In the crypto world, the term DEFI and NFT is being used more day after day. It is no surprise, as at the time of writing (14:12 CET 07.04.2021) the DEFI segment has a Total Locked Value aka TVL of a staggering $51.25 Billion. This can be compared in a way that DEFI’s TVL is twice the capitalisation of the third-ranked crypto asset Binance Coin and roughly the same as Snap Inc. capitalisation.
One of the main players that continues to lead the sectors growth is Binance with its (BSC) Binance Smart Chain-Native Dapps. One of DEX projects that was built on BSC and considered one of the top DEX platforms is Pancake Swap, which added another $1.3 Billion to its TVL in the last week alone.
DEX stands for Decentralised Exchange and describes a non-custodial “decentralised” exchange platform, where a user can simply connect his wallet (web-browser extension or app) without the need to very his/her identity – this means there is no name tied to the wallet.
These types of platforms, may it be in the realm of Yield Farming, Automated Market Maker, Lending/Borrowing, Liquidity Mining Pools or Staking have become extremely popular, as it lowers the barrier of entry for individuals with a much smaller net-worth to use and benefit from similar financial services to generate cash-flow, previously only made available to the rich and elite.
Another term being mentioned in many news articles is NFT, which stands for Non-Fungible Token. This token acts as a store of data that can represent a unique digital item/product, such as digital art. Cryptocurrencies like Bitcoin and other utility or network tokens are mutually exchangeable cryptographic tokens. NFT’s on the other hand are not, thus not-fungible.
In simple words, 1 Bitcoin = 1 Bitcoin. Non-Fungible Tokens are not worth the same across the network, as each token represents an asset with varying values.
With the above in mind, I’ve stumbled upon 2 websites that cater to both the DEFI segment and the NFT segment of the crypto industry.
- Trust Wallet Mobile app ; https://trustwallet.com/
I personally have been using “Trustwallet” a lot since the beginning of 2021 and been using it for many DEX platforms as well as collected my very first NFT, which is stored on the wallet to view and trade.
Its a wallet that doesnt require KYC, meaning it isnt tied to a name, and they have their own mobile app. As mentioned, you can start your NFT collection on this wallet and you can stake various crypto’s on it as well. If you hold BNB’s you can select the “Ankr” validator and earn 30% on your BNB’s as well. You can even do an internal swap of BNB’s from Binance chain to Binance smart chain, almost instantly and then use these on decentralised platforms to enter Liquidity Mining pools, as an example.
Go check it out – if you are into NFT’s, if you want to generate more BNB, if you want a non-custodial wallet on your mobile – Trust in Trust Wallet 😉
2. SCV Finance ; https://scv.finance/
I found a great Portfolio manager/tracking service, that keeps track of all your activity and assets across most major DEX, AMM and Yield Farm platforms. If you are like me, and are trying out/ invested in various dex projects, this app will help you keep track of your PNL, calculates and alerts you about Impermanent loss you may experience and much more.
This definitely helped me keep track of all my transactions!
I hope these links could be of good use to you and help you accelerate your crypto journey with DEFI and NFT!
DISCLAIMER: NONE OF THIS IS FINANCIAL ADVICE
Warning: Undefined array key "_comment_object_id" in /var/home/nyx-labs_com/live/wp-content/plugins/peepso-core/activity/classes/activity.php on line 1516