Disaster recovery, and accelerated development tooling can help your DeFi project achieve scalability
Digital assets have reached their mainstream moment. In 2021, the estimated increase in cryptocurrency adoption globally was 880%. The total value of the NFT market was $40 billion in 2021. The total ETH deposited in the Eth2 Beacon Chain, part of Ethereum’s forthcoming upgrade from Proof-of-Work to Proof-of-Stake known as “the Merge,” was $10 million as of March 22.
This growth is astounding to anyone, but it’s especially meaningful if you’ve launched a DeFi protocol or work for one. This growth means affirmation of your venture or the continued success of your business. It also means it’s time to scale and that requires leveling up your infrastructure to withstand the new challenges growth brings.
Scalability is the problem we are all trying to solve in order for innovations to reach their full potential. At Infura, we’re constantly evolving our platform to ensure our platform gives customers infrastructure architected to scale limitlessly. Web3 connectivity is essential for scalable ease of development and enterprise standards. The Infura API suite provides instant HTTPS and WebSocket access to Ethereum, the world’s largest public blockchain, decentralized storage layer, IPFS, and Layer 2 chains such as Polygon, Abritrum, and Optimism:
Over 400,000 developers use Infura today for diverse use cases. When it comes to DeFi, Infura offers seamless integration with wallets like MetaMask , NFT marketplaces like the Palm Studio to deploy full nodes and scalable endpoints, and staking-as-a-service businesses like Codefi access Eth2’s Beacon Chain.
Here are three core Infura features you can leverage to help your DeFi protocol scale.
Disaster recovery and backup support for exchanges and funds
For large crypto enterprises like exchanges and funds, whose businesses rely on priority Service Level Agreements with their institutional clients, it is crucial that data is never lost or that their services go offline by having backup infrastructure in place. This is the benefit of Infura’s backup support and disaster recovery feature.
Disaster recovery shows operational maturity and DeFi companies who have this in place have the peace of mind their services can run despite interruptions and that data is being archived. In addition to being a backup service, customers can also use this feature to run full nodes they diversify with Infura access points.
Accelerated development with the ConsenSys tech stack
Accelerated development is a feature Infura offers by giving customers the opportunity to leverage our partner’s tools and services. Infura is part of ConsenSys, a blockchain development company founded by Ethereum’s co-founder, Joseph Lubin. Being part of ConsenSys means Infura’s customers have access to additional tooling, support, and even collaborations to accelerate their business development from other ConsenSys companies like MetaMask, Codefi, ConsenSys NFT, Quorum, and more.
In the case of DeFi, Codefi leverages Infura’s Teku Client endpoints to provide institutions with reliable 99.5% uptime to minimize slashing for staking ETH in four key areas:
An example of accelerated development for an NFT project is the Palm Network powered by Infura and Quorum. ConsenSys NFT worked with Palm NFT studio to launch a low-cost and sustainable Quorum network dedicated to NFT launches run on Infura infrastructure. You can learn more about the partnership here.
Web3 and digital assets are here to stay. As the growth of the DeFi industry continues to surpass even the most bullish predictions, businesses must be able to scale at light-speed, and these core features of Infura will help get them there.
In addition to Ethereum and IPFS, Infura supports Ethereum Layer 2s platforms like Polygon, Arbitrum, and Optimism with a roadmap set to continue on a multi-blockchain and protocol expansion. Keep an eye out for more news about this expansion.
Start building with Infura today for free here!