Nothing stands still in the DeFi world.
A quick glance at the massive growth DeFi has experienced over the past year or so will tell even the most hardened critic that it’s here to stay. So much so that it’s making its presence felt even in traditional markets.
As the DeFi world has exploded in growth, developers have scrambled to keep up with the need for suitable technology.
Users are demanding better options than what was available in the early days of DeFi, and developers are responding with the next generation of purpose-built apps.
This question takes on greater relevance when we realize that up until recently, portfolio tracker apps were adapted from centralized finance.
Many began life as desktop app and were altered for mobile. The result was buggy code and a poor user experience in many cases, but they were the best options available.
Other problems included apps that attempted to cover too much territory and consequently became slow, difficult to use, or both. As a result, newcomers to the industry became wary of DeFi; there was and still is a perception out in the wider world that it is complex to understand, the technology difficult to use, and it’s probably something best left to the experts.
Developers such as Dexfolio have set out to challenge this belief by creating an app that has been built for DeFi from the ground up. It is also intended for mobile use, and therefore offers users a smooth experience.
But do you even need a portfolio tracker app?
This depends on how complex your portfolio is and also on your trading strategies. If you have a simple portfolio with one or two coins, or your strategy is to buy some crypto and then hold it forever, this approach would be suitable for you. It may not be worth your time and effort to learn to use a mobile portfolio tracker.
That said, if you did choose to use a portfolio tracker app, you would discover the benefits of being able to watch your holdings in real-time, monitor market movements, and choose the right time to buy or sell if that’s your strategy. You could also quickly check the total value of your portfolio, and become aware of opportunities that may not be around for long.
But what if you’re a more active trader? Or you’re a newcomer to the industry but you want to become active? What’s the best option for you?
For more active traders, the best option is a multi-chain portfolio tracker app with a variety of features such as price alerts, multiple wallet connections, and access to historical data for tax purposes.
A multi-chain tracker will function with the big players of the blockchains, such as Ethereum, the Binance Smart Chain, Polygon and others.
In the case of Dexfolio’s app, it comes with inbuilt functionality for exchanges on the Binance Smart Chain and the Ethereum and Polygon chains, but users can easily onboard other exchanges for a flexible user experience.
It’s free and available now at https://www.dexfolio.org/blog-posts/cross-chain-tracker
This is a somewhat subjective question as there is no one-size-fits-all tracking app. Each one has different features and a different list of pros and cons. It’s best to do your research and choose a tracker app that suits your trading activities and portfolio.
If your strategy is to hold your coins or your portfolio is simple, a minimalistic tracking app will probably be the best fit for you. It will have the basic features you need without being too complex to understand, and you will benefit from a smoother, faster user experience (or at least, we hope you will!).
If your trading activities are more complex, a more advanced app with a suite of analytics or other cutting-edge technology may be more appropriate for you.
However, there are some features that should be available in a good tracking app. They include:
Dexfolio has taken the approach that people are more important than numbers, and therefore its app must reflect this belief.
In consultation with its community, its developers have added the most useful features and pared back the bells and whistles to create a streamlined app with a minimalist approach.
This makes it simpler to understand, fast and responsive, and easy to use. The useful information is still there, and users find it a smooth and enjoyable experience.
Written by Ben Sash
Ben Sash is the founder and CEO of Dexfolio, the company behind the industry-leading cryptocurrency tracking app.
Ben has led the development and design of digital products for over six years in his various roles with prominent e-commerce brands.
With his experience in leadership, product design, and agile development, Ben has built an unstoppable team and compiled the vision for Dexfolio to shape the industry and become a leader in its sector.
First seen here.