A large collection of useful and free DeFi tools, let’s see how much you know?

Practical DeFi tools can help you save a lot of time and find quality investments quickly. Below is a collection of some of the best and free DeFi tools, some of which you may never have heard of.

1. Track Your Portfolio

2. Monitor whale wallet activity

 

3. Visualize project performance

4. Top DEXs to trade tokens

1inch and SushiSwap are also great for multi-chain transactions

5. Transfer assets across chains

We live in a world where multiple chains coexist, and cross-chain bridges can help you transfer your assets between different chains.

I recommend Multichain.org (Anyswap) and Synapse ProtocolI recommend Multichain.org (Anyswap) and Synapse Protocol

Also, some protocols have their own native cross-chain bridges, which may be cheaper to use.

 

6. Check out the best stablecoin yields

Stablecoin yields always fluctuate up and down, and Coindix’s dashboard can monitor stablecoin yields on different chains.

 

7. Watch market action in real time

I think DEX Screener is the most underrated tool in DeFi, it supports:

• Monitor real-time transactions

• View market trends

• Set price alerts

Also, they have a Telegram group that alerts you to market trends.

 

8. Monitor TVL on different chains

If you are optimistic about a public chain, DeFillama can help you monitor the dapps on this chain and their specific conditions.

The Mcap/TVL ratio can show which public chains are underestimated. For example, the Fantom public chain in the figure below is underestimated.

 

9. MonitoringGameFiStats

GameFi has a lot of potential, and I usually use Dapp Radar to monitor the TVL and user counts of these apps, which is an easy way for me to stay on top of GameFi trends.

 

10. Visualize on-chain data

With Dune Analytics, you can easily spend hours a day in its dashboards.

Go to Discover and find Rank Dashboards there to see what you can find.

 

11. Protocol Security

Most of us may not have the ability to grasp the actual security picture of a protocol, but there are many platforms dedicated to assessing risk. DeFi Safety is my favorite, Rugdoc.io is also very popular, but they will launch a paid service soon.

 

12. Tracking exploits

rekt will share incidents of exploitation of different platforms. Tracking these incidents will keep you up to date with the latest scams in the crypto space and be able to guard against them.

 

13. Evaluate key metrics and revenue for different agreements

I recommend Token Terminal, you can think of it as reading different metrics like P/E ratios of traditional financial companies.

 

14. Tracking Funding Information in the Crypto Sector

Want to know what institutions are investing in? Using Dove Metrics to see where most of your funding is going is a great way to understand crypto trends.

15. Stay anonymous on-chain

BISQ Network supports BitcoinAnonymous fiat transactions

Wasabi Wallet is a non-custodialBitcoin wallet

Tornado Cash supportsEthereumdecentralized anonymous transactions

It is worth noting that Tornado Cash was strongly recommended by 0xSifu.

16. Some Privacy Maintenance Tools

Mullvlad – Privacy-focused VPN

ProtonMail – Privacy-Focused Email

Simple Login – Email Aliases

Bitwarden – Open Source Password Manager

Brave – Privacy Browser

Of course, you don’t need to adopt all of the above tools, as Bruce Lee said – absorb what works, discard what doesn’t, and add your own.

 

FAQs

What is DeFi?

The first entry among the top DeFi interview questions would obviously point towards its definition. Decentralized finance is actually a financial ecosystem developed over the Ethereum blockchain network with various protocols and platforms. DeFi helps in easily moving around cryptocurrency tokens. At the same time, it also helps in trading, lending, and borrowing cryptocurrency tokens.

What does the future of DeFi look like?

As of now, there is no specific answer to this question, but the future looks bright for DeFi as it is slowly becoming mainstream. Technological advancement in the underlying infrastructure for DeFi is faster than ever with new innovative ideas popping up daily. 2021 looks like a great year for DeFi seeing the recent developments.

Is DeFi legal?

Yes, almost all DeFi projects or protocols need to abide by financial regulatory measures licenses to function regardless of whether they’re centralized or decentralized. Thanks to DeFi, financial watchdogs (e.g., the SEC) have started to notice the crypto space more than ever.

Is DeFi safe?

Yes, almost every protocol undergoes smart contract audits to ensure the codebase is secure and free from bugs and vulnerabilities. Majority of the popular protocols adopt strict security measures to ensure your crypto assets remain safe. Still, it’s advisable to conduct your due research before investing in any project.

Do I need some kind of cryptocurrency to participate in DeFi?

Yes, you would need cryptocurrency to participate in DeFi. Since Ethereum is the platform of choice, most DeFi projects’ tokens are based on the ERC-20 standard. Hence, it would be better for you to hold some ether for the sake of ease.

Do I need a crypto wallet for DeFi?

Yes, a digital wallet is a prerequisite for you to be able to dabble in the field of DeFi. There are several wallet options available for interacting with DeFi applications — MetaMask, WalletConnect, TrustWallet and Argent being the popular ones.

What are the important benefits of DeFi?

The primary objective of DeFi focuses on resolving the issues evident in traditional finance. Traditional finance depends on intermediaries such as banks. However, DeFi applications rely on code for specifying the resolution of any potential dispute. Subsequently, users have the ability to maintain comprehensive control over their funds. This can help in reducing costs related to use of financial services products to ensure a frictionless financial system.

The deployment of DeFi on blockchain takes away any specific point of failure, and data can be spread easily across various nodes. So, each node has copies of transactions carried out on the network. Therefore, it is difficult to impose censorship and a possible shutdown of service. The most significant benefit of DeFi points out to the improved accessibility of financial services for a broader audience.

How do DeFi applications work?

Another top mention among DeFi questions to ask in an interview definitely points out that it’s working. DeFi works through the development of dApps on a blockchain network like Ethereum and using smart contracts for automation. By using the two facets, DeFi applications could easily accommodate various financial services on a specific network. Presently, there are many notable examples of dApps tailored for lending automated loans known as crypto loans. Many apps related to DeFi also include the creation of stablecoins, investment options, asset exchange, and others available presently.

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