Earnity’s Co-founders Dan Schatt and Domenic Carosa on the Importance of the Product Discovery Phase for Developing DeFi Products
In December 2021, California-based crypto investment firm Earnity—joined by lead investor and Bitcoin mining firm BitNile—closed $15 million Series A funding round. The partnership seeks to develop an online marketplace that will allow crypto users to earn, collect, learn about, and gift tokens or portfolios of digital assets. Helmed by co-founders Dan Schatt and Domenic Carosa, Earnity is driven by its passion for the future of blockchain. Its team is committed to building decentralized finance (DeFi) products that will eventually become benchmarks in the industry.
However, developing DeFi products and protocols is not easy at all. Even as DeFi products are becoming increasingly popular, they are quite difficult to build.
Earnity’s Dan Schatt and Domenic Carosa on the Challenge of DeFi Product Development
The goal of product development in DeFi is to disrupt the role of intermediaries, such as banks, investment firms, and credit unions, in financial services. There are also various questions that developers have to consider. These include determining the most important part, ensuring that the DeFi product addresses and solves a user pain point, and estimating the time and resources needed in the product development process.
Questions like this can be answered through the product discovery phase.
Understanding Product Discovery
Product discovery is one of the first stages in product development. During this phase, potential opportunities for new products or services are identified and assessed. It also determines whether there is a market for the intended product and how it can best meet customer needs. This involves researching the target market, developing ideas, and testing prototypes. The goal is to create a product that meets customer needs and can be successfully launched.
When product discovery is well-framed and implemented successfully, the DeFi product’s fit in the market can be verified, and data-driven business decisions are made that can help guarantee its sustainability and profitability.
Earnity, Anchored by Its Users
Earnity creates products that its team, led by Dan Schatt and Domenic Carosa, can confidently recommend to their friends and families. The company consists of fintech and crypto veterans who use their experience in the industry to develop secure products.