In brief

  • The world of ERC-20 tokens is notoriously difficult to keep up with.
  • An app has been launched to track big DeFi transactions—and notify users.
  • The app, UniWhales, tracks movements on Uniswap and is planning on monitoring other DEXs.

The DeFi world moves notoriously fast. Few can keep track of all the new tokens and their transaction volumes 24/7. 

But a new app for tracking whales on Ethereum is hoping to make it easier. 

UniWhales, launched in September, notifies subscribers about the latest big transactions on decentralized exchange Uniswap via Telegram alerts. It keeps track of all the new ERC-20 tokens that spring into existence—and their trading volumes on the leading DEX. 

 

Why would you want to know? Because things move fast and innovation happens at breakneck speed in the DeFi world. Announcements are constant, prices change in a matter of seconds, and hacks are becoming more common

Uniwhales’ founder, who goes by the name Timur, told Decrypt: “I think it’s important for retail users and Uniswap traders to know in real-time where the capital flows in order to identify the trends and the market movements.” 

Matt Aaron, who co-founded UniWhales alongside Timur, added: “The whales are the market movers of DeFi—they signal where the market is going. As a DeFi trader, when a coin can go up 40% in 30 minutes, you want this information as soon as possible.”

The app has a ‘New/unknown tokens’ channel which displays new or low volume coins at their very first transaction over $10,000. The channel has identified a number of coins that have shot up in value—sometimes as high as x10—in as little as a few hours. 

Beyond staying ahead of “normal” price volatility, users may also be able to steer clear of the security issues that have plagued a subset of Ethereum-based protocols lately. When DeFi protocol Pickle Finance was hacked, the UniWhales Telegram alert channel was filled with sell-off transactions. Traders need this information as investments in the DeFi world can quickly go from being in the green to deep in the red in the blink of an eye. 

“Hacks tend to cause whales to exit a coin—traders need to be aware of that,” Aaron added. (Although, it’s not quite as useful as knowing about the hack before it takes place.)

The app is free to start with. Users can pay to access a Telegram group that gives whale analysis (e.g., profitability, top trades, position sizing) and historical data on the movements. In addition, UniWhales will launch a web interface on December 7 that gives subscribers more functionality and the ability to explore and customize data.

UniWhales is trying to keep up with an ever-evolving DeFi space. Today, the app announced that it would be launching a new Telegram channel dedicated solely to SushiSwap movements—something the team hadn’t planned on doing. 

The app’s founders told Decrypt that it will likely monitor other DEXs as time goes on.