PONTEM x COINSTAS: FIRESIDE FRIDAY RECAP

On February 10, Pontem hosted a community call with CoinStats to discuss their product and its outstanding features.

The discussion also highlighted CoinStats' commitment to security, including the use of industry-standard practices and running quarterly audits by multiple auditing firms.

You can listen to the full recording on Twitter, or Discord.

CoinStats: The All-In-One Solution for Crypto Portfolio Management

Cryptocurrency has become an increasingly popular investment option, and with that comes the need for a reliable portfolio manager and tracker. This is where CoinStats comes in - a platform that has quickly become one of the biggest players in the market.

What makes CoinStats stand out is its comprehensive approach to tracking portfolios. With support for hundreds of exchanges and blockchains, users can easily monitor their investments and view analytics such as profit and loss data. CoinStats also offers portfolio management services, giving users access to DeFi services right within the platform.

Additionally, CoinStats offers a non-custodial wallet that facilitates transactions on EVM chains and has intentions to expand its support to other blockchains such as Aptos. CoinStats's functionality includes support for swap and earn transactions across different protocols, providing users with a convenient and all-encompassing app experience.

All of these features combine to make CoinStats a valuable tool for any cryptocurrency investor. With everything in one place, it's easy to keep track of investments and make informed decisions about where to allocate funds.

The Rise of CoinStats: From a Spreadsheet to a Leading Crypto Application

CoinStats was founded in 2017 by a team of cryptocurrency enthusiasts who saw a need for a simple tool to monitor all of their holdings and networks. What started as a simple spreadsheet evolved into a fully-functional app that has grown to become one of the largest portfolio managers in the market, with over 800,000 monthly active users.

The app's most popular feature is the ability to track cryptocurrency portfolios, making it a valuable tool for both centralized exchange users and those in the DeFi space.

The CoinStats team has been working to move users into DeFi, which they believe is the future of crypto markets. They encourage users to trust in DeFi services rather than relying solely on centralized exchanges and wallets.

Aside from tracking portfolios, CoinStats offers a variety of other features. Users can compare their portfolio performance to the overall market or specific indexes, set price alerts, and check the prices of various cryptocurrencies. The app even supports NFT price alerts and has different types of widgets that can be integrated into iOS and Android devices, including Apple Watches.

CoinStats is a step ahead of other portfolio management apps in that it integrates with users' actual accounts, which means all trades and transactions are automatically tracked without the need for manual input. This is a significant improvement over the traditional method of entering trades manually, which is time-consuming and error-prone.

Narek Gevorgyan, the founder of CoinStats affirms that manual transaction entry is a thing of the past, and they are working hard to move away from it entirely. They hope that within the next five years, people will no longer have to enter their trades manually. As the blockchain is so open, all a user needs to do is enter their wallet address, and all of their data will be pulled up automatically.

Fortifying User Confidence: CoinStats' Unwavering Commitment to Unbeatable Security Standards

Cryptocurrency and blockchain technology has come a long way since their inception, and as the industry continues to evolve, companies like CoinStats are working hard to stay ahead of the curve. One of the most significant changes in recent years has been the shift towards non-custodial wallets, which are gaining popularity due to their flexibility and added security features.

In the past, most accounts were connected to centralized exchanges, but the surge in popularity of DeFi wallets has changed the game. These wallets support a variety of functionalities, including NFTs, and offer more flexibility than their centralized counterparts.

Decentralized protocols have a significant advantage over centralized platforms when it comes to innovation as developers can build on top of existing protocols and integrate with other platforms, all without the need for extensive negotiations or red tapes.

Centralized platforms, on the other hand, act as gatekeepers and create limitations on innovation. The recent API hack on 3Commas serves as a reminder that these platforms are not infallible, and security should be a top priority for companies that store customer API keys.

CoinStats understands the importance of security and prioritizes the security of API keys by using industry-standard practices and running quarterly audits by multiple auditing firms.

CoinStats also provides read-only API keys, which offer an added layer of security. Although sharing even read-only API keys is not recommended, CoinStats stores these keys securely using various security services like encryption to ensure that sensitive data remains safe.

No More Middlemen: How DeFi Provides Greater User Control and Security

With the rise of DeFi, there has been a shift in how individuals trade and store their digital assets. Unlike centralized exchanges, DeFi allows users to store their private keys and access their funds directly, providing greater control and security.

While the idea of decentralization and increased control over one's assets may sound appealing, the transition to DeFi is not without its challenges.

One major issue is the difficulty in using non-custodial wallets, which require users to remember seed phrases and understand how to use them securely. Since users retain control of their private keys, they are also responsible for securing them. This can be challenging, especially for non-technical users, who may not be familiar with the complexities of securing their assets.

Another challenge is the lack of infrastructure for analytics and tracking in DeFi. Unlike centralized exchanges, which have established systems for tracking trades and transactions, there is a need for more robust analytics tools in DeFi. This can make it easier for traders to identify trends and opportunities in the market.

Despite these challenges, many experts believe that the future of cryptocurrency lies in DeFi. The potential benefits of DeFi, such as increased security, transparency, and user control, make it a compelling alternative to centralized exchanges. As the industry continues to evolve, it will be exciting to see how DeFi develops and how it can help shape the future of finance.

How to Improve DeFi Accessibility and Tracking: Identifying Critical Missing Features

DeFi has emerged as a revolutionary force within the financial landscape, offering users the ability to transact, borrow, lend, and invest in a trustless and permissionless environment.

Despite the rapid growth of DeFi, there remain significant limitations related to accessibility and tracking. In this context, identifying the missing features in DeFi that can enhance accessibility and ease of tracking is critical.

