Want to know what's happening to your CAKE? Need to quickly check the price of those tokens you regularly watch? Got the urge to take a peek at your farm? Share information easily?
With Dexfolio's new mobile app, it's now easy to keep track of your assets and manage all of your crypto activities on the go. With one tap you can access the user-friendly dashboard and get your data quickly.
But before we dive into the details, let's take a quick look at the steps that led to this exciting new development.
When Ethereum started to become costly and slow, the Binance Smart Chain gained new followers, leading to a rush of development. One of the new exchanges to come out of this was PancakeSwap, now the largest exchange on the Binance Smart Chain.
It was innovative, fun, and offered great rewards. It also sidestepped some of the problems inherent with trading on the Ethereum chain, and offered truly decentralized governance opportunities. Small wonder that it has attracted a multitude of users.
Pancake Swap's main token is CAKE, a BEP-20 token on the BSC, which can be used for governance votes and staking to earn more CAKE or other coins. It can also be used to participate in a deflationary lottery. At the time of writing, the market cap for CAKE was over $USD 5 billion, placing it in the large cap category.
Pancakeswap is an exciting addition to the defi space with millions of users to prove it. It has exploded in popularity over the past year or so, making it one of the fastest growing entities in the defi space.
But this shiny new platform with all its fun features faced a problem. Most of the applications intended for use on the Binance Smart Chain have been adapted from apps designed for centralized finance, or apps that attempt to encompass an entire ecosystem without establishing true market requirements.
The result has been less than impressive, with clunky code and confusing UX/UI. Price alerts have also been tedious to manage, especially for more experienced traders with complex portfolios.
As a result, tracking CAKE and other tokens, analyzing portfolio data, managing liquidity, and many other regular portfolio tasks have not been as simple as they should be.
Dexfolio's team could see the problems faced by the rapid growth of defi as developers struggled to catch up. They began with extensive community consultation processes to assess user needs, which confirm their mission to create a user-friendly app that will not be too expensive for the average trader.
Their solution is an app specifically built for defi ecosystems. With Ethereum and Binance Smart Chain functionality already inbuilt, getting started is simple for PancakeSwap users.
An intuitive dashboard was a must for the team, and one tap is all it takes to track tokens, customize a variety of crypto price alerts (or set the same parameters across the entire portfolio), or check the history for coins of interest.
But the flagship feature is its Intelligent Alerts system, which users can set when tokens reach an important milestone. Rather than setting an alert for each token, traders can set parameters across the entire portfolio that only send alerts when significant changes take place. This negates the problem of alerts that have little meaning. Traders can also mute alerts for certain coins and customize individual token alerts.
In addition, users can easily check an entire portfolio. Each token gains extra context by showing changes (percentage and value), the current price, the purchase cost, and the total value of a token's holdings, both as a dollar value and as token quantity.
This feature is useful for tracking the total portfolio value, amounts of holdings on each coin, and the various drivers. Market activity is only a quick update away, enabling decision making on the go.
The app is available for Android and ios, and the team has plans to add new features as the industry grows.
Our team is dedicated to Dexfolio being truly decentralized. This means that we need the community to become involved as we grow, providing feedback, governance, and more.
So our recommendation for users of PancakeSwap or other BSC exchanges is to try it out and let us know what features you like or if there is anything you think could be improved. You can connect a wallet or two, check a balance, collect a reward, and send feedback on your activity to share your experience. Our beta users have worked with us to add value and we have taken their recommendations into account to refine and improve the app prior to launch.
User experience helps us to shape the future direction of Dexfolio, and adding your vision to ours in a collaborative effort enables us to deliver industry-leading technology that meets user needs.
As any user would agree, security is a major issue for crypto traders. While Dexfolio follows industry-wide security practices, no app or platform can ever be guaranteed completely safe.
Following industry best practices for safety is the only way to have peace of mind. Never submit passwords to any third-party site. Stay up to date with trends in fraud and scams. Be wary of services or sites offering incentives that seem too good to be true.
The safest way to store private keys is in a hardware wallet, a physical object that provides secure, offline, encrypted storage that is not connected to the internet. An old-school "paper wallet" also works, although pieces of paper can get lost or damaged.
Avoid hot wallets that may give third parties access to private keys, and also avoid exchange and online wallets, although these can be used to store small sums for convenience. Never store more than you can afford to lose in this type of wallet.
But it really is that simple. With Dexfolio's superior people-first UX/UI, you can access all your data quickly and easily, update information, check liquidity, transfer funds, and more. Even while you're waiting in line or at the lights.
Staking is a process that refers to token owners locking tokens in a wallet to support the functionality of a blockchain. In return, token holders receive fees that act as a form of passive income.
PancakeSwap has a unique deflationary mechanism that runs as a lottery. Any CAKE holder can buy tickets to participate and win. This is beneficial for all CAKE holders as it adds value to their tokens. Tokens are burned to maintain a steady value or increase the value. (Burning refers to the process of removing tokens from circulation, thus potentially increasing the value of the remaining tokens).