Best DeFi Trading Tools of 2024
Explore the critical tools that are shaping the DeFi landscape in 2024.
As crypto funnels back into its bull market cycle, one clear industry is leading the path forward: DeFi. DeFi volume across all chains reached as high as 13.95B USD, mainly led by ecosystems on chains such as Base, Ethereum, and Solana.
With the growth of DeFi, there have been many issues and challenges that come along for all chains such as high gas fees for Ethereum and Base, and chain congestion with failed transactions on Solana.
With a fast-changing industry such as web3, its important to optimize and use tools provided by community builders to best help you perform in the market. Whether you are a DeFi trader or just an overall enthusiast of the chain, all of these tools could be beneficial and help you in your DeFi journey.
Dexscreener
Dexscreener is a comprehensive tool designed for exploring and analyzing data across decentralized exchanges (DEXs). It's particularly popular among cryptocurrency enthusiasts for its user-friendly interface and versatility in providing real-time data on various cryptocurrencies.
Dexscreener has gained popularity due to its ability to chart a wide array of altcoins across various networks like Ethereum, Avalanche, and Polygon, making it an essential tool for both novice and advanced investors. Features such as trend analysis, discovery of new trading pairs, monitoring market movers, and customizable charts make it a versatile platform. Additionally, it offers functions to add pairs to a watchlist and set price alerts, enhancing its utility for users looking to stay ahead in the dynamic crypto market.
DeFiLlama
DeFiLlama is a prominent blockchain data analytics platform dedicated to the DeFi (Decentralized Finance) ecosystem. It aggregates a wide range of data from multiple sources, providing comprehensive tools for deep fundamental analysis of the DeFi sector as a whole, as well as individual decentralized applications (DApps).
With over 10 million monthly users, DeFiLlama stands out as a primary resource for tracking the total value locked (TVL) in DeFi projects. This metric is crucial for gauging the sector's health and activity. The platform is known for its user-friendly design and offers a wealth of metrics beyond TVL, such as market cap and token prices, powered by APIs like CoinGecko.
Check out DeFiLlama here
Phantom
When it comes to trading coins on-chain, wallets such as Phantom are a large industry leader due to their simple UI, great features such as informing you about eligibility for airdrops, as well as chain support, allowing you to use their wallet for Solana, ETH, and Polygon.
In addition, many users love Phantom for its built-in Dex, which allows you to swap tokens within your wallet, NFT compatibility, and support for transferring and connecting to Ledger, a crypto hardware wallet that allows you to store your funds safely. If you are looking to trade coins on Solana, Ethereum, or Polygon, Phantom will be one of your best friends.
Check out Phantom here
Photon
Photon is a web-based trading bot that is a favorite of many traders. For starters, it has great chain support and is compatible with Ethereum, Solana, Blast, and Base. All of these chains have the leaders in terms of DeFi Volume. In addition, Photon allows you to create your own wallet, increasing the simplicity of trading.
Photon Bot offers benefits such as discovering new tokens based on your preferences, real-time security updates and portfolio monitoring, and quicker buy/sell transactions to give users a speed advantage in every trade. Photon, however, is primarily a web and does not have a telegram integration.
Check out Photon here
Rugcheck.xyz
Available only on Solana, Rugcheck.xyz is a vital security tool that analyzes token contracts to assess security risks. It provides insights into the likelihood of a scam and the concentration of token ownership, crucial for understanding potential market impacts.
Check out Rugcheck.xyz here
Birdeye
Birdeye on Solana is a robust analytics tool designed to enhance transparency and user engagement within the Solana ecosystem. It provides detailed insights and metrics about Solana’s on-chain activities, helping developers, investors, and users make informed decisions. By aggregating data from various sources on the network, Birdseye offers a comprehensive view of transaction volumes, wallet activities, and other pivotal network statistics.
Check out Birdeye here
Dune Analytics
Dune Analytics is a powerful analytics platform that allows users to create and share interactive dashboards based on blockchain data. Launched in 2018, the platform simplifies the process of querying, visualizing, and sharing blockchain data, making it accessible even to those with limited technical expertise. Users can write SQL queries to extract data from various blockchain networks like Ethereum, Binance Smart Chain, and others, turning complex data into actionable insights.
Now that you are ready to dive into the world of DeFi, please remember that for every winner in the market, there is also a loser. This is not financial advice but more for educational purposes to help make your journey easy. Check out the tools above to help you navigate the tricky terrain of the DeFi industry.
It's important to note that the information provided in this blog is for educational purposes only. Before making any decisions based on this content, we urge readers to perform their own due diligence. We are not liable for any losses incurred and our aim is to educate and inform, not to provide financial advice.
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About QuickNode
QuickNode is building infrastructure to support the future of Web3. Since 2017, we've worked with hundreds of developers and companies, helping scale dApps and providing high-performance access to 30+ blockchains. Subscribe to our newsletter for more content like this, and stay in the loop with what's happening in web3!