‘Don’t tell me what you think, tell me what you have in your portfolio’ – Nicolas Taleb, Skin in the Game
Every time you do competitive analysis, you need to sacrifice some money and go use some protocols.
Create a separate wallet just for this, and top it up with a few hundred dollars.
This might seem like overkill, but you want to use enough money that you become interested in the results - happy when you win, frustrated when you lose.
Never forget that this is just a game. Feel those emotions and learn from the experience.
- Go to https://defillama.com/
- Find a relevant category
- Open 3 or 4 websites in new tabs
- Get tokens
- Use these tokens on each site
- Screenshot every screen
- Dump your screenshots in Figma and write up your notes
- Come back after a week or so.
You will probably have some dramatic realisations through actually using the apps, over just looking at them. And if you do 3 or 4 back to back, you will likely notice certain commonalities and certain differences. Pay attention to how smooth each flow felt. It’s worth doing the weekly check-in to see if you’ve made any money or not. This might impact your “user experience” more than anything else you noticed. This too is an important realisation.
Tip: When you get a chance, work through this guide to DeFi at your own pace.