Divi DeFi is a revolutionary platform. To help you get the most out of your investments, we've compiled a list of essential tips and suggestions to keep you safe and maximize your profits.
We have compiled a list of ideas to position yourself for success when interacting with the new innovative Divi DeFi platform. This list is not necessarily exhaustive, but it's an excellent resource for anyone dealing with DeFi, dApps, and this rapidly evolving space. Without further ado, please see the list below:
- Always have some ETH in your wallet
The Divi DeFi platform is built on the Ethereum blockchain, which means that you will need to pay gas fees in ETH to interact with this web dApp. Gas fees are a small amount of ETH you must pay to the network to process your transactions. If you don't have any ETH in your wallet, you won't be able to pay these fees, and you won't be able to use the DeFi apps.
- Don't commit 100% of your ETH to liquidity.
Similar to the above, if you contribute every last bit of Ethereum to your ETH/DIVI(ERC-20) liquidity position, you will need more ETH for transaction fees involved with exiting your position. Pay attention when depositing your liquidity that you leave roughly $10+ equivalent in your wallet at all times. Some might refer to this as dust, but it can sometimes be a lifesaver.
There are a few reasons to send test deposits in DeFi:
- First, to ensure that your wallet is set up correctly: Sending test deposits can help you confirm that your wallet is properly configured and can send transactions successfully. This is especially important if you are using a new wallet or a new DeFi app, as it can help you to identify and troubleshoot any issues before you risk more significant amounts of money.
- Test deposits can help you catch any errors or issues that might occur when interacting with a dApp. For example, if you send a test deposit and it doesn't show up in your account as expected, it could indicate a problem with the app or your wallet.
- Lastly, familiarizing yourself with the process is essential. Sending test deposits can also help you get comfortable using a dApp so that you know what to expect when you are ready to make larger transactions.
Overall, sending test deposits is an excellent way to ensure everything works as it should when you use dApps. It helps you avoid mistakes or issues when using new and different dApps.
- Review each transaction you sign before you sign it
Again, there are several reasons to review transactions before signing:
- First, to avoid mistakes: Reviewing your transactions before you sign them can help you catch any errors you have made when filling out the transaction details. For example, if you accidentally enter the wrong address or amount, reviewing the transaction before you sign it can help you to catch these mistakes and prevent them from happening.
- Next, to protect yourself from scams: DeFi is an expanding space, which means that there are sometimes scams or frauds that attempt to take advantage of users. Reviewing your transactions before you sign them can help you identify and avoid these types of scams, as you can check that the transaction details are what you expect them to be.
- Finally, you should always understand what you are agreeing to: Reviewing your transactions before you sign them can also help you know what you agree to when you use a dApp. By taking the time to review the transaction details, you can make sure that you are comfortable with the terms and conditions of the dApp and that you are aware of any risks involved.
Reviewing your transactions before you sign them is a crucial step when using any DeFi app, as it can help you avoid mistakes, protect yourself from scams, and understand what you are agreeing to.
- Double-check the website address
There are several risks involved when it comes to checking websites.
- First, to avoid phishing attacks: Phishing attacks are a type of cybercrime that we have discussed before. Attackers try to trick you into giving them your personal information or login credentials by creating fake websites that look like the real thing. By double-checking the website address, you can ensure that you are visiting a legitimate site and not a phishing site attempting to steal your information.
- Next, avoid scams: There are sometimes scams in the DeFi space that attempt to take advantage of users by setting up fake websites or apps that claim to offer DeFi services. By double-checking the website address, you can make sure that you are not falling for one of these scams.
- Finally, double-checking the website address can also help you to avoid mistyping the address and ending up on the wrong site. If you mistype the address and end up on a different site, you could be at risk of falling for a phishing attack or a scam, or you could end up on a site that is not what you were looking for.
Double-checking the website address is a critical step when using any DeFi app, as it can help you avoid phishing attacks, scams, and mistyping errors.
- Only click on links to the Divi DeFi platform from Divi Project.
To help you, we have included a helpful list of links you can cross-reference when viewing other sources.
- Check your wallet/account regularly.
Unlike layer-1 Divi, where you can "set it and forget it," DeFi and the Divi DeFi platform are slightly different. We outlined this in the previous articles, but here we have some additional considerations to bring up.
- First, checking your wallet regularly can help you keep track of your transactionsand ensure that they are processed as expected. By reviewing your wallet, you can see your balances, view your recent transactions, and verify that everything is working as it should be,
- Also, regularly checking your wallet can help you catch any errors or issues that might occur when using a dApp. For example, if you notice that a transaction is taking longer than expected to be processed or if your balance is not updating as it should be, checking your wallet can help you identify and troubleshoot these issues.
- Finally, if you are using a dApp to earn interest or other types of passive income, checking your wallet regularly can help track your earnings and ensure you receive the payments you are entitled to.
Overall, checking your wallet regularly is an excellent way to stay on top of your DeFi activities and ensure that everything runs smoothly. With the Divi blockchain, much of this is automated to let you know when something is awry, but in DeFi, it is a different process, and you, the user, need to be accountable.
The Divi Project treats your safety and security as paramount. After reading this list of topics, we want you to feel more prepared and ready to be successful when you get access to the Divi DeFi platform. If you have questions beyond what we have covered, join us in Discord and ask away.
Next Up: Divi DeFi platform walkthrough
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