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What is DeBank? - Understanding the concept of Decentralized Finance (DeFi) Wallets and Trackers 

 

By Damian David Nov 05, 2022

 

 

What Is Debank?

 

DeBank is a Decentralized Finance (DeFi) Wallet Tracker. DeBank helps you store your digital assets and also helps you keep track of all your portfolio across the blockchain ecosystem. DeBank also keeps track of every little change, development, and update with respect to your digital assets  — across the blockchain ecosystem.

 

DeBank aggregates data for decentralized lending protocols, stablecoins, margin trading platforms and DEXes, serving as an all in one asset management tool and data analytics tool.

 

To comprehend what DeBank really is, some blockchain terms need to be understood first. Since the primary purpose of this particular article is to explain what DeBank is all about, very brief introductions will be used for these essential blockchain terms.

 

Decentralized finance; Simply means an organized system of financial operations that is democratic in nature. It is decentralized because there is no central body or authority managing it.

 

Tracking; Picture the cliche forex trader in his workspace, eyes glued on multiple screens arranged adjacently with cool-looking price charts. That's the basic description of tracking. A more technical description may suggest; aggregating accurate data about different digital assets of similar uses.

 

In decentralized finance(DeFi), tracking is a method that keeps you up to date with respect to all the information (current or outdated) about all your digital assets portfolio using a user-friend dashboard. 

 

Wallet; A wallet In decentralized finance protocols holds all your digital assets in its safe and transactionally responsive digital environment. 

 

 

Outline of the DeBank DeFi Structure 

 

DeBank is an eagle that has a pool of inexhaustible DeFi solutions under its wings. It is multi-chain and can typically blend into the infrastructure of various mainnet to keep all your assets in check. 

 

DeBank uses an on-chain-based decentralization protocol that makes it a flexible infrastructure for decentralized finance operations and transactions.  DeBank gives you updates and substantial analytics on your digital assets, and how they're performing according to price, ranking, ratings, etc.

 

DeBank is utility enriched, having tools that will allow you to make comparisons in prices, rates, ranks, and performance in regards to digital assets, it keeps track of sundry Decentralized Finance structures and allows you access to the ones that might be profitable to you or your digital assets.

 

DeBank is also a wallet, its wallet provides essential transactional features and utilities. Swapping of assets, trading, exchanging, buying, selling, and more can be conducted within the DeBank digital infrastructure. DeBank is compatible with the Ethereum Blockchain as well. This makes it completely utilitarian for Ethereum-related digital assets.

 

What Can You Do With DeBank? 

 

DeBank provides adequate wallet functions extending beyond just the storage of digital assets and tracking functions extending beyond just keeping a record of the progress of your digital assets.

 

Some of the tools of DeBank you can use are as follows;

 

DeBank DeFi Portfolio Tracker; The DeFi Portfolio Tracker functionality of the DeBank keeps all your digital assets in check. The price increase, price decrease, ranking, ratings, new updates, etc. It arranges all this information and more on a user-friendly dashboard. The data that appears on this dashboard is generated from real-time data across different blockchain mainnets. The portfolio tracker also has a lot of flexible user functionality that will give you the best experience in the DeFi Ecosystem. 

 

DeBank DeFi List; DeBank has an articulated data hub of sundry Decentralized Finance exchanges, mainnet, and applications that is for educational purposes only. It gives you a type of recommendation system as to the best DeFi projects to invest in or participate in. It provides these projects or mainnets with respect to sundry factors that include but is not limited to; DEX, AMM, Yield-Aggregator,  DEX- Aggregator, NFT, DAO, etc.

 

DeBank Web 3.0 Social Ranking; A community-driven feature that encourages and facilitates participation in the Web 3.0 digital infrastructure. This feature incentivizes the top one thousand users of Web 3.0 In the DeBank architecture. Profitable interactions and healthy competitions are a few of the various aims of this feature in the DeBank DeFi Structure.

