Creating a Simple DeFi Smart Contract

pragma solidity ^0.8.0;

contract MyToken {
    string public name = 'MyToken';
    string public symbol = 'MTK';
    uint256 public totalSupply = 1000000;
    mapping(address => uint256) public balances;

    constructor() {
        balances[msg.sender] = totalSupply;
    }

    function transfer(address recipient, uint256 amount) public returns (bool) {
        require(balances[msg.sender] >= amount, 'Insufficient balance');
        balances[msg.sender] -= amount;
        balances[recipient] += amount;
        return true;
    }
}