I recently started using and want to share my experience with you! I have only been actively using it for 1 week but I really like it and want to share my experiences and also show how fast I grew on this platform. Let me share with you the good, the bad, and the ugly!
There are many great things about Debank. Here's what I like:
- An easy way to view your portfolio. It's easy to look at your network, your tokens, transactions, and NFTs. It's a great portfolio viewer!
- It's also great for looking at other people's portfolios!
- You can easily say "hi" to mutual followers without worrying about an abundance of spam.
- The "Stream" (it's like Twitter) is easy to use and grow followers with. I already surpassed 100 followers and have been on for merely 1 week!
- Lots of opportunities to win rewards and earn money through drawings and commenting on posts.
- A network of crypto focused users who are excited about what's next in Web3.
- potential airdrop
- Earn badges for grabbing airdrops and participating on Debank.
- A lot of content on the Stream and in the comments section is low quality. But the upside means that users who post quality content can get a lot of followers!
- A lot of users flat-out ask for people to like their posts in exchange for likes. It can be tacky.
- The amount you can post, comment, and enter drawings is based on your social score. In some ways, this is good because it limits spam but new users may be turned off.
- Badges grow your social score. I like this but it also means that people new to crypto will struggle more on this platform.
- This platform is geared towards long time crypto users. I don't see it bringing in mass adoption.
- The mobile app has a lot of room to improve. I have a friend who wanted to get started on Debank but does not have a PC. He was unable to move $USDC onto Debank's layer2 (necessary for buying an ID) or choose an NFT for profile picture. Don't bother using the Mobile App until everything else is set up!
- I thought I could move $USDC onto their layer 2 using Polkadot because it gives the option but after trying for a long time I ended up using Ethereum. Got some large fees for my trouble.
- Everyone can see your portfolio when you create a Debank account. They know your net worth and the crazy memecoins you hold. Don't use Debank if you're privacy focused!
I like Debank and think it will continue to improve over time. What do you think? Comment below!
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Notes and Disclosures
This post is provided for educational and entertainment purposes only and should not be relied upon for business, investment, taxation, or legal advice. Certain information presented is gathered from third parties and has not been independently verified. The views expressed here are those of the individual author and are not the views of 1.2 Labs Inc. or its affiliate firms. If you decide to buy or invest in anything, then your returns and potential losses are your own. No statements about taxation are taxable advice and you are encouraged to consult your own tax professional. No statements are legal advice and you are encouraged to consult your own legal professional. No statements about investing constitute investment advice and you are encouraged both to do your own due diligence research before investing and to consult an investment professional in that process.
Finally, as the author of this report, you should recognize that I do actively invest. Many of my trades are quick and I do write about many investment items, whether stocks, coins, collectibles, and the like which I do not own. For the purposes of disclosing any conflicts of interest, assume that if it is covered, I own the investment item. Or if my coverage is negative that I am short the investment item.
