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ThecoinrepublicBlogEverything you should know about DeBanks
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Everything you should know about DeBanks

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DeBanks is a web3 wallet that enables crypto investors to manage their investments across several Decentralized Finance products from a single place.

What are Decentralized Finance Products?

Decentralized Finance Products are financial services offered on blockchains through smart contracts. It includes lending and borrowing of crypto assets, trading of spots and futures contracts, swapping, staking, and yield farming. Decentralized finance is accessed by dApps, this includes crypto exchanges like Uniswap and Curve Finance, lending platforms like Aave and Compound, and insurance platforms like Opyn.

DeBank tracks all investments made on EVM chains, ranging from interest on crypto lending platforms to wallet balances on decentralized exchanges.

What can you do with DeBank?

In 2020, DeBank introduced a price comparison tool called DeBank Swap which acts as a decentralized exchange aggregator. It connects to several exchanges and shows their exchange rate in real-time. DeBank Swap works like using Google to compare the features of different products instead of viewing all the brands’ websites individually. When you type in a token and amount (let’s say 2 ETH), the swap tool compares the price at which the token is offered on all the exchanges it is connected to (it will show the price of 2 ETH on all the decentralized exchanges on its dashboard). This feature helps arbitrage traders to make a profit from the difference in exchange rates.

DeBank Swap also acts as a slippage monitor which shows the price difference between when an order was placed and when it was filled. This enables users to decide how much they are willing to risk due to price fluctuations while placing orders, and exchanges with higher liquidity.

When DeBank was launched in 2019, its selling point was its portfolio management feature. Users can track their crypto holdings in over 19 blockchains from its dashboard. Its portfolio management is divided into two sections; the wallet section which tracks all the crypto assets that are owned with their current price, and the DeFi section which tracks the assets being used on decentralized finance projects. The DeFi section shows trade positions and wallet balances on decentralized exchanges, and assets lent or borrowed with their annual yield or collateral rate on lending platforms.

To help users balance their investments, DeBank analyzes DeFi projects in five categories. The exchange category tracks decentralized exchanges according to how they enable trading. The exchanges are classified based on spot, derivative, and margin trading.

The asset category assesses tokens based on how they are pegged. It tracks stablecoins pegged to fiat currencies, and tokens pegged to metals (like gold) or other cryptocurrencies.

The lending and insurance categories analyze DeFi lending platforms (like Aave and Compound) and insurance platforms (like Opyn).

DeBank lists top DeFi projects from each category, giving investors basic information about their trading volumes, liquidity pools, and the value of all tokens locked on the project.

DeBank introduced its social messaging feature in April 2023. The DeBank Stream works like Twitter but for crypto enthusiasts, users can post and engage with other users’ posts. Users can also suggest updates to projects by creating proposals and tagging the project’s official account on Stream.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
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