As we all know, there are some points that Web3 users are curious about in their crypto investments or NFT projects, but cannot satisfy their curiosity. At these points, where questions such as “when?”, “how?” and “how much?” are involved, we are sharing an application that can transparently present the facts to you.
What is Debank?
Debank is a platform that operates in the decentralized financial (DeFi) ecosystem. The DeFi ecosystem is a system that eliminates traditional financial intermediaries and performs financial transactions using smart contracts.
Debank brings together all the data of DeFi protocols, allowing users to gain information about the DeFi ecosystem and monitor it in real-time. These data provide users with liquidity, lending and borrowing activities, asset prices, transaction volumes, and many other pieces of information on DeFi protocols.
Debank also allows users to interact with different projects in the DeFi ecosystem. Users can provide liquidity, lend or borrow money to/from DeFi projects. In addition, users can invest in DeFi projects to earn profits from cryptocurrencies through Debank.
According to the data on its website, Debank enables its users to monitor thousands of different protocols on Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, and many other chains.
How to Use Debank?
By typing the ERC-20 (Ethereum-supported wallet) address of any person, project, or community wallet you want to search for into the search engine in the top right corner, you can see everything they own and all the transactions they have made.
You can do this without registering or logging in in any way. However, this application applies some restrictions to users who have not logged in. You can access these details through the website.
This system, integrated with cryptocurrency wallets, also allows for login with cryptocurrency wallets such as Metamask, Rarible Wallet, and Coinbase Wallet.
Debank for Crypto Trading Strategy
There is a trading system that has been noticed and implemented by users who engage in cryptocurrency trading and strive to find ways to earn profits.
In some ERC-20 Ethereum-supported token projects (not all), bots that automatically buy/sell are integrated into the token projects to prevent arbitrage differences that may arise after their exchange listings.
These bots that prevent arbitrage differences can provide small gains for users who are involved in or can open positions in the buy/sell combination. It is known that small profits can be obtained by taking mutually directional trades from the buying and selling of bots that have an automatic buy/sell order entered for any time interval. With Debank, information on when and how much these bots are buying/selling can also be accessed.
It is possible to find and detect the ERC-20 wallet addresses of these bots for newly launched projects, but for tokens that have now gained many more investors and have been around for a certain period of time, it is almost impossible. Therefore, it would be beneficial to save the arbitrage bot wallet of newly launched ERC-20-supported token projects in a safe place.
And of course, it should be remembered that this discovered strategy carries some risks and that one should be careful and manage the risks well.
The Use of Debank by Web3 Enthusiasts
In addition to users who utilize Debank to gain knowledge, satisfy their curiosity, or make profits, there is also a community of users who seek to create fear and suspicion, and thrive on chaos.
These users delight in exposing white lies and truths by revealing what is done with the wallet addresses of project owners, who has been paid which fees, and even the salaries of team members.
In a 2022 NFT project, community members who discovered through Debank that the funds allocated for the project’s continuity and development were disproportionately sent to multiple crypto wallets caused a big commotion. These users caused chaos by exposing this situation and claiming that company employees in the same position were receiving different salaries based on the data provided, which led to some resignations.