Introduction
With more than $100 billion in total value locked, nearly all of it comes from Ethereum, DeFi is expanding quickly. With new Solana DeFi protocols being released every day, the Solana ecosystem is catching up quickly. Asset tracking across several platforms is never easy.
Consider a scenario where a user lends SOL to a platform and holds USDT. When the user logs into their wallet, they should be able to see their USDT balance alongside other assets. However, their SOL is locked into another platform, and to check its performance, they need to log in to the platform where they lent their SOL.
This user experience is not ideal for DeFi participants. DeFi aims to disrupt traditional finance by providing seamless and user-friendly experiences. Furthermore, DeFi users often face the challenge of forgetting about assets deposited into various platforms. Even DeFi experts, known as DeFi Degens, may struggle to track assets across multiple platforms where they spot potential opportunities for profit. Managing assets scattered across different platforms becomes cumbersome and time-consuming.
Therefore, improving user experience and providing better asset tracking solutions are crucial aspects for the advancement and widespread adoption of DeFi.
This is where SonarWatch comes in. It is basically a DeFi protocol that enables us to manage and analyze our positions, view the floor price of our NFTs, stake SOL, and access a number of other tools to make the process of DeFi investing easier. It also allows us to monitor the performance and value of your various positions within Solana in real-time, from farms to staking and other yield strategies.
Variation In Types of Dashboards
Single-Chain Dashboards- The Dashboards which track only for a particular chain are called Single-chain Dashboard.
Multi-Chain Dashboards- The Dashboards which track assets on multiple chains are called Multi-chain Dashboard.
The utility of both the types of dashboards depends upon the use case of any DeFi user. A single-chain dashboard is far more helpful for DeFi users who are exclusively focused on one chain than a multi-chain dashboard since it integrates protocols relevant to that chain and tailors its features to meet its needs.
Features of SonarWatch
Dashboard- It helps in tracking the complete metrics of a user and how their portfolio is performing which includes not just tokens but NFTs too.
Wallet Tracking- It helps in tracking not only your wallet address but even other's wallet address too. As all the transactions on Solana are present at Solscan, so SonarWatch uses that.
Statistics- The search bar is quite useful for searching the stats of various tokens. Once a user clicks on a token, a page pops up which shows the pricing of every token.
NFTs- SonarWatch also keeps a track of NFTs. If the NFTs are part of a supported collection, the price floor of the collection will be displayed.
$SONAR Token
SonarWatch also have their own token. Users with sufficient amount of $SONAR Tokens will also get access to some PRO features as well like History Charts, Multi Wallet Support, etc.
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