What Can DefiLlama’s Chatgpt Plugin Do?
With the new DefiLlama ChatGPT plugin, we are able to retrieve up-to-date current and historical data on blockchains, DeFi applications, and bridges.
Previously, while ChatGPT could help with some form of research, the model had limitations as it could not access up-to-date information as its data was only updated till September 2021.
Key Takeaways
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ChatGPT Plugins are third-party applications that can help enhance the GPT-4 model by enabling users to access up-to-date information and much more.
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The new DefiLlama ChatGPT plugin allows you to keep yourself updated on information about blockchains, DeFi applications, and bridges.
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You can use the plugin to retrieve updated information, identify the best and worst performers, stay updated with current trends, and even find potential investments or hunt for airdrops.
While the normal ChatGPT model is a great tool for helping you with your crypto research, the model has limitations and should not be used as a standalone tool for your research. Without the plugins, ChatGPT would have to be manually trained by the user, or it would not have access to relevant information.
To combat this, ChatGPT Plugins were introduced. These applications help enhance the paid GPT-4 model by connecting to up-to-date information, running computations, or using third-party services. These plugins are not just exclusive to the finance and cryptocurrency world, as there are a variety of plugins that can help you search for Google trends or even the cheapest airplane tickets.
In this article, I will walk you through the basics of downloading the DefiLlama plugin and how to prompt the model to keep you updated on DeFi topics.
Getting Started
To get started, you must first sign up for a ChatGPT account.
Step 1: Purchase ChatGPT Plus
While the DefiLlama ChatGPT plugin is free for everyone to access, ChatGPT plugins are only available for premium users. As of 12 July 2023, the premium ChatGPT subscription costs USD 20 a month.
After purchasing the premium subscription, you can access exclusive features such as the GPT-4 model, plugins, and multimodal replies.
Step 2: Enable Plugins On ChatGPT
To download the DefiLlama plugin, you must first enable plugins under the GPT-4 model. To do this, simply click on the GPT-4 model and click on plugins.
If you are not able to view the plugin options yet, you need to enable this option in your settings, as the function is still in the beta testing stage. To do this, you will need to select the Settings options at the bottom left of your screen.
After selecting settings, the website will bring you to a new pop-up window. In this window, select Beta features, and enable Plugins.
Step 3: Download DefiLlama’s Plugin
After you have enabled the plugin function, you will need to download the DefiLlama plugin from the plugin store. To access the plugin store, click the “No plugins enabled” option and scroll down all the way until you see the Plugin store.
After clicking on Plugin Store, the page will show you a variety of plugins you can download. On the search bar, search for “DefiLlama” and start installing the plugin.
The installation will take less than 10 seconds, and after this, you are ready to use the plugin! Just remember to enable the specific DefiLlama plugin every time you want to use it.
Now that you have successfully installed the plugin, let us explore how we can use DefiLlama’s plugin to analyze the decentralized finance landscape.
Retrieve Up-to-date Information
With the DefiLlama plugin, GPT-4 is able to provide you with up-to-date information on everything related to the different protocols, chains, and bridges. For example, the plugin can access information such as the Total Value Locked (TVL) protocol fees and revenue of a protocol, providing investors insight into a protocol’s financial performance.
Example Prompts
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What’s the current Total Value Locked (TVL) of the SushiSwap protocol?
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What are the latest fees earned by the Aave protocol?
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What’s the current revenue of the Curve protocol?
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What is the liquidity of X?
Identify Top And Worst Performers
Other than retrieving information, the plugin is also able to identify the top and worst performers in the DeFi space. This can be helpful for investors to identify any relevant trends or potential opportunities.
Example Prompts
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Name the top 10 protocols that gained the most TVL this week
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Which protocols have generated the least revenue this month?
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Name the top 5 protocols that have earned the most fees in the last 30 days.
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Give me a list of the top 5 single-sided pool stablecoin yields.
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In terms of percentage change, what are the fastest-growing protocols in the last 14 days?
Stay Updated With Current Trends
You can also use the plugin to get a bird’s eye view of the recent updates in the DeFi space. At a glance, these prompts can give you insights into the most significant developments, such as the fastest growing chains and top yields.