One of the most pressing issues is the lack of a simple and effective tax system for DeFi users. Unlike traditional trading platforms, there is currently no easy way to track revenues from activities such as liquidity mining, which can make it challenging for users to accurately calculate their taxes.

While there are some tax platforms available, they do not support more complex DeFi transactions, which can make it even more challenging for active users.

Another major issue for DeFi is user experience. While many people talk about the importance of creating a more user-friendly interface, there is still no app that allows users to buy, invest, and stake in DeFi with the same ease of use as popular centralized exchanges like Robinhood and Coinbase.

Furthermore, security is a major concern for the mass-market adoption of DeFi. While DeFi protocols offer many advantages over centralized exchanges, they are still vulnerable to hacking and other security breaches, which can deter users from participating. There is a need for better security measures and user protections to build trust in the DeFi ecosystem.

Finally, the issue of chain bridging is another important challenge that needs to be addressed to make DeFi more accessible to the masses. The need to bridge assets from one chain to another can often lead to high transaction fees, slippage, and lengthy wait times, which can be a major source of user friction.

However, the development of cross-chain applications and infrastructure, as well as the evolution of wallet technology, is making it possible for users to seamlessly trade across different blockchains without understanding or interfacing with the underlying technology.

The Shift of Trust from CeFi to DeFi: Challenges and Opportunities

The shift of trust from traditional banking to DeFi protocols is gaining momentum and is projected to increase in the coming years. However, the lack of transparency in yield generation through under or uncollateralized lending has resulted in some jurisdictions blocking DeFi as concerns about Ponzi and pyramid schemes in the DeFi sector have been raised.

Nevertheless, one of the key advantages of DeFi is its transparency. All transactions on the blockchain are tracked and recorded, making it difficult for bad actors to manipulate the system. This level of transparency is a significant departure from the opaque nature of traditional finance.

Additionally, DeFi yields are generated through real use cases, such as the demand and supply for liquidity. While some of the thousand percent APYs advertised may seem unrealistic, platforms like Uniswap and Curve offer achievable trading yields of 10-20%. Stablecoins on money market platforms like Aave can earn users around 2-3%, illustrating DeFi's practicality and profitability.

While DeFi has eliminated the need for trust in centralized entities, it's important to recognize that some individuals may prefer not to have custody of their keys. In these instances, centralized platforms can still play a crucial role. Furthermore, centralized exchanges can offer custodial services for DeFi assets, with fees based on usage.

As the financial industry moves towards decentralization, infrastructure will inevitably need to shift towards decentralized entities to remove the need for trust in centralized institutions. Centralized exchanges may eventually evolve to be more DeFi-native and support onboarding for both centralized and decentralized assets.

Enhancing Accessibility and User Experience in DeFi

To survive and thrive in the long run, DeFi platforms need to find ways to make their products and services more accessible to the general public.

This means simplifying the user experience, creating intuitive interfaces, and providing clear and concise documentation on how to use their products. At the same time, they also need to be innovative and provide new and exciting features that can attract new users and keep existing users engaged.  

Fortunately, progress has been made on this front in recent years. Additionally, multi-chain experiences have also emerged, allowing users to interact with multiple blockchains from a single platform.

This has made it easier for users to manage their various assets and interact with different DeFi protocols without having to navigate the complexities of each blockchain individually.

CoinStats Continues to Innovate: New Integrations and Trading Features on the Horizon

CoinStats has been making some major strides in recent months, with exciting updates and features on the horizon. From blockchain analytics to redesigned portfolios and new reward systems, there's a lot to look forward to for CoinStats users.

One of the most exciting updates that CoinStats has planned for the future is the implementation of a reward system for its most loyal customers.

This reward system will come in the form of a loop box, which will contain multiple coins, with users receiving random coins each time they open a box. Not only is this a fun and exciting way to incentivize users to stay active on the platform, but it also provides the chance for users to potentially receive some valuable coins.

However, as with any reward system, there are those who try to exploit the system to gain an unfair advantage. CoinStats is taking steps to address this issue by slowing down the release process. By doing so, CoinStats is ensuring that its rewards are going to those who truly deserve them.

CoinStats is also exploring new integrations with other chains and platforms, as well as more professional trading and liquidity providers as it will allow users to access information on volatility trackers for concentrated investments.

This will give users a better understanding of how their investments are performing, as well as provide valuable insights into the overall market trends.

ABOUT COINSTATS

CoinStats is a platform that provides a range of tools and features for managing cryptocurrency portfolios. It is primarily designed to help crypto traders and investors track their holdings and analyze their portfolio's performance.

By supporting a large number of wallets and exchanges, CoinStats makes it easy to consolidate all your crypto assets in one place and stay up-to-date on their value in real time.

With the integration of the Pontem Wallet on CoinStats, you now can link your Pontem Wallet and view your cryptocurrency holdings, analyze their performance, set up trading alerts, compare swap and interest rates across various DeFi platforms, and much more.

ABOUT PONTEM

Pontem is a product development platform that enables global financial inclusion through blockchain technology. Pontem is developing infrastructure and decentralized tools for the fastest and most scalable Layer 1 blockchain – Aptos.

The Pontem Wallet is the gateway to the Aptos ecosystem available for Chrome,  Firefox, and iOS. Pontem Wallet users can send and receive tokens, connect to decentralized applications, and explore the Aptos ecosystem.

As a result of its partnership with Aptos, Pontem has developed foundational dApps like the Move Playground IDE, Liquidswap AMM, and ByteBabel code translator.