DeBank Review

Given the fast-paced nature of decentralized finance (DeFi), with new chains, protocols, and tokens constantly being introduced, finding a reliable and feature-rich platform to keep up with this landscape is important. With many positive user DeBank reviews out there, it may be able to be a testament to DeBank's popularity among DeFi enthusiasts.

However, does its popularity guarantee the functionality? I'm here to provide a thorough assessment. In this DeBank review, I'll examine the pros and cons, as well as pricing plans and a brief step-by-step guide to help you decide whether it’s the right tool for you.

If you decide to explore this tool, remember to use a secure, non-custodial wallet like Coinbase Wallet to protect your assets when using DeBank.

Verdict at a glance: By using DeBank, crypto enthusiasts or those seeking a DeFi portfolio tracker can enjoy various features for managing their assets. Beyond that, it enables users to explore earning opportunities and engage with the community. Despite its capabilities, the platform lacks a structured help center and has limited wallet support.

What is DeBank?

DeBank is a portfolio tracker that helps users manage their DeFi assets across various blockchains. Many user DeBank reviews praise its ability to compile wallet addresses and display total balances across all chains on a single dashboard. As a result, it's a valuable tool for those with diversified portfolios.

Besides the tracking feature on DeBank, crypto enthusiasts can follow other users and engage in discussions by creating a post or interacting with other people's content. The platform also has a public community called "Channels" that act like forums for specific topics.

To further incentivize user engagement on DeBank, DeFi traders can participate in certain quests to get experience points (XP). How exactly does this work? I’ll explore the specifics and potential benefits in the next sections, along with the other features mentioned above.

Speaking of who's behind DeBank, this platform was co-founded by Chinese research and development expert Tang Hongbo and his partner Xu Yong in 2018.

In 2021, DeBank got big funding (worth $25 million!) from Sequoia China and other important players, such as Dragonfly, Coinbase Ventures, and Crypto.com. This shows that this platform is one of the serious players in the DeFi world.

DeBank Review: PROS

With DeBank, DeFi asset holders can experience a wide range of features that simplify their portfolio management. From tracking assets to analyzing popular protocols, let's discover this platform's capabilities in my DeBank review below!

Comprehensive Portfolio Tracker

DeBank is designed to track DeFi data, including decentralized exchanges (DEXs), decentralized apps, and DeFi interest rates. It supports multiple blockchain networks such as Ethereum and Polygon – basically all Ethereum Virtual Machine (EVM) networks. In total, the platform covers 116 chains and +3,300 DeFi protocols.

Still, you have to connect DeBank with a wallet to use the features. While the platform doesn't support every wallet available, it integrates seamlessly with popular options like Coinbase Wallet, Phantom Wallet, and Metamask. For your information, DeBank also has its own wallet, Rabby Wallet.

To access your portfolio, navigate to the “Profile” menu. From there, you can view your total net worth and see its historical fluctuations by clicking on the corresponding value. The “Portfolio” section below your profile displays all your assets, including those on Polygon and Arbitrum, along with their respective values and percentages.

Below the asset breakdown, view the DEXs you use and the values, such as QuickSwap and SushiSwap.

Then, check the “Wallet” section to easily identify the blockchain for each asset. The table displays a list of tokens the user holds, along with their price, amount, and USD value.

You can adjust the layout to view 24-hour asset and asset summary changes for any address on the “Change” or "Summary" tabs. If you need to compare asset changes between specific dates, the "Time Machine" option is your go-to. Note that accessing the "Change", "Summary", and "Time Machine" features requires a paid plan.

Scroll down to see details on your DeFi protocols. This section is for tracking yield rewards or interest earned, liquidity pools, borrowed tokens, and any activity on the platform. In this section of DeBank, crypto enthusiasts can see the token list, along with its balance and USD value. At the top of each table, you'll find the total USD value of the protocol.

For example, the image below shows that the user has supplied BCH, BTCB, ADA, and LTC to the Venus protocol and has borrowed BNB. The user has also earned XVS as a reward for their participation in the protocol.

The "Health Rate" being greater than 10 indicates that the user's position is considered healthy, meaning they're not at risk of liquidation. Your assets will be liquidated if the health factor is less than or equal to 1.

On DeBank, DeFi traders can not only track their crypto tokens but also monitor their NFTs. Simply connect your wallet, and your collectibles are then automatically displayed on the “NFTs” tab, categorized by chain (like BNB Chain and Polygon). You'll see details such as collection name, preview, total spent, max price, average price, and volume, all tailored to your selected value chain.

