, before launching your application via numerous app distribution platforms, you must build a firm ground to keep the launch productive.
9. Maintenance
To survive in the fiercely competitive industry, you must maintain and update your Decentralized Crypto Exchange app as per the latest trends and functionalities. The superior performance of your cryptocurrency app can increase your app’s credibility.
Final Wordings
Blockchain technology is transforming conventional finance processes with its innovative technology infrastructure. Therefore, it is feasible to consider an easy adaptation from centralized resources to a decentralized infrastructure.
Decentralized Crypto Exchange has provided growth for business owners financing in building exchange apps. In this evolving DeFi sphere, demand for feature-packed DeFi apps is more prominent than ever. If you want to create a robust, feature-rich, scalable decentralized crypto exchange like Uniswap, you can take the assistance of a cryptocurrency exchange development company for productivity.
Author Bio
Tom Hardy has 5+ years of experience as a senior Blockchain developer in SparxIT. He often writes blogs and journals to share his expertise in blockchain development processes.