Here are a few tips I’ve managed to write down while navigating the wild west of DeFi. For newbies or advanced users, I’m sure there is something within my list you can learn from.
* Use bookmarks
* Don’t Google for defi apps. Use the official websites and bookmark them. CoinGecko is a great source for directly going to an official website.
* Use a separate wallet with small funds for DeFi than what you use to actually hold your larger funds.
* Some advanced users like to create Chrome profiles (each having a different MetaMask).
* Some users tend to use two or more hardware wallets or other non-custodial wallets.
* Always carefully check what MetaMask presents you when confirming transactions on new dapps. Both solutions I am recommending below are free to use:
* Webacy is a security suite that provides sms/email alerts for inbound and outbound activity (including approvals). A great solution for being alert when away from your computer.
* WalletGuard is a browser extension that breaks down transactions for you prior to signing them.
* Always approve small amounts and not infinity.
* If you’re worried you have open approvals I would once again recommend using Webacy to check. Likewise, revoke cash will also show them. From either, you can revoke any open approvals. This is always a great thing to do in order to stay on top of your wallet hygiene.
* Don’t paste the seed phrase or private key into any website.
* Please **don’t** be this guy (Program C: Files -> Desktop -> DeFi -> Seed Phrase).
* There are security solutions out there that let you designate a primary wallet and backup wallet, so if you ever lost your seed phrase you can use your backup wallet to fetch the assets out of your main wallet. Webacy also offers this.
* Do proper diligence/DYOR before interacting with larger funds.
* Check out the Discord community. Skim through the audit points. Check the popularity of the project. Check if the project makes sense. Hold on to your greed and only invest if you really understand what the project does. Only use DeFi and not CeFi. Use pages like exponential.fi and l2beat to aid your diligence.
And lastly, have fun 🙂 When you have security measures in place and you follow your own safety hygiene methods it’s nice. You’d rather be safe than sorry. Once again, I mentioned a few great tools above I would recommend for anyone looking to enhance their basic security: Webacy, RevokeCash, & WalletGuard. All three tools have audits and great investors behind them.
1 thought on “A thread on how to navigate DeFi Safely:”
This post has been removed because our auto-moderator detected it as spam or your account is too new to post here.
If this post is *not* spam, please contact the moderators for assistance.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/defi) if you have any questions or concerns.*