DeFi Safety
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What’s up fellow Degens, Lately i noticed there are more new Degens using DeFi, but most of the fresh Degens don’t know how to safely navigate the space. But don’t you worry! I got you covered! Here are some tools you can use to make you DeFi adventure more safe. # Tokensniffer You want to Degen into a memecoin or a new project token? And you want to make sure you are not getting rugged/scammed? Than Tokensniffer is the place to verify the contract of the token! Step 1. go to Coingecko/Dex screener and copy the contract address of the coin you want to buy. Step 2. got tokensniffer and paste the contract address into search engine, and see for yourself. The meme (shit)coin casino is a wild place with a lot of rug pulls, honeypots, you name it. Token sniffer will sniff the contract of the (shit)coin you want to buy and will give you the data you need to know to increase your odds of not getting rugged. Like you can see in the image above this token is obvious a honeypot scam (which means you can only buy the coin and not sell it) Website: tokensniffer(dot)com # Defillama Defillama is the largest TVL aggregator for DeFi out there, it provides accurate data and transparent methodology, everything you want to look up for DeFi protocols. Its analytics dashboard aggregates data to display updated information about TVL, volume, fees, yield, and much more! It provides useful data of Decentralized exchanges, Lending platforms, Yield farming projects, Staking protocols, Bridges, etc. Defillama is a valuable resource that provides data and insights to help users navigate the complex and ever changing DeFi landscape. DeFi is always growing and evolving pretty fast, so a platform like Defillama can promote transparency, mitigate risk and helps users to understand the performance and potential of the Dapps and services available. A cool tool of the platform what i highly recommend is the Defillama Extension. It gives you a cool llama icon in your browser that is an indicator that will turn red when you are visiting a suspicious/scam website and will turn green when you are visiting a recognized trusted website, or a question mark if the extension doesnt know the website. Defillama can be a bit overwhelming the first time you navigate the website, because there is a lot of information to search through. Take your time and get familiar with it. Website: defillama(dot)com # Revoke(dot)Cash when you sign a contract sometimes you give approval to unlimited token amount, so after you swap, bridge, provide to a LP, your wallet is at risk of a contract exploit. so if you are done with some DeFi stuff its always a good habit to go to revoke(dot)cash to see if there are still contracts open, and if they are make sure you revoke them. A lot of times when a platform/protocol is hacked they can exploit the contracts that are still open and drain your wallet, so stay safe and Revoke! Website: revoke(dot)cash # Rabby Wallet This is far out my favorite wallet to use in DeFi. It got a lot of awesome features, you can revoke contracts in the wallet itself, so no need to go to Revoke(dot)cash if you use this wallet. You can Bridge or Swap directly in the wallet, but to be honest I use other Bridge and Swap services because I can find better rates somewhere else, but still a cool feature. Under the list of tokens you can see all your DeFi positions, a simple and easy way to track your positions in different protocols on different (EVM)chains. You getting a lot of scam coins/NFT’s send to your wallet? Rabby will hide them for you, so you don’t have to see/deal with them. In MetaMask you have to add a coin a lot of times in your wallet manually, with Rabby (most of the time) it does it by default for you. When you want to sign a transaction, is it for sending, swapping, LP, lending/borrowing, you name it, Rabby will make a simulation for you so you always know what the contract does before you sign it. So you can make sure that the contract really does what you want it to do. Rabby(dot)io # Scammers on social media Are people trying to help you in dm’s? Watch out, because 99% of the time those guys are scammers. If someone really want to help you out with something, he will do it out in the open, so everyone can verify what he is saying. As well, watch out if a lot of people promote a coin or a brand new project, and with a lot I mean like flooding subs with it. Always do your own research and verify everything you want to use/buy. #Don’t trust, but verify! If anyone knows more awesome safety tools to use in DeFi, drop it in the comments. Stay safe out there fellow Degens. Sincerely, Crypto-4-Freedom. submitted by /u/Crypto-4-Freedom |
