GeckoTerminal, a new charting tool developed by CoinGecko’s cofounder, has been circulating around the crypto scene for the past few months and aims to be the best charting tool available in the crypto industry. Let’s take a closer look at GeckoTerminal and see where it stands, where it’s going, and what it wants to be.
What is GeckoTerminal?
GeckoTerminal was founded by Booby Ong, co-founder and chief operating officer of CoinGecko. He founded CoinGecko in 2014 and has been in charge of the company ever since. Later on, he decided to introduce a new charting tool, GeckoTerminal, to the cryptocurrency market.
GeckoTerminal has been available for a few months; it was initially developed for internal use due to ongoing issues with PancakeSwap; PancakeSwap was proving to be unreliable with CoinGecko; and thus, they decided to make it fully available to the public.
As a result, they decided to track as many EVM-compatible chains and DEXs as they could from GeckoTerminal after noticing that there was a lot of interest in looking at charts on a dedicated charting platform. After doing so, they developed a charting application that supports over 20 EVM chains and over 100 AMMs (Automated Market Makers). Another fundamental feature of GeckoTerminal is that it allows you to keep track of all of the ERC-20 fungible tokens that are in circulation.
What Makes GeckoTerminal Unique?
One of the advantages for investors to link to this chart is that GeckoTerminal has a more aesthetically pleasing UI when compared to other DEX tools and competitors. GeckoTerminal supports far more chains than PooCoin. As previously stated, GeckoTerminal supports 20 chains with more on the way; they hope to add more chains and make the platform as user-friendly as possible.
CoinGecko has no advertisements on its website, and the website never promotes tokens. Their primary goal is to make it the market’s leading charting platform. Most DEX tools support wallet connections. Nonetheless, GeckoTerminal must first seek legal advice to determine whether this is permissible at this time. If they did it, they would do it on GeckoTerminal rather than CoinGecko.
Everything displayed on GeckoTerminal is on-chain data, which anyone can read on the Ethereum chain, Polygon, and so on. It competes fundamentally on usability and end-products. Because everyone has access to the same data, there isn’t much room for CoinGecko to compete with other platforms; the main things CoinGecko focuses on are whether the data is as accurate as possible and whether it is user-friendly.
For the time being, GeckoTerminal’s branding is quite bold; the platform is also still in alpha. The developer team is focusing on the key aspects rather than the branding, which can easily be fixed in the near future.
How Does GeckoTerminal Work?
GeckoTerminal primarily reads data from chains such as Ethereum, Polygon, Phantom, and others. Afterward, the data is compiled and interpreted using a candlestick chart powered by a trading view widget. At the moment, there is no widget on the platform, but they may add it in the future.
GeckoTerminal makes use of a free API as well as a Pro API for Telegram users; the Pro API provides more features to its users, while the free API is already quite generous. It also has a telegram bot, but it falls short when compared to other telegram bots of the same type.
It is currently playing catch-up, as the majority of users are using PooCoin and other DEXs. GeckoTerminal is constantly looking for ways to improve. It is doing so by listening to the community as much as possible.
What Makes GeckoTerminal Unique?
What distinguishes GeckoTerminal and helps it retain its user base is that other platforms such as PooCoin falls short in terms of user-friendliness and a good user interface and user experience. Most DEX tools are quite glitchy and unreliable. Also, the data that enters DEX tools is not always as reliable as that of GeckoTerminal.
There is a massive opportunity for GeckoTerminal to take the crowd away from PooCoin and other charting tools on the market. This is mostly because other charting tools have extremely unreliable and appalling user interfaces. Additionally, it does not fail to display the charts immediately after clicking on them, whereas on other platforms, it might take a moment.
Also, the development team behind it is committed to creating a useful tool for the community, not a money-making machine. This is mostly because CoinGecko is their primary source of money, and they don’t need to rely on other means to build the platform.
They intend to use what they’ve learned from CoinGecko to develop better tools, a more reliable platform, and ultimately a better platform for cryptocurrency investors. Another significant advantage of GeckoTerminal is that it has a strong competitive edge; it compiles its data in the most professional manner possible, and it makes the data easily digestible by a user. The fact that the CoinGecko name is associated with it also contributes significantly to its popularity; it effectively grants it instant legitimacy in the eyes of an investor.
GeckoTerminal Drawbacks
What keeps investors on DEX tools is their “Trending” feature, which gives new projects hype and popularity, but it also opens up opportunities for abuse, such as a large number of proxy bots that cause some coins to trend unnaturally. Unfortunately, GeckoTerminal lacks this feature, and new projects do not receive much attention.
CoinGecko is currently observing the proxy bots problem on their “Trending” feature. They have taken steps to ban tokens that are manipulating the “Trending” feature. While this is fine for large platforms like CoinGecko, it is more of a problem to fix if GeckoTerminal decides to implement the feature.
Another disadvantage is that it does not have as many features as other platforms, which is normal since it is still in its alpha version. Another disadvantage could be GeckoTerminal’s low popularity at the moment, although we believe that will change in the future.
The Future Of GeckoTerminal
Its future is difficult to predict, but if we look at how the project has performed and its advantages, such as support for well over 20 chains and 100 different AMMs, the platform’s more automated approach, and, of course, the experience and name of CoinGecko linked to it, we can make some educated guesses.
The platform has enormous potential to become a major charting tool in the cryptocurrency space. Additionally, we believe it has the right development team to support it and help it achieve the goal that this platform has been pursuing. And if they follow through on all of their commitments, the platform will reach its full potential in the near future.
Frequently Asked Questions (FAQ)
Is GeckoTerminal Safe?
The platform is mostly safe, but due to a large number of tokens it tracks (over 500000), there are a lot of scams and spam tokens out there, and because of the platform’s size, it takes no steps to manage them.
Should I Use GeckoTerminal?
Yes, we strongly believe that you should, given the numerous advantages GeckoTerminal has over other platforms and DEX tools. Additionally, it is backed by a well-known team, including Bobby Ong, CoinGecko’s COO. Although at the end of the day, it depends on your personal preference.
Is GeckoTerminal Reliable?
GeckoTerminal is a brand new project that launched a couple of months ago; while the platform offers significantly more accurate data than other platforms and DEX tools, it is not completely 100% accurate, as is the case with every other platform out there.
Takeaways
- It’s been a few months since CoinGecko’s co-founder released GeckoTerminal, an advanced charting tool developed by CoinGecko’s co-founder.
- Compared to other DEX tools and competitors, GeckoTerminal has a more aesthetically pleasing UI.
- GeckoTerminal mainly reads data from Ethereum, Polygon Phantom, and other chains before they compile and interpret it.
- Other platforms, such as PooCoin, lack user-friendliness, a good user interface, and a good user experience, which sets GeckoTerminal apart.
- The lack of features is normal for a new project like GeckoTerminal, which is still in its alpha version.
- GeckoTerminal supports over 20 EVM chains and 100 AMMs (Automated Market Makers).