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The days when centralized institutions such as banks were the benchmark for the entire economic system are long gone. Today, the world is full of opportunities, experiences, reforms and developments. Therefore, a revolution in the financial ecosystem has become necessary, giving rise to DeFi or Decentralized Finance.
Similar to cryptocurrencies, DeFi is an emerging and innovative financial technology integrated with secure distributed ledgers. Simply put, DeFi is an alternative to the traditional financial payment ecosystem. It offers investors/traders various financial instruments using smart contracts and blockchain without any interference from middlemen, such as banks, loans, brokerage, etc.
Since many users are new to the space, the concept of DeFi becomes very overwhelming and the constant tracking of various investments seems unsustainable. To avoid such complications, various DeFi tools are used to help users streamline their research and investments.
Today we will introduce you to 8 different DeFi tools for an effortless yet effective DeFi experience –
Metamask is one of the most trusted DeFi tools in the decentralized ecosystem. Although Metamask is known to serve as a crypto wallet, the browser extension sets it apart from the rest. The wallet works with multiple web browsers, including Chrome, Brave, Microsoft Edge, and Firefox.
Metamask allows users to engage with the entire Ethereum ecosystem and its various decentralized applications (DApps). Moreover, it supports the Ethereum blockchain and the ERC-721 token (used for NFTs). Its easy-to-use technology helps users connect their Metamask wallet to multiple decentralized exchanges (DEXs).
Integrated with some key features including digital asset management, exchanges, security, easy setup, and 24/7 customer support, Metamask is a free DeFi tool. In short, Metamask is an innovative and easy to decipher DeFi tool ensuring interoperability between different DeFi platforms.
DappRadar, a DeFi tool based in Lithuania, is known to provide information to over 3,000 Dapps. The startup also plans to integrate as many DeFi components as possible and expand the spectrum of the platform. Some of its key features include a DappRadar wallet, token explorer, NFTs, token exchange, and various airdrops.
Among these features, the main advantage of DappRadar is to facilitate data analysis for users and developers. The latter allows users to make informed decisions about DApps. DappRadar is convenient for developers to research and discover DApps, while users can become consumers by fetching their data from this DeFi tool.
Do not confuse Coinbase Wallet with the popular cryptocurrency exchange, Coinbase. Coinbase Wallet is an Ethereum-based multi-coin browser DApp and wallet. It allows users to securely store and trade various cryptocurrency funds and other digital assets without creating an account on Coinbase.
Users using Coinbase Wallet have full control over the wallet, full access to private keys, and the benefits of earning interest on their cryptocurrency funds. It serves as a gateway to DApps built on Ethereum, like DEX and other DeFi services, and provides an easy-to-use interface for everyone.
Dune Analytics came as a solution for blockchain analysis. Using Dune Analytics, users can simply create custom queries to display data from a blockchain. The first applies SQL for queries and visualizes search results on the dashboard.
There are different templates available for the user to create their queries. Additionally, this DeFi tool allows users to mine and analyze data from Ethereum, Polygon, Optimistic, and xDai for free. Visualization is the main component of Dune Analytics. However, users can only run three queries at a time on the free version.
Zerion is the two-way DeFi toolkit allowing users to manage and scale their entire DeFi portfolio from a single location pin. Various tools such as bluechips and indices allow users to move assets between chains, trade DeFi tokens, and view their NFT collections.
It supports various networks such as Polygon, Optimism, Arbitrum and BSC and combines all major DEX and Layer 2 blockchains without any commission. The platform’s user-friendly interface makes it easier for users to manage NFTs and pools, among other parts of their portfolio.
Additionally, the platform’s quick feature allows NFT device owners to view widgets of their favorite artworks and collectibles using their iPhones or Apple Watch and quickly push them to people. .
DeFi Saver is a user-friendly platform allowing users to manage their funds seamlessly. It is a DeFi tool allowing investors/traders to easily manage all aspects of DeFi investments, including staking funds, modifying loan protocols, creating custom transactions or refinancing DeFi loans.
The ability to create custom recipes for crypto transactions, loan transfer leverage, and a simple interface to manage different platforms and assets are some of the key features of this DeFi tool. Moreover, the simulation module of the tool is known to be very useful for new investors in the space.
Orion Protocol is a gateway to the crypto-market. It acts as a single entry point for the majority of crypto requests by being a one-stop-shop provider. Providing users with various benefits, Orion is known for its trading, staking and bridging services. Other features including a development kit, an NFT aggregator, and the ORN coin are those that underpin the entire network.
The tool is compatible with both centralized and decentralized exchanges. Its only objective is that customers benefit from the best rates and without complications during use. Moreover, the platform also provides trading tools for market analysis, allowing users to take advantage of numerous opportunities without having multiple accounts.
1inch is a DEX aggregator with many state-of-the-art protocols allowing users to experience user-friendly, fast and secure transactions. There are 3 main components that make 1 inch stand out from the rest.
First, the 1-inch aggregation protocol offers inexpensive and secure exchange transactions across multiple sources of liquidity. Second, its next-generation AMM (Automated Market Maker) liquidity protocol protects users against high-profile attacks, providing exciting opportunities for liquidity providers. Finally, the 1 inch limit order protocol facilitates unique and flexible limit order trading opportunities in DeFi.
The platform supports Ethereum, Polygon, Binance Smart Chain, Optimistic Ethereum, Avalanche, Arbitrum, and Gnosis Chain. Additionally, 1 inch wallet, the multi-chain mobile platform offers users a simple interface with secure storage, transaction and staking capabilities.
With the evolution of cryptocurrencies and the advent of decentralized finance, it becomes important for investors to be aware of the crypto space. Every investor in the space has a unique goal and therefore choosing a DeFi tool that best suits their needs becomes crucial.
The DeFi tool is the most viable solution for users to pay attention to rapid market changes and track real-time information about their assets. Since not all of the aforementioned DeFi tools support all protocols, DeFi tokens, or platforms, the differences in choice are part of the DeFi ecosystem.
So, making a proper choice among so many DeFi tools that meet varied needs will help users to increase their DeFi investments to a whole new level.