Watching Tokens with Dex Screener
Dear Bankless Nation,
There's a lot of alpha out there. It's never been easy to find, but the tools to visualize it are getting a whole lot better.
Today, we take a look at Dex Screener – a popular tool among traders that can be a secret weapon (if you know what you're looking for!)
-Bankless team
A few years ago there were maybe a dozen Ethereum tokens worth watching closely.
Fast forward to present day, and dozens of tokens are launched on Ethereum daily. Of course, many of these new tokens are riff raff, and some are definite scams, so you have to be careful and do your due diligence before taking a ride on the coin of the day or searching for diamonds in the rough.
Toward that end, a great token analytics platform is Dex Screener. Dex Screener is a one-stop platform for all things related to decentralized exchanges, so if you can trade it in DeFi, then you can analyze it on Dex Screener. The big idea? Track, analyze, and act on real-time data from a vast array of DEXs across a range of different chains. Surface the signal from the noise on Dex Screener’s web platform or its Android and iOS mobile apps.
As for diving in, it’s easy to get started. For example, on the website you can begin customizing your dashboards by signing in with an Apple or Google account or connecting your Ethereum wallet, e.g. MetaMask.
As you can see below, the main dashboard on the platform currently defaults to automatically sorting token pairs by the number of transactions over the past 24 hours. You can use the “Last 24 hours” button at the bottom of the page to pick a different time frame, e.g. 5 minutes, or the “Rank & Filter” button to search for tokens in more granular fashion.
At this point, you can click on a specific token pair of interest to zoom in on its recent transactions, top traders, liquidity stats, market cap stats, and more. For example, this page tracks the Wrapped Mantle and USDT pair on the Agni DEX:
That’s just the front page of the platform though. If you want to start checking out some of the other functionalities, look over to the left sidebar – here, you’ll find Watchlist and Alerts hubs, where you can pick out specific token pairs you want to watch closely and create price alerts to let you know if/when your price targets are reached.
Next up is the Multicharts dashboard, where you can pick out multiple token charts and place them alongside each other so you can watch price action across a range of token pairs simultaneously.
The last trio of dashboards are particularly interesting for us token analyzooors.
First is the New Pairs page, which surfaces liquidity pools that have just been created from around DeFi and tells you how old the pools are, the number of buys and sells they’ve facilitated, etc.. Next, is the Gainers and Losers center, where you can readily sort by which liquidity pools have seen the biggest price drops and rises over the past day. Lastly, there’s the Trends tab, that helps you quickly identify tokens that have just recently begun to trend sharply upward or downward.
Of course, the buck stops with you as far as how to best use these analytics resources. But if you do your part and bring caution and shrewdness to the table, then Dex Screener has everything you need to elevate your trading game, whether you’re a DeFi novice or veteran.
From customizable dashboards to trending tokens, this is a great tool for diving in and making educated decisions while you navigate the crypto frontier. Dive in, stay informed, and make the most of new DeFi happenings with Dex Screener.
Action steps
- 📈 Check out Dex Screener: Explore the platform
- 👾 Catch up on the previous tactic: Leveling up your NFTs with Arcade