The crypto market, although small, has gradually developed and matured with hundreds of projects appearing each month. This poses a challenge for investors to improve their crypto research skills.
In addition, an investment decision for a project is also considered from many different aspects, combined with data to provide the most objective evaluation possible. For that, we need a lot of information data from many different areas.
Here are 10 popular basic crypto research tools to support and enhance the evaluation ability of each person’s investment.
The Twitter account is definitely a must-have for crypto players because it is the most popular platform for crypto projects to promote their activities and products. Kols both domestically and abroad are currently most active on the Twitter platform. Twitter research methods include:
- Using the hashtag “#” to search for trends or projects – for example, when the trend of LSD (Liquid Staking Derivatives) emerged recently, search #LSD to find related projects as well as articles on this issue.
- In addition, for coins, the community often adds the “$” symbol to their posts. For example, $GMX, $LDO…
- Combining with Advanced Research if you want to search for tweet posts in a specific time frame or interaction level to filter
- Optimizing the use of the “List” tab to create Twitter account lists that you want to follow. For example, “LSD trend project list”, “Kols list” → through that, you will be more focused on consuming content for each area.
Some other tools to support research on Twitter:
- Tweetdeck – makes the twitter interface more compact to quickly consume content
- Twemex – check the content history of a user…
DeFillama – DeFi analysis
If you want to delve deeper into the DeFi field (the most popular and rapidly growing field at the moment) and the flow of money between different ecosystems, DeFilama is an indispensable tool for your research process.
One index that DeFillama tracks in the projects that I often use is TVL (Total Value Lock) – representing the value of assets that have been locked in the protocol.
The speed and amount of TVL growth on the platform will somewhat reflect the potential and level of community interest in that project or ecosystem.
You can go to:
- DeFi → Chain: to check the amount of stablecoin, TVL, and volume of different chains Click on each chain: to check all projects in that ecosystem, can filter based on TVL level that is suitable for your investment appetite. Note: The TVL figures in DeFillama may be inaccurate, so you should research carefully in each project to evaluate the actual TVL amount in each project.
- In addition, DeFillama will allow users to filter DeFi projects based on revenue (fees paid by users), trading volume, and stablecoin amounts in various ecosystems.
This is a platform that provides on-chain data analysis tools. In addition to referring to available data from others, users can also fully compile their own data and create their own analysis.
Since I don’t have coding ability, I mainly use this site to find more data index aggregation sites for projects. For example, clicking “Search for Dashboard” for the “GMX” project will yield a series of data dashboards related to GMX aggregated from individuals.
Priority should be given to Dashboards with the most stars (used by the most users). Users can check a series of on-chain data for tokens, cash flows, top wallet addresses and their actions, or revenue data, project health, depending on what the Dashboard owner has compiled.
To keep up with market news and news from major projects, Crypto Panic will be a useful tool. This is a news aggregation platform that can affect the largest market, updated every minute from other major news sites.
With Crypto Panic, users can filter by criteria such as Bearish news, Bullish news, or a specific coin, ecosystem, or project. Cryptopanic mainly collects sources from major parties, so the possibility that this news may affect money flow in the market.
This is a Telegram bot that allows users to track on-chain fluctuations of:
- Coin/token – value increase/decrease, large buy/sell orders
- User wallet addresses – buying and selling activity, money transfers
- Contract address of the project – can track the amount of money deposited and withdrawn from that contract
I often use this bot to track the fluctuations of a coin/token I am following and investing in, as well as to grasp recent large orders. In addition, tracking wallets is also an extremely useful feature that users need to know to grasp the movements of large wallets, funds or smart money.
You can use this link to get a 5% discount when buying an advance or pro package to increase the number of coins/wallets that can be added.
But in reality, the free package has enough quantity I need for small retailers (maximum 20 wallets), if users need more, they should upgrade.
Depocket – Portfolio Management
For those who not only trade on exchanges but also trade on decentralized exchanges (DEXs) to hunt for low-cap coins, they must use separate platforms to track their assets. I often use Depocket to track because of its user-friendly interface, ease of use, and the ability to track all assets in my wallet address.
In addition, the app will help users track other data such as total PnL (total profit/loss), transaction fees, gas costs, etc., giving users an overview of their portfolio.
You can also use the app to track portfolios of wallet addresses, or smart money. A great point of Depocket is that the team has compiled the top wallet addresses of each coin in the daily whale list; therefore, you can click to track which coins you are interested in and set an alert to receive notifications immediately.
Try depocket here: https://s.depocket.com/YRqVhW
Crypto Rank – an aggregated cryptocurrency database
Compared to market databases like Coingecko and Coinmarketcap, I prefer using Crypto Rank because it has a more user-friendly interface and provides more intuitive information. For example, information about fund raising and backers for each coin.
For these types of databases, the most important thing is still to understand the basic information about tokenomics, project contracts, and the best liquidity pools (important for trading) as well as the project category.
Filtering the top gainers in the past 24 hours can provide an overview of the current market trend.
If you are tired of pump and dump tokens and inflation and just want to focus on projects with real revenue and value, Tokenterminal can meet your requirements.
This website focuses on analyzing and gathering important project data such as revenue, transaction fees, user volume, developer volume, project treasury, and divides it into traditional ratios such as P/F, P/E.
From there, you can compare and evaluate the true health of the project compared to other projects in the same field. Projects that generate large transaction fees while still having a low market cap may be a good hidden gem to invest in.
To track the charts of coins/tokens, Trading View is the best choice. However, it will not include small coins on the blockchain. Therefore, if you trade on a DEX, you must use Dex Screener to view the chart.
Fear & Greed Index – tracking market sentiment
Following trends on Twitter and listening to various bullish and bearish opinions may disrupt your personal beliefs. The Fear & Greed Index can provide a more objective view of the current market sentiment. Understanding the psychology of the crowd can give you a better position in investing.
Typically, when the sentiment index is at a fearful level, everyone is afraid and worried, which may be a good time to buy. When the index is at a greedy level, everyone is FOMO-ing, and the market may be approaching a dump.
I have just summarized 10 basic popular tools that you can use to improve your crypto research skills. I hope you can find more useful tools and remember to practice persistently to optimize your tools most effectively.
Note: These are just basic crypto research tools, and you can use many other types depending on your investment needs!