A Guide to DefiLlama – All You Need to Know About the DeFi Tracking Platform
DeFi (Decentralized Finance) has witnessed significant adoption in recent years. Due to the growing demand, several projects have been created. However, it has become difficult for users to keep track of all the DeFi projects. But thanks to protocols like DefiLlama, it is now possible to monitor all projects in the Decentralized Finance sphere within a single platform free of charge.
Keep reading this article to understand what DefiLlama is all about and what other platforms you can use to track your favourite DeFi projects.
DefiLlama Explained
DefiLlama is an open-source data aggregator that tracks total value locked (TL) for various decentralized finance protocols like staking pools, yield farming, decentralized exchanges, and lending platforms. The DeFi-tracking protocol lists projects built on all the leading blockchains, such as Ethereum, Solana, Cardano, and Avalanche.
DefiLlama Origin
Launched in 2020, DefiLlama is the brainchild of pseudonymous developers 0xngmi and 0xLlam4. Their goal is to offer a centralized platform that makes it easy for users to stay updated on the Decentralized Finance ecosystem. It is worth mentioning that the two developers found themselves in a dispute early this year after one of them disapproved of the launch of the DefiLlama native token. Their differences have, however, been settled.
DefiLlama Roadmap
The developers behind DefiLlama aim to expand the protocol’s capabilities over the coming years. According to the project’s roadmap, more decentralized finance protocols will be integrated, and extra features like alerts and notifications will be added.
How DefiLlama Works
DefiLlama aggregates data from multiple blockchains to offer users access to real-time insights of the Decentralized Finance sphere. Through the platform, you can track DeFi apps from more than 80 blockchains.
DefiLlama lists DeFi projects based on their TVL. Those holding digital assets with the highest value appear at the top of the list.
Why is DeFiLlama Important?
With DefiLlama, the issue of having to monitor each DeFi platform individually is solved. You can now easily find all the information you need about your favourite project on DefiLlama.
As for Web3 developers, DefiLlama gives their projects exposure. The more their projects become visible, the higher their chances of being adopted by DeFi users, who are constantly looking for investment opportunities.
DefiLlama Features
DefiLlama isn’t just a regulator data aggregator. It comes with several features that users find helpful. Here are some of them:
Meta-DEX Aggregator
Although this feature is still in the beta stage, it is already proving useful to DefiLlama users. Meta-DEX aggregator queries popular aggregators like 1 inch and Cowswap to find the best crypto prices. This allows DefiLlama users to swap their tokens at fair prices.
Airdrops
Through this feature, DefiLlama users can discover DeFi projects that are likely to conduct token airdrops in the near future. The Airdrops feature provides all the information you need to know to become eligible for a particular token airdrop.
NFT Aggregator
With the DefiLlama NFT aggregator, you can explore the leading NFT marketplaces and top NFT projects. This feature provides vital information like an NFT collection’s floor price, total supply, and price changes within a specific timeframe.
DefiLlama Alternatives
DefiLlama does not operate without competitors. Here are some of its rivals:
Etherscan.io – This is a block explorer and analytics protocol providing details of transactions on the Ethereum blockchain. On Etherescan.io, you can find data such as smart contracts, transaction amounts, and wallet addresses.
DappRadar – This platform lets you track the performance of various decentralized applications.
DeFiPulse – This protocol functions just like DefiLlama. The only difference is that DeFiPulse focuses on DeFi platforms built on Ethereum.
CoinMarketCap – This is undoubtedly the biggest cryptocurrency price-tracking platform. CoinMarketCap enables users to monitor the prices of their favourite crypto assets in real-time.
Conclusion
As demand for DeFi services continues to grow, there is a growing need for platforms that offer reliable data regarding decentralized finance projects. Fortunately, DefiLlama has continued to deliver this. Be sure to track your favourite DeFi project on this data aggregator.
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