 

DeBank OpenAPI; This is a tool made by developers for developers. This API can be used by developers after getting access keys, to make their project or dApp more easily provide the tracking or monitoring use cases of the DeBank platform. This API can be gotten from their website using a PC.

 

 

How To Use DeBank On Mobile

 

As of February 2023, visiting the DeBank.com website with your mobile web browser will direct you to a read-only page that gives you a comprehensive Overview of the DeBank platform.

 

An Option to connect your wallet to experience its tools is provided but this option will only pop up a note telling you to log into using your desktop web browser to connect your wallet as it can't for reasons unknown do it on your mobile phone.

 

However, if you have a wallet on your phone you can make use of the inbuilt browser to get a peak of the DeBank's utilitarian. If you visit the DeBank's website on your wallet browser you should be able to connect your wallet and it'll direct you to a dashboard that'll provide a portfolio of all your cryptocurrency and their total value.

 

The history of all transactions made on the wallet will also be provided right after the portfolio tab. You can also switch between chains to make it easier to monitor an asset or crypto as the DeBank platform supports a total of 44 chains.

 

However, this wallet browser portfolio allows for limited functionality and you still need to visit DeBank's website on your PC to make use of its full utilitarian features.

 

How To Use DeBank On a PC

 

● Enter debank.com on your PC Web Browser, connect your wallet, sign and verify your address.

 

● After signing the text message in your wallet, your DeBank profile will be provided which you can access by selecting it on the top left side of your screen. 

 

● Click on this profile and you'll be taken to a dashboard that provides an overview of your cryptocurrency portfolio in the connected wallet. 

 

● If you have NFTs you'll also see all your NFT collections and their metadata by switching to the NFTs tab.

 

● Transactional history will also be provided by switching to the History tab.

 

● A "Time Machine" Tab is just after the History tab. The time Machine Tab helps you compare asset changes between any two dates.

 

● You can also track a particular Blockchain by selecting a specific chain of your choice to track.

 

Other PC Functionalities of DeBank 

 

The "Bundles" Function; This tool allows you to monitor up to 50 different wallet addresses and blockchains. To use this tool you'll be required to create a bundle by using the "Add bundle" button provided. You can add up to 10 addresses to this bundle allowing you for easy tracking and monitoring. DeBank pro users (that can be anyone with a Web3 ID as it isn't available for purchase as of February 2023) can create and add more.

 

The "Whales" Function; This helps you monitor and track the addresses with the most cryptocurrency assets on-chain, according to Value or Net Worth. The Top Tokens, Top Protocols and Top NFT collections are brought together in one dashboard that allows you to navigate between the categories seamlessly. Right after the Whale List on the dashboard is the "Activities" tab which also records real-time data about the addresses with the highest activities on-chain according to value.

 

The "Protocol" Function; This tool provides in-depth data analytics of the deFi protocols from the 44 Chains supported on the DeBank platform. It provides metric metadata about Yields, Deposits, staked tokens, locked tokens, Farms etc that are being carried out in these Chains.

 

The "NFT" Function; This function or tool helps you track and monitor NFTs across multiple chains and marketplaces. A dashboard providing essential metadata about these NFTs is also provided for your optimal tracking purposes.

 

Is DeBank Safe?

 

The security Status of DeBank is quite controversial. Mainly because quite a handful of users have reported that the alleged DeBank Mobile App on the PlayStore and App Store is fake and was made by scammers. Although this is to be taken with a pinch of salt as the same app is listed on DeBank's official website for download, personal research however is highly recommended before making use of DeBank or its available Mobile App.

 

Why Choose DeBank?

 

If you're looking to be satisfied with one decentralized finance platform with respect to keeping your financial assets in check, in profit, and in security then the DeBank architecture is one widely used. With DeBank you can keep track of various protocols and blockchains seamlessly. It is often referred to as a "One Stop Shop"  in the DeFi ecosystem. There surely must be a reason for that.