Something happened this morning that probably flew under your radar but, seriously, this is a gift. One of my favourite underrated DeFi projects, the DeXe Network released a reimagined build of their Wallet-to-Wallet Copying tool, which let’s you follow and automatically copy any ERC-20 wallet. Literally any. And by copy, I mean, pick a token in that wallet that’s also in yours, set your parameters and safety nets, and your wallet will automatically trade it if the target wallet trades it. You don’t need to just focus on one token either you could copy every matched token in the wallet you are following. Why is this such a huge deal? Well, it’s probably the best example of para-crypto analytics in the DeFi Crypto space at the moment.
Now I don’t need to wait for all my buddies to get in on Cronje’s new project and tell me about it after it pumped and dumped or hear about an Elon Musk tweet 3 hours later — I can just find the wallets who are “in the know” and set my wallet to automatically act when they act. Maybe checking in on wallet addresses for the best youtubers too, like The Moon Carl, or Crypto Zombie or my fave ‘The Martini Guy’, yeah luv ye dude! Let Elon do the hard work, I’ll take them trades, thank you very much. The only question is… how do I find useful wallets to follow?
#Influencers
So I had some ideas (the W2W only came out today so didn’t have too much time to play with it yet). The first one — let’s follow the influencers. The beauty of ERC-20 wallet addresses is that they are public. And many influencers don’t bother to hide their wallets much. Take Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, Shark Tank star, and someone who all of a sudden is now a huge fan of DeFi. According to this Decrypt article, this is his wallet (or at least one of them):
0x95abda53bc5e9fbbdce34603614018d32ced219e
Think of your own favourite influencer. John McAfee? Andreas Antonopoulos? Elon Musk? I found Cuban’s with some simple Googling. DYOR and have fun!
The first movers
Did you ever notice how, when a cool new project drops, you rush into it only to find that… there’s already been a huge pump (and possibly dump)? How? Who is that fast? Well, I don’t waste time on this philosophical thinking and complaining. I learn. And I find ways in. Which wallet addresses got there early? What other top projects did they get into early? With this new W2W copying tool, I’m just following them and setting my wallet up to automatically trade for what they’re trading. There are various ways of finding the most active first-mover wallets. Here is a very thorough (albeit quite technical) step-by-step guide from JuliusCeasar.
Follow the pros
If you can’t follow the market 247, copy those who do. Alameda Research is famous in DeFi for their strategies, including some very nifty ones. Is this one of their wallets?
0x61097c84bc54AED8f07cf3e903FAF8a7c64c9859
Or is the 3 Arrow Capital???
0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3
Yes, why compete with the big traders when you can join copy them?
When the DeXe Network launches their full platform (I think they said it’ll be out in Q1 2021), I’ll finally get my hands on systemic, transparent copying of pro traders. But for now, I’m going to Google the addresses of every influencer, top trader, first-mover, and any other address that could lead me to that sweet sweet alpha. And then, copy copy copy, baby!
Please note I am not giving financial advice. Do your own research — copy what you want after working out whether it is right for you. Don’t just follow me, test it for yourself once you’ve researched for yourself. Take it easy man!
