Unlike the traditional financial sector, where software and services are often secured through obscurity, the decentralized finance (DeFi) space is based on open-source infrastructure. This has led to DeFi’s rapid growth over a relatively short period of time.
As DeFi becomes more prevalent, non-crypto native businesses are expanding into on-chain commerce with white-label solutions like HollaEx, a five-step crypto fundamentals kit that streamlines the process of creating tokens and exchanges without having to write code from scratch.
Recently, HollaEx Co-founder Ali Beikverdi joined Chainlink Live host Andy Boyan to talk about how HollaEx’s white-label solution paired with Chainlink Price Feeds gives developers the freedom to build a vast array of exciting new use cases across Web3.
“You don’t really have to reinvent the wheel,” Beikverdi said of HollaEx’s suite, which took about five years to develop. “We really wanted to make sure developers get what they want and can build on top of it.”
DeFi protocols primarily integrate Chainlink Price Feeds to execute smart contracts. Beikverdi explained that HollaEx integrated built-in support for Chainlink Price Feeds because hyper-reliable price oracles are just as crucial to crypto exchanges. “I know that I can call that query and I can get the price immediately and it’s reliable – that’s a huge deal,” he said.
As Web3 industries mature, Beikverdi sees increasing demand for white-label solutions. “People want to utilize well-made, solid technologies that are already out there,” he said. An open-source foundation ultimately means that “the sky’s the limit” when it comes to building novel use cases. “People get really creative,” he explained, “but you need to be able to execute and that’s where these white-label solutions come in and that really gives you the edge.”
Time-to-market is an important part of that edge. “It’s literally something that takes years to develop a solid infrastructure and connecting that with existing systems and infrastructure is a really challenging thing to actually do,” Beikverdi said.
Working with businesses in different countries enabled HollaEx to build a multilanguage software kit with international utility. “There are different countries that do different things but, at the end of the day, the core of what people want and businesses really want is quite similar,” said Beikverdi.
HollaEx’s open marketplace is a space for developers around the world to create and utilize different plugins, like SMS verification or KYC features, on top of the existing infrastructure. Beikverdi compared the marketplace to a venue where people can gather and organize in many different ways.
He said those opportunities are ever-expanding with the advent of new blockchains, NFTs, integrations, and features. “Crypto always has something new to offer, so we always try to stay ahead of the game.”
Watch Ali Beikverdi’s full conversation with Andy Boyan.