In its early days, DeBank started out as a DeFi portfolio tracker. Today, it extends its functions beyond that. As a crypto retail investor, DeBank will serve as a useful tool for you. That is especially the case if you use Decentralized Finance (DeFi) protocols.
In the first part of our beginner’s guide about DeBank, we’ll be going through what DeBank is. On top of that, we’ll explore how it works, and how to use its functions.
What Is DeBank?
In a nutshell, DeBank is a DeFi project. It enables retail crypto investors to access the DeFi landscape. DeBank has a number of offerings. Let’s run through them below:
- DeFi Dashboard. DeBank’s flagship feature is its DeFi dashboard. By simply connecting to its application, you have a bird’s eye view of your portfolio. With just an “0x” address, you can see all your holdings across multiple chains. Aside from just tokens in your wallet, you’ll view your crypto deposited in DeFi protocols! How cool is that!
As the best Web3 portfolio tracker, DeBank has never stopped expanding support for new chains and protocols.
We now support over 3300+ protocols across 57 chains!
This is the outcome of our steadfast daily efforts, and we’re still pushing boundaries and more to come.💥 pic.twitter.com/xayRz6PPNI
— DeBank (@DeBankDeFi) June 30, 2023
- DeFi Analytics. DeBank provides Web3 data services to developers. With DeBank Cloud, developers can access real-time info on users, projects, and tokens.
- DeBank Stream. Stream provides users access to a Web3 social feed. With more time spent on Stream, users receive contribution rewards.
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Today we are excited to introduce you our new product: “DeBank Stream”, a Web3 social feed that calculates each user’s contributions to the platform itself! pic.twitter.com/EZ5RcbW82c
— DeBank (@DeBankDeFi) April 28, 2023
To reiterate, this project is known for its DeFi dashboard. It doesn’t just track your crypto holdings in your wallet and DeFi protocols. It tells you how many tokens you’re staking. To add on, it tracks your rewards from DeFi protocols. It can even tell you how many NFTs you’re holding. Summing it up, it’s just a really useful and convenient tool. You can even use DeBank to snoop on other wallet addresses too!
However, it’s not just the retail audience noticing its potential. Many Venture Capitalist (VC) firms recognize this as well. That’s why the team is able to raise a total of $25 million from VCs. Notable VCs include Circle Ventures, Crypto.com Capital, Coinbase Ventures and so forth.
How Does DeBank Work?
It just aggregates data from multiple block explorers. Although it can get data on your portfolio, it cannot access your funds. This protects your privacy and ensures your funds remain secure.
In turn, you get a comprehensive view of all your assets. So, how do we use the dApp?
How to Use DeBank?
Luckily for us, the dApp is very simple to use. Once you’ve logged in to the site, you get an overview of your profile. As of now, DeBank supports Rabby, Metamask, and Coinbase wallets. You’ll need either one of these three wallets to connect. Then, you should see an interface similar to the screenshot below.
Let’s use a sample address here. Immediately, you get a bird’s eye view of where your funds are. From the above, you can see the address owner has the majority of funds on Arbitrum.
Scrolling down a little more, you get more information on the address. From the above, you can see that the address received an airdrop of 1,625 $ARB tokens. Also, it’s got some $GLMR token rewards from Moonwell too.
Isn’t the portfolio tracker wonderful? You’ll never lose track of your funds again. Just log in to DeBank and you’ll know exactly where every token you own is at. Yet, this isn’t all that the dApp has in store.
The dApp also has a “Stream” tab that you can click on. Stream serves to create a Web3 social media platform. Each user can create posts, repost other’s content, like and follow other users. It’s like a mini Twitter within DeBank! What’s more, you get to receive contribution rewards. So the more you use Stream, the more rewards you get!
Lastly, you can use the dApp to view your recent past transactions too. You can simply click on the “Transactions” tab on your profile page. You’ll get the data for your most recent transactions. Also, you can view the NFTs you’re holding in your wallet. Click on the “NFT” tab in order to view them.
Conclusion
We’ve come to the end of the first part of our two-part article series on DeBank! This is pretty much the basic stuff. So, stay tuned for Part Two, where we’ll be diving deeper into the dApp and the project.
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