In DeFi, our money is controlled by us, the user, while the apps we use are created by different teams who share one common thread, the blockchain. In most cases that’s Ethereum.
The first tool one needs in DeFi is a wallet that interacts with smart contracts in DeFi apps so you can tell the app to do things for you.
MetaMask is the most popular of these wallets. It is a Chrome extension on your browser. That means you can go to a website, click on buttons to send small amounts of ETH in exchange for the app doing things like trading, lending, borrowing, or sending your money. MetaMask will also allow you to store your wallets and cryptoassets on Ethereum. There are alternatives to Metamask like Argent, Monolith, Coinbase Wallet, and Gnosis Safe to name a few.
Second, we need a tool to track your on-chain portfolio. That’s where tools like Zapper, Zerion, and DeBank come in handy. Each of these offers a DeFi dashboard by simply connecting your wallet and stringing together all your money into a more traditional portfolio view like you’d find in banking apps, but they do so without requiring your ID or any personal information!
Last, information is power. Knowing where you can borrow, where you can provide liquidity, where you can automate yield farming, and more is key. That’s why you’re here! DeFi moves quickly so keeping up on information with The Defiant will help you stay updated on new opportunities.
The key takeaway is knowing how to store assets, how to interact with dapps using a web3 Ethereum wallet, and knowing where to go to try all these new DeFi applications.