Crypto / Tools · July 21, 2021 2

Why You Should Be Using For Research is an amazing (free to use, with some limitations) research tool if/when you find crypto projects that you’re potentially interested in. Dextools is essentially an “explorer” for decentralized exchanges, currently supporting Uniswap and Sushiswap, with more to come soon. U

Using Dextools to research projects will give you a better idea of detailed look at liquidity pools, transactions, and other aspects of the project(s) you may be interested in.

For the Focus of this article, I’ll cover the Uniswap Tools section, since it’s essentially the same as the pancakeswap one.

There’s also a “Multiswap” feature that acts as a decentralized exchange, but I will skip that portion for now.

DEXT Token

Dextools actually has their own token (I did a DEXT Token review earlier) to enable certain features, but you should be OK with using the free version of Dextools for researching.

Using the Various Features of Dextools for Research

Dextools has a few different ways that you can use it for research, and I will do my best to explain how I use them, and why.

Dextools Live New Pairs

The “live new pairs” option shows you the most recently listed tokens and allows you to sort them based on the columns. The actions column provides easy-to-use links for Etherscan, Unicrypt, Dextools “Live” Data, and Uniswap direct link (if/when applicable).

Another (and one of my favorite) feature is the Contract Details column – this points out any red flags that the contract may have in it (see circled portion in the image above).

Also included are quick links for the project, Contract Details (this will show you red flags that you should look out for), Current Token price, Total Liquidity, Pool Amount, Pool Variation, and Remaining ETH in Pool.

You also have the option to sort the columns in descending / ascending order if you want to look for new/promising projects.

Dextools Big Swap Explorer

The “Dextools big Swap Explorer” gives you a peak into large buy/sell orders, and how they affected the price of the respective tokens.

As you can see above, a 7.65 Ether worth of XCAD tokens was purchased, affecting the price by 2.253% – this is useful for seeing how “stable” a project is, or if there are huge buy/sell orders for projects you may (or may not) be aware of / interested in.

I personally don’t use the Dextools Big Swap Explorer feature much for researching, but it’s definitely interesting to see the amounts of money being moved into / out of projects. The columns are also sortable, and you can even see the transaction on Etherscan if you wanted to look into it further.

Dextools Pair Explorer

Dextools Pool Explorer (my favorite part of using Dextools for research) shows you the live chart data for the token. It also provides a variety of other information that is important to look for, when you’re considering whether you want to support a project.

Dextools Pool Explorer – Important Links Section

Dextools provides with easy-to-use links to simplify accessing the project’s details.

Pardon the crappy artwork, I’m using paint since I’m on my work laptop

Having the all the links pertaining to a project in one places is not only important, but refreshing. Dextools does a great job of putting all the links in an easy to access place.

Dextools Token/Pool Information

The Token / Pool Information Section gives you some interesting information about the project you’re researching:

You can see the Liquidity, Volume, Pooled Tokens / Pairs, Total # of Transactions, # of Holders, Market Cap, and Diluted Market Cap.

Much of this information can be found on websites like Coingecko and Coinmarketcap, but Dextools also provides you with some more neat bits of information below, which are unique to Dextools; DEXT Score and Contract Details

The DEXT Score is a dynamic/updating “score” that dextools assigns a project based on an algorithm that they use. Factors include:

  • Information provided by the developers (website/social links, etc.)
  • Transactions (based on the number of transactions, along with the type – buy/sell)
  • Number of holders (along with % of token owned by holders)
  • Contract Creation score (not much information on how Dextools calculates/updates this)
  • and Token Pool Score (based on the amount of liquidity, and whether it’s locked for a period of time).

The Contract Details provides you with perhaps the most important red flags to avoid a rugpull or other common scam. These red flags include;

  • Whether the owner of the contract can mint new tokens
  • Whether the owner can lock transfers of the token (like buying/selling/transerring)
  • Whether the token has warnings on Etherscan
  • And whether the owner can change the transaction fee to something high (like 100%)

Dextools Live Price Graph

The most prominent feature of the Dextools Pair Explorer is the Live Graph feature – this shows you the price trend graph for whatever token you’re looking at:

You have the option to change the duration of time that each candle represents, change the graph from candles to other types (Bars, Candles, Hollow Candles, Heikin Ashi, Line, Area, and Baseline options are available), and enable Indicators.

I’ve enabled RSI and Stochastic RSI as an example below:

Indicators are a good way to gauge if/when it is a good time to jump in on buying or selling a token. However, these are more advanced tactics that I won’t delve into at this time.

The price trend graph also has a few neat quality of life features:

  • Along the left side are tools for doodling on the graph before you (I don’t mess with that)
  • Top Center, you have the token’s MAX and MIN price in the last 24 hours
  • Top Right, there is a settings button (for changing the settings of the graph), and a “Take a Snapshot” feature, which makes sharing just the graph a breeze.

I personally don’t mess with the graph much, as I prefer spending more time researching the team and project vs trying to figure out what formation the graph is showing you, so on we go to the next section!

Dextools Live Trade History / Transactions

This is probably one of the most addictive sections of Dextools! This section shows you the live trade history of the token/project, with a few cool features:

You can see the date, Type of Transaction (buy/sell), Price of Token at Transaction, Price of token in Ether, Amount of Token in Transaction, Total Ether Worth of Transaction, The Wallet Address That is Responsible for That Transaction, and a Link to the transaction in Etherscan

As I mentioned before, this is an addictive part of the dashboard (at least for me) – being able to filter the transactions by address allows you to see all* (*slightly buggy for older transactions, but you get the idea) of the transactions that the wallet address has made (in relation to the token you’re researching):

You can see that the person in the screenshot above sold 1500 DEXT Tokens, and then a day later bought back 1000 for a slightly lower price

The reason I love this section so much is because it allows you to monitor trades as they come in* (*with a slight delay, of course) – and lets you see how the holders of the project are feeling.

However, I don’t only use this feature to monitor holders of the project/token – I also enjoy watching how the holders react to certain news and events (related to the project, or not). Monitoring holders’ reaction can give you a good idea whether (or when, rather) it is the right time to jump in and support a/the project that you’re researching.

I think that’s all of the features (that I can think of at the moment, anyway) of the free-to-use Dextools app. I hope this helps you.

I didn’t get much sleep last night though, so off to bed I go. I’ll add more details to this as needed, and perhaps write an article on what the paid features of Dextools can do at a later date.

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