For a detailed breakdown of your transactions, navigate to the "Transactions" tab. Here, you can view all your transactions, including token values and their corresponding USD prices. Scam transactions are clearly marked with the label 'Scam tx' and are displayed in a lighter font color for easy identification.

Activate "Analysis Mode" to examine top protocols, addresses, and tokens involved in your interactions, which you can filter by chain, period, and transaction amount. To exclude scam transactions from your view, simply enable the "Hide scam" toggle.

Enabling "Analysis Mode" also allows users to view their eligible centralized exchange (CEX) deposit addresses and track the corresponding balances on the platform. At the time of writing this DeBank review, it supports Binance, Coinbase, and OKX addresses.

While this function has sparked conflicting user DeBank reviews, with many preferring the platform to remain exclusively for DEXs, it can be helpful for those who hold assets on these centralized exchanges and want to monitor them in a unified dashboard.

If you're a Web3 badge collector, the platform has a tab on your profile dedicated to showcasing your achievements, the “Badge” tab. These badges include "100 ETH of Gas Use" for high gas consumption on Ethereum and "MANTA Airdrop Hunter" for receiving the MANTA airdrop, as well as platform-specific gains like “10000 Likes” where users who have minted a Web3 ID and have received at least 10,000 likes.

Learn From Others Through Public Portfolios and Market Analysis

In addition to its robust asset tracking features, DeBank offers a unique perspective by publicly displaying user portfolios. This transparency can be a valuable resource for market research, trend analysis, or simply satisfying curiosity. By observing how others are allocating their assets, you can potentially gain insights into popular investment strategies.

Moreover, the ability to view public portfolios builds a sense of community within the DeBank platform. It allows users to connect with like-minded individuals who share similar trading goals and learn from each other's experiences.

Is DeBank safe to use despite showing these details? As a non-custodial platform, it holds one of the key characteristics of DeFi: self-control, which means you retain full ownership of your fund^[1].

The application doesn't hold your crypto assets or have access to your private keys, ensuring that only you have the authority to manage and spend your crypto assets. To maintain privacy, my tip is to avoid using your real name or personal photo as your DeBank profile. Your default identifier is a random number, which allows you to use the platform's features and interact with others while maintaining anonymity.

It also offers a tool for analyzing various decentralized finance (DeFi) protocols. This feature provides in-depth information about each protocol, making it easier for users to compare and choose the most suitable options for their investment strategies. It displays:

• User deposit - The total amount of funds deposited into the protocol by users;
• Users - The number of active users interacting with the protocol, so you can assess its community size and connect with them in case you have questions or want to share insights;
• Pool types - The types of liquidity pools supported by the protocol, such as lending, staking, or yield farming.

By comparing different protocols based on these metrics, users can make more informed decisions about where to allocate their funds and find new and promising DeFi protocols that may offer attractive earning opportunities.

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Engage With the Community

As discussed in the "What is DeBank?" section, this platform goes beyond simple portfolio tracking. It fosters a vibrant community where users can connect, share insights, and engage in discussions.

In fact, this platform's interface shares some similarities with X. Both platforms feature a timeline-based layout, which is called “Stream” on DeBank, where users can see updates from people they follow or what’s trending on the platform.

Comment, like, or repost the content to show your support and participate in discussions. If you find some interesting content, just bookmark it to easily find them again in the future.

You can also create your post by hitting the pen icon at the bottom menu. There are five types of posts to share:

• Post - Create a post with text and media attachments, and control who can comment. Please note that posts shorter than 120 words can’t be marked as original unless you activate the 'originality statement' feature, which is exclusive to paid subscribers;
• Thread - Make threaded conversations to create a chain of related posts, a feature similar to what you find on platforms like X and Reddit;
• Poll - Share polls with customizable options for eligibility, duration, and comment restrictions. This is a suitable feature if you want to gather feedback from your audience or run a community vote;
• Lucky Draw - As the name suggests, create lucky draws and customize the prizes, number of winners, eligibility, and duration. You can gift cash or a custom prize with a specific distribution, such as a direct transfer to the winner’s wallet address;
• AskPro - On AskPro, you can pay to ask questions. When you get a response, you and the responder will split the payment. Others can also pay to view the answer.

