Tools we can use in making our researches.
I will start by explaining the meaning of DEX
DEX is a shorthand for decentralized Exchange, this means that no one can control or freeze your wallets ..........You are in control of your own wallet
You don't need ID card to verify before trading or owning a wallet there,So you are actually in charge.
In a formal way of saying dex, it is a peer 2 peer market place where u trade directly with traders, It's not like Exchanges that you deal with the exchange itself, you also don't need a broker to facilitate any crypto transaction just like Exchanges or banks.
That's where the word DEFI comes in because it gives power to the people....
The exchanges are referred to as CEFI.
The popular dex we know are pancakeswap for binance coin network, uniswap for Ethereum network, sushi swap, and there are alot of decentralized Exchanges that has evolved....We sometimes call it swapping sites because we swap our coins.
HOW DOES DEX WORK
Dex works with crypto to crypto transaction
It doesn't work with cards now cash just like in Exchanges whereby you can buy a token or coins with countries cash currency.
Dex are just smart contracts who single handedly establish prices of various Cryptocurrencies against each algorithmically and also uses liquidity pool whereby investors locks funds in exchange for reward interest such as farming and staking of tokens.
Dex is the true definition of DEFI because it creates that friendly environment for it
Benefits of DEX
1. It is DECENTRALIZED
2. No control
3. You can trade coins that are not yet on centralized Exchanges and as you know it takes time before tokens are listed on their Exchanges due to verification protocols but in dex you don't need verifications or any possible checking identity, that's why u see scam tokens everyday. That's why you need to he careful
4. Hacking risk reduced
5. Anonymous
6. These are the first place you can get a new born coin at launch and make 1000x gains before whales we know about it.
Potential bad sides of it👇👇
1. You can buy scam tokens because it doesn't control that and don't know those listing these tokens.
2. Sometimes it is vulnerable to attack of the security is not tight or enough, that's how you hear about a coin been hacked but most times the Centralised exchanges suffers it most
Coins been locked, staked or farmed can be pulled off if not we'll secured.
How Do you use DeX??
There are several familiar dex we use, and in each dexes the coin used in swapping for other coins varies,
In pancakeswap dex you can't use Ethereum to swap any coin in it because this Dex is built under BNB network.....
In uniswap you can only trade with Ethereum because it's build under Ethereum Blockchain or network, coins like sol, BNB cannot be used as the mother coin to trade any coin.
And before u swap any coin u want to buy on any of the dex like pancakeswap or uniswap, u must first of a verify that coin if it is under binance smart chain if u want to use pancakeswap or u want to use uniswap you must verify if it under Ethereum network or Blockchain.
If u want to very if a coin is under binance smart chain BSC, you will have to check the coin Bscscan.com....
......You can simply go to Google search for the coins name then u add bscscan
For instance I want to swap hamster coin and I don't have the contract address, I will kindly go on Google>search "hamster coin bscscan> google will show the coin on bscscan then you click and verify the coin
I know most of us are so much interested in this
Before you call a coin gem u need to understand how the usecases works
But for now let's see how we are going to see coins and also shitcoins and newly created tokens
Apps/sites needed for crypto/shitcoin research
1. Coingecko
2. Coinmarketcap
3. Twitter
4. Telegram groups
5. Dexscreener.com
6. Dextools.io
7. Poocoin.app
These are one of the apps/sites u can use to catch coins, gems, new tokens and shitcoins
But take note while using these apps/sites u need to be diligent and extra careful because alot and thousands of projects created every day are scams, honey pits and ruggable
You have to make research properly before buying any of them.
How can I use these tools for research??👇👇
This is a website crypto price tracking site that helps keeps details and tracks the price of the coins and its details
It's a well good app for good research also for both defi and gems
As u can see u can check for coins here, if u use the coingecko.com site there is place u will click to see recently added tokens, that's where u can see newly added and new born tokens but its risky out there
2. COINMARKETCAP
This looks like coingecko and there are used for similar purpose
As a crypto trader if u don't have twitter or u are not active on twitter I wonder what type of trader are u
Because twitter is one of the most used platforms when it comes to cryptocurrency
Twitter might always be the first place u see first hand updates and news on cryptocurrencies, gems, updates and scams
Twitter has stand up to be a very useful tool in crypto
What u need to do is follow some crypto gurus
A trending coin in twitter can go a long way to pump that particular trending coin
So u that has seen that this coin is trending and almost everyone is talking about it, u capture and maybe make ur own research about to avoid scams.
One of the coins that made it using twitter was Shiba inu, it was so hyped on twitter that it got so popular on twitter whereby most whales had to come in
So twitter is a good tool too, being active on twitter helps u easier finding gems that will do 100x.
4. The next one is telegram
We can use telegram to search on gems via joining crypto elite groups whereby coins are been shilled for investors to hop in
U have to be careful the groups u enter as to some would be scams, every where there are scam projects
Some groups are created to drop update about new coin presales , ICO, new listing...these helps u the stress from searching for gems because they've equally made their research but u too u just have to make ur own research for safety and assurance
The next one we would be talking about is Dexscreener.com
Dexscreener.com helps u as a gem finder, a trader and also u can use it for degen
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