DeBank- DeFi tool
DeFi dashboards are gaining traction in the crypto community. They not only assist investors in keeping track of their funds but also in entering and exiting positions with a one-click solution. DeBank is undoubtedly one of the leading projects in this niche, which is why we will look into it further.
What is DeBank?
DeBank is a DeFi dashboard that monitors over 800 protocols across 15 chains. It gives users a quick overview of their holdings, positions, outstanding loan debt, and pending rewards.
Some reputable funds have expressed interest in the project, raising more than $25 Million for further development. These companies' names include Circle Ventures, Coinbase Ventures, and Crypto.com.
How does DeBank work?
Step 1: Wallet verification
You may need to verify your address after connecting your wallet to the website to use the dashboard.
Step 2: Dashboard
When the transaction is complete, you can access your profile page by selecting it from the menu on the left side of your screen.
Step 3: Select chain
If DeBank is tracking the protocol and chain you are on, it will show you an overview of all the assets belonging to your wallet when you open your profile. It is also possible to track funds on each blockchain separately. Select your preferred chain, and the dashboard will provide you with an overview of your assets on that chain.
Although NFT tracking is available by other analytics platforms, not all marketplaces are covered. If you have the NFT in your wallet, it should appear on the dashboard.
Step 4: Revoke permission
The approval page is helpful if you have permitted protocols you want to revoke. It will show you which protocols have permission to spend your tokens and how much capital is at risk if these permissions are misused.
If you want to stay safe and organised, you can use this option to revoke any permission you've granted on the DeBank-supported chains.
Step 5: Bundles
Bundles enable you to track multiple wallets if necessary. Add the desired addresses to a bundle, and the platform will track the addresses. It is possible to create numerous bundles as well.
Step 6: Filter search
DeBank also provides a comprehensive DeFi List, which tracks nearly all significant protocols and projects across 17 chains. Users looking for new investment opportunities can easily find them by filtering by blockchain and niche.
For example, if you want to find DEX aggregators on Ethereum, choose ETH as the preferred chain and DEX-Aggregator as the second option.
Finally, the DeFi tool can significantly assist those involved in multiple projects who want to participate in governance. The dashboard collects all active proposals from various projects and gives users a quick overview. There is also the option to view only those relevant to you.
DeBank is still in its active development phase. Some features, such as Swaps, will be removed from the app, while others will improve as the platform iterates. In terms of functionality, there is no doubt that DeBank can be highly beneficial to DeFi users working on multiple projects simultaneously.
It provides a comprehensive overview of your portfolio and keeps track of numerous projects and their governance proposals. It should be simple to stay organised and informed with DeBank.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.