Besides Stream, navigate to “Channel” to find a public space where you can discuss and share around a certain topic or “Group” which consists of users who share the same perspective (either bullish or bearish) on a particular asset.

For those interested in creating their own branded Channel, pay $480 per year. Personalize the channel's ID, name, avatar, and description to reflect your desired theme. More importantly, there are no restrictions on the number of Channels you can create.

Although the social features mentioned are interesting and beneficial, some user DeBank reviews have expressed frustration with the recent update, as it makes"Stream" show on the main screen instead of the "Profile" tab like in the previous version. This change can be inconvenient for users who prefer to access their portfolios directly instead of community updates.

For one-on-one conversations, use the "Hi" feature to send direct messages to other users. This is a great way to connect with specific individuals, ask questions, or share private information. Simply click on a user's profile to access the direct messaging option.

Is DeBank safe and inclusive with all these social features? Don’t worry; it has “Credit” that serves as a measure of user authenticity, activity, and value. Users get minus points for mass posting, reposting spam, or mass creation of spam comments.

The tool also provides the “Report Scam” feature available in Stream and Hi. To report a user or official account spreading scam messages on DeBank, look for the "Report Scam" option in the upper right corner. Provide detailed evidence, such as screenshots, in the pop-up window.

Once submitted, the platform immediately reviews the report and temporarily restricts the reported user's activity to determine whether the user is indeed involved in scams. The user is marked as a scammer if the report is successful, but the user's account is restored to normal if the report is unsuccessful.

The whole review process and detailed information on scams are totally transparent to the community since you can see the progress and review results of all reported addresses in the public “Report List” section.

To ensure the effective use of the reporting mechanism and prevent abuse, a collateral of 1,000 XP is deducted from the reporter's account for each report submitted. If the report is confirmed as a legitimate scam, the XP is refunded. However, if the report is found to be false, the experience points are permanently deducted.

The team also urges users to report spam practices like "T4T" (Trust for Trust) and "F4F" (Follow for Follow) in posts and comments. Engaging with others should be driven by genuine interest, not transactional benefits.

Unlock Earning Opportunities

In the previous chapter of my DeBank review, you probably noticed that you're encouraged to actively participate in the platform through its social features.

For example, users who create high-quality, informative, or exclusive threads can potentially charge an access fee. As a result, content creators can monetize their expertise and insights. By providing valuable information, they can attract a following and generate revenue from those willing to pay for access. Quality posts are announced in DeBank's "Stream" to highlight their value and encourage user participation. You can also take part by voting on existing posts.

Additionally, DeBank's direct messaging feature offers another potential avenue for earning. Users can monetize direct messages by charging a minimum fee of $1 or more for their advice, support, or exclusive content. This can be a way for experts to use their knowledge to earn additional income within the platform.

The application also rewards active users with XP points, which could potentially be converted into its token through a future airdrop. To earn more experience points, invite friends to join DeBank using your referral code (you can earn 50 XP for each referral).

Alternatively, participate in the ongoing Quests launched by official accounts (identified by the blue checkmark beside their username).

Explore these Quests on the "Quest" menu to find projects that interest you and actively engage with them. Some official accounts may even reward you with their own tokens in addition to the XP.

Top earners on DeBank are featured on the leaderboard, showcasing those with the highest points accumulated within 24 hours.

Being featured brings recognition and prestige within the DeBank community, demonstrating a high level of engagement and active participation. This can potentially lead to being reached out to and followed by other users, which may even open up opportunities for earning income.

Note that you have to be eligible to unlock some or many of these earning features by minting a Web3 ID that costs $96 at the time of writing this DeBank review. The ID needs to contain only four to 15 alphanumeric characters. Once minted, it can’t be modified.

Minting a Web3 ID and claiming eligible badges under “Badges”, help prevent your wallet from being identified as a Sybil, a fake or duplicate account created to manipulate systems or gain unfair advantages. You may also need to install the Rabby Wallet (DeBank’s own wallet) to access certain features or participate in specific activities within the ecosystem.

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DeBank Review: CONS

Despite its many strengths, this platform has a few areas where it could be improved. Let’s uncover them in this part of my DeBank review!

Limited Support and Organized Help Center

The application offers a wealth of information, including product updates and step-by-step guides, through its official account's Stream. Many user DeBank reviews may find this sufficient. However, such a mode of support is inefficient and ineffective, generally resulting in high costs, long service cycles, and poor quality of service^[2].