You can also use a more general prompt to view the summary of the development in the DeFi space. This can be extremely helpful for potential investors to spot trends or even look for any potential investments.
Example Prompts
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Give me a summary of what has happened on the Optimism chain in the last 30 days.
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In terms of percentage change, what are the top chain changes in the last 7 days?
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What are the bridge flows for all the chains these last 14 days?
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Which protocols have had the highest percentage growth in TVL in the last 24 hours?
Analyze A Project’s Potential
If used correctly, the plugin can even help to find rising projects. As mentioned above, the DefiLlama plugin can help you spot any upcoming trends. Riding on that trend, you can use the plugin to analyze similar projects and their potential.
Example Prompts
In this thread, the user used the plugin to analyze and find potential investments in the Collateralized Debt Position (CDP) sector after the revenue of MakerDao skyrocketed.
The revenue of @MakerDAO has massively gone up so now we need to check the whole CDP sector 🍰
DefiLlama brings us the most recent Data about hundreds of projects. Let’s discover the whole CDP sector in seconds 👇 pic.twitter.com/wFy3ja47LT
— Finish 🏁 (@0xFinish) July 6, 2023
To find potential investment opportunities, another user first looked for the blockchain that had attracted the most liquidity in the last week before trying to find the project that had captured most of the liquidity from the blockchain.
After a few seconds, ChatGPT returns the protocols that had the largest increase in TVL.
We can see that @VelocimeterDEX had an increase of approximately 30% in 7 days.
What happened?
— The Smart Ape 🔥 (@the_smart_ape) July 12, 2023
After identifying the project, the user also used another plugin alongside with DefiLlama plugin – the LinkReader plugin. The plugin is an advanced tool that excels in understanding and synthesizing information. Here are some prompts you can use to prompt the LinkReader plugin to help you digest information:
3- The last step is to understand this increase, for that, we will use another ChatGPT plugin: Link Reader.
Use this prompt by providing all the important documentation links. 👇
Let’s consider @VelocimeterDEX as an example.
— The Smart Ape 🔥 (@the_smart_ape) July 12, 2023
Hunt For Potential Airdrops
You can also use the DefiLlama plugin as an aid to hunt for any potential airdrops. Through the data and trends from DefiLlama, you can make an educated guess about which protocol or chain might be doing the drop.
After coming up with this list, you will need to manually shift through protocols that are unlikely to have an airdrop – in this case, stUSDT.
After you have come up with the list, you can use the general prompt as shown above and use follow-up questions to analyze the different criteria that might constitute an airdrop. For example, protocols with a large and active user base may be incentivized to conduct an airdrop to encourage participation. To analyze this, you can look at the protocols with the highest transaction volume.
Example Prompts
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In terms of TVL, what protocols are growing the fastest in terms of percentage change?
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What are the protocols that have the highest transaction volume?
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Which protocols have the most liquidity?
You should also always refer to updated news sources and be on the lookout for social media updates regarding airdrops, as the plugin is still unable to access such information.
Word Of Caution
While the DefiLlama plugin can be extremely useful in terms of helping us analyze defi chains and protocols, it still has its limitations as it is a fairly new project. As of today, 13 July 2023, the plugin is still unable to satisfy all queries successfully.
For example, when asked for the historical TVL data for the Uniswap protocol, the plugin replies with hypothetical values.
The plugin is also still unable to access certain information.
The plugin is also not able to access live updates on cryptocurrency prices or news updates. Therefore, when using the plugin, you should always exercise discernment and use the plugin as an additional tool on top of other research methods including fundamental and on-chain analysis.
Final Thoughts
Used correctly, this new DefiLlama ChatGPT Plugin can help users save time when conducting their research on Defi. While the plugin still does not allow users to track price changes on a certain coin or provide real-time news updates, the plugin still provides valuable and accessible information for investors.
As the DefiLlama plugin is still in the beta phase, it is safe to say that we will be able to enjoy additional features on the bot in the future. With such advancements in AI, AI is changing how we can conduct our crypto research, and it will be interesting to keep an eye on how cryptocurrency and AI will interact in the future.