No DeFi trader, however much a rookie, needs an introduction to the term ‘rugpull’.
As the shadow of a bear market looms large on the horizon of 2022 from its very start, DeFi traders are faced with the prospect of an ever-increasing number of rugpulls across the DeFi ecosystems of every leