In our last article, we talked about Rainbow wallet, which is a good alternative to metamask. In this article, we will talk about Rabby wallet, another solid alternative to metamask.
Rabby wallet is an open source crypto wallet built by DeBank. DeBank is a Web3 messenger that lets you send and receive messages to a Web3 address. Debank offers a powerful dashboard that gives you a summary of your assets and investments. You will be able to find all the liquidity pools that you contributed to on many chains. That is very helpful in case we lost track to which pools and protocols we have already deposited to. DeBank also flags the scam transactions in your transaction history. We can’t prevent our wallet from receiving scam transactions for now, so it’s very important to understand them and not to fall to the promising scam NFT we keep receiving:
Rabby wallet offers a seamless multi-chain experience for DeFi users. It uses a pre-transaction potential risk scanning to prevent you of any risk and before you sign a transaction, the balance change will be displayed.
Rabby offers a points system that rewards users for different actions like swapping through the wallet. You can use this code RBYPOINTS to boost your points.
Once you install the wallet, you can connect your hardware wallet, create a new wallet or import an existing one. After the initial setup, you can claim your rabby badge from debank by clicking on the More icon:
And claim your badge:
There are a few steps to complete, essentially making a swap transaction:
Once completed, you can claim DeBank testnet tokens:
We are surfing the Web hunting for the latest airdrop. A link somewhere says that we are eligible, but we have only a few hours to claim. We rush to the link and connect our wallet… then we get a bit suspicious but it’s already too late.
Scammers are getting very innovative in luring us into traps. We have to be extremely careful where we connect our wallet. Even if the link comes from a trusted source, we still have to double check everything.
We should never sign a transaction that we don’t understand, however most of the time the transactions are not human readable.
Thankfully there are some tools that can identify scams and wallet drainers before they interact with your wallet. Check walletguard, in one click you can scan for risks including approvals, hacks, honeypots & more.
Again, as a good practice, you should do your own research even before using walletguard.
And don’t forget rule #1 regarding your wallet: Never share your secret phrase with anyone.
Fee optimization is a very important part of your crypto journey. Before doing a transaction, it is important to explore all possible ways and choose the strategy that minimizes the fees. This applies to on chain and off chain transactions.
Let’s say for example you want to transfer a given asset from Exchange A to Exchange B. Each exchange has a withdrawal fee, a deposit fee and sometimes a minimum amount that can be withdrawn. In some cases it could be cheaper to sell the token in one exchange for USD and buy it on the other exchange so you don’t lose your position. While this might be tempting, if there’s any capital gain, you will be imposed and pay taxes on it. So you have to be extremely careful and consult with your tax advisor before doing any alienation of assets.
Example
For the following example we suppose it’s cheaper to buy USDC on Coinbase centralized exchange than buying it on MEXC. You need your liquidity on MEXC because it offers a wider variety of coins. In this scenario, it is better to buy USDC on Coinbase and send it to MEXC. We will walk through the steps.
Receiving wallet
First, in your MEXC wallet, navigate to deposit and choose USDC. Then select a network that has low network fees, For example Polygon(MATIC), Once your address is ready, copy it.
Sending wallet
In your Coinbase application, navigate to your USDC account, click on send. You will be prompted to choose a network. Ethereum has the highest fee, and the rest usually have a very low fee, but as of today it is free. It’s probably a promotion from Coinbase because they encourage the usage of USDC since they are early backers of the Circle project.
Make sure you choose the same network that you selected in MEXC, double check that you are sending USDC using MATIC and enter your MEXC address.
You will receive your funds in a few minutes. In MEXC, since most crypto are paired with USDT, you can convert your USDC to USDT for a negligible fee.
Don’t forget, It is always wise to send a small amount first to make sure you receive it correctly before sending the desired amount.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
