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Gone are the days when centralized institutions, such as banks, were the benchmark of the entire economic system. Today the world is full of opportunities, experiments, reforms and evolution. Therefore, a revolution in the financial ecosystem became necessary, leading to DeFi or Decentralized Finance.
Like cryptocurrencies, DeFi is an emerging and innovative financial technology integrated with secure distributed ledgers. In simple terms, DeFi is an alternative to the traditional financial payments ecosystem. It provides investors/traders with various financial instruments using smart contracts and blockchain without any intermediary involvement such as banks, loans, brokerage, etc.
Since many users are new to the space, the concept of DeFi becomes very overwhelming and constantly tracking various investments does not seem viable. To avoid such complications, various DeFi tools are used to help users streamline their research and investments.
Today we’ll take you through 8 different DeFi tools for an effortless yet efficient DeFi experience:
Metamask is one of the most trusted DeFi tools in the decentralized ecosystem. Although Metamask is known as a crypto wallet, its 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 participate in the entire Ethereum ecosystem and its various decentralized applications (Dapps). In addition, it supports the Ethereum blockchain and ERC-721 token (used for NFTs). The easy-to-use technology helps users connect their Metamask wallet to multiple decentralized exchanges (DEX).
Integrated with some key features including digital asset management, swaps, security, easy installation and 24*7 customer support, Metamask is a free to use DeFi tool. In short, Metamask is an innovative and easy-to-decipher DeFi tool that ensures interoperability between different DeFi platforms.
DappRadar, a Lithuania-based Defi tool, is known for providing insights for over 3,000 Dapps. The startup also plans to include as many DeFi components as possible and expand the spectrum of the platform. Some of the key features include a DappRadar portfolio, token explorer, NFTs, Token swap, and various airdrops.
Amid such features, the main advantage of DappRadar is facilitating data analysis for users and developers. The latter allows users to make informed decisions about Dapps. DappRadar is useful for developers who are fond of researching and discovering Dapps while the users can become consumers by getting their data from this Defi tool.
Do not confuse Coinbase Wallet with the popular cryptocurrency exchange, Coinbase. Coinbase Wallet is a Dapp browser and Ethereum-based multi-coin wallet. It allows users to securely store and exchange various cryptocurrency funds and other digital assets without creating an account on Coinbase.
Users using Coinbase Wallet have full control of the wallet, full access to private keys and the benefits of receiving interest on their cryptocurrency funds. It serves as a gateway for Dapps built on Ethereum, such as DEX and other DeFi services, and provides a user-friendly interface for everyone.
Dune Analytics has come in as a blockchain analytics solution. Dune Analytics allows users to easily create custom queries to view data from a blockchain. The first applies SQL for searches and allows the search results to be visualized on the dashboard.
There are several templates available that allow the user to build their queries. In addition, this DeFi tool allows users to extract and analyze data from Ethereum, Matic, Optimistic, and xDai for free. Visualization is the most important part of Dune Analytics. However, users can only perform three searches at a time in the free version.
Zerion is the duo solution DeFi toolkit that allows users to manage and expand their entire DeFi portfolio from a single location pin. Various tools such as blue chips and indices allow users to move assets between chains, trade DeFi tokens, and list their NFT collections.
It supports various networks such as Polygon, Optimism, Arbitrum and BSC and combines all major DEX and Layer 2 blockchains with no commission. The platform’s user-friendly interface makes it easier for users to manage NFTs and pools, among other things.
In addition, the platform’s time-saving feature allows owners of NFT devices to visualize the widgets of their favorite artworks and collectibles using their iPhones or Apple Watches and quickly send them to people.
DeFi Saver is an easy-to-use platform that allows users to manage their money seamlessly. It is a DeFi tool that helps investors/traders easily manage all aspects of DeFi investments, including deploying funds, changing loan protocols, creating custom trades or refinancing DeFi loans.
The ability to create custom recipes for crypto transactions, a loan shifter, and a simple interface for managing 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 the gateway to the crypto market. It acts as a single point of entry for most crypto requirements by being a multi-service provider. Orion offers users several benefits and is known for trading, staking and bridge services. Other features, including a development kit, an NFT aggregator, and the ORN coin, are the ones that support the entire network.
The tool is compatible with both centralized and decentralized exchanges. The sole focus is on customers who benefit from the best rates and no complications during use. In addition, the platform also offers trading tools for market analysis, allowing users to take advantage of numerous opportunities without having multiple accounts.
1inch is a DEX aggregator with numerous advanced protocols that allow users to experience pocket-friendly, fast and secure transactions. There are 3 main components that set 1inch apart from the rest.
First, the 1-inch aggregation protocol provides low-cost and secure swap transactions across multiple sources of liquidity. Second, the AMM (automated market maker) liquidity protocol protects next-generation users from front-running attacks, providing attractive opportunities for liquidity providers. Finally, the 1-inch limit order protocol facilitates unique and flexible limit order switching capabilities in DeFi.
The platform supports Ethereum, Polygon, Binance Smart Chain, Optimistic Ethereum, Avalanche, Arbitrum, and Gnosis Chain. In addition, the 1-inch wallet, the multi-chain mobile platform, provides users with a simple interface with secure storage, transaction, and withdrawal capabilities.
With the evolution of cryptocurrencies and the onset 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 so it becomes crucial to choose a DeFi tool that best suits their needs.
DeFi tool is the most viable solution for users to pay attention to the rapid changes in the market and track real-time insights into their assets. Since all the DeFi tools mentioned above do not support all protocols, DeFi tokens or platforms, the differences in choices become part of the DeFi ecosystem.
Making the right choice among so many DeFi tools to suit different needs will help users take their DeFi investment to a whole new level.