Those who are new to the platform or DeFi concepts can struggle to find the information they need. They have to navigate through the Stream to find relevant information, which can be time-consuming and frustrating.

New user DeBank reviews may express the difficulty in understanding the platform's various functions and how to use them without a clear and organized resource. Without a dedicated help center, they may also have difficulty finding specific answers to their questions or troubleshooting issues.

So, what is DeBank's current support mechanism? You can have a one-on-one chat with the DeBank team for free if you have questions related to the platform or report data issues with your address. However, I tried this feature once and didn't receive a reply after several hours. The team doesn't specify their availability, which can be frustrating for users seeking immediate assistance.

It also enables community members to create or support a proposal in the "Vote" section to suggest new features or improvements. For example, you can ask the team to support a new token, update token information (logo or symbol), or report chain issues.

Limited Wallet Support

DeBank has a comprehensive suite of features for DeFi management, but another potential drawback besides customer support is its relatively limited wallet support. As of now, it primarily covers around 18 wallets.

So, what is DeBank’s list of supported wallets? Well, it already integrates with popular options like Coinbase, MetaMask, and Phantom.

If you use one that isn't currently supported by the platform, you may need to consider switching to a compatible option. Setting up an account on those mentioned wallets is generally straightforward, as those are non-custodial – you don’t need to do KYC verification and have full control over your private keys and crypto assets.

Moreover, receiving funds in either of those wallets is typically a simple process.

They are designed to make it easy for users to send and receive cryptocurrencies by generating a unique address that you can share with others. Once the sender initiates the transaction, you'll receive the funds in your wallet after the transaction is confirmed on the blockchain network.

Still, DeBank's wallet support may evolve, so there's a possibility that your preferred option may be added in the future – we just don’t know exactly when. I suggest you change your wallet if you urgently need the platform to track your assets.

DeBank Pricing Plans

Since April 2024, non-Web3 ID users can use portfolio features freely, but there are some limitations in using social functions in "Stream" for a limited number of times.

Each social feature in "Stream" (posting, reposting, commenting, trusting others, following users, and joining Lucky Draws) is available up to 100 times. Once you reach this limit for a particular feature, you won't be able to use it again in trial mode.

Minting a Web3 ID grants you unlimited access to social features in "Stream" and some other benefits. However, several features will still be locked until you purchase them, which you can see in the table below for the details.

Table: DeBank's pricing plan for paid features.

These paid features are available individually or as part of a bulk subscription for $15 per month, which includes a VIP label for your name. Note that prices may increase as more tools are added, but existing bulk subscribers won't need to pay extra to access new features.

How to Set Up a DeBank Account?

With DeBank, DeFi trading activities can be more organized. If you're interested in optimizing your workflow using this platform, follow the steps in this part of my DeBank review to set up your account.

Step 1: Ensure your wallet extension is activated on your browser before visiting the DeBank website. If you sign up from a mobile app, make sure the wallet app is installed.

Step 2: Go to the DeBank’s website and click the “Log in to Start” button.

Step 3: Select your wallet to log in. If you already have the wallet extension, DeBank automatically detects it, so you just need to confirm the connection.

Step 4: Complete the CAPTCHA verification to confirm you're human.

Step 5: Unlock your wallet address by entering your password and confirming that you trust DeBank to view your balances. This usually involves a simple click on the "Confirm" button on your wallet extension.

Congratulations, your DeBank account is activated. Enjoy the trial mode!

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Conclusions

If you have read my DeBank review from start to finish, you should now be able to decide if it's the right platform for you. I think this is suitable for people who are looking for a comprehensive platform for managing their DeFi assets. By using DeBank, crypto traders can also explore earning opportunities and engage with relevant community members.

However, there are also some disadvantages to consider, including limited structured Help Center or customer support and wallet options.

Whether you decide to use the platform or not, one key takeaway from this DeBank review is to use a secure, non-custodial wallet like Coinbase. The platform doesn't hold your funds, so it's important to maintain control over your private keys and take responsibility for your crypto security.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. K. Shah, D. Lathiya, N. Lukhi, et al.: ‘A Systematic Review of Decentralized Finance Protocols’;

2. S. Foo, S. C. Hui, P. C. Leong, et al.: ‘An Integrated Help Desk Support for Customer Services Over the World Wide Web — A Case Study’.