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In the letter
- The world of ERC-20 tokens is notoriously difficult to keep up with.
- An app was launched to monitor large DeFi transactions and inform users.
- The app, UniWhales, tracks movements on Uniswap and is planning to monitor other DEXs.
The DeFi world moves notoriously fast. Few can keep track of all the new tokens and their transaction volumes 24/7.
But a new whale tracking app on Ethereum hopes to make it easier.
UniWhales, launched in September, informs subscribers about the latest large transactions on the decentralized exchange Uniswap via Telegram alerts. It keeps track of all new ERC-20 tokens that arise and their trading volumes on the main DEX.
Why should you know? Because things move fast and innovation happens at breakneck speed in the DeFi world. Ads are constant, prices change in seconds, and hacks are becoming more common.
This was stated by the founder of Uniwhales, who is called Timur Decrypt: “I think it’s important for Uniswap retail users and traders to know where capital is flowing in real time to identify trends and movements in the market.”
Matt Aaron, who co-founded UniWhales with Timur, added: “The whales are the market promoters of DeFi – they indicate where the market is going. As a DeFi trader, when a coin can rise 40% in 30 minutes, you want this information as soon as possible. “
The app has a “New / Unknown Tokens” channel which shows new or low volume coins on their first transaction above $ 10,000. The channel identified a number of coins that increased in value, sometimes as high as x10, within hours.
In addition to keeping up with “normal” price volatility, users may also be able to avoid the security concerns that have plagued a subset of Ethereum-based protocols recently. When the DeFi Pickle Finance was hacked, UniWhales’ Telegram alert channel was filled with clearance transactions. Traders need this information as investing in the DeFi world can quickly go from green to deep red in the blink of an eye.
“Hacks tend to get whales out of a coin – traders need to be aware of that,” Aaron added. (Even if it isn’t equally useful how to know about hacking before it takes place.)
The app is free to get started. Users can pay to access a Telegram group that provides whale analytics (eg profitability, best trades, location sizing) and historical movement data. Additionally, UniWhales will launch a web interface on December 7 that offers subscribers more functionality and the ability to explore and customize data.
UniWhales is trying to keep up with an ever-changing DeFi space. Today, announced the app that would launch a new Telegram channel dedicated exclusively to SushiSwap movements, something the team hadn’t planned to do.
The founders of the app said it Decrypt which will likely monitor other DEXs over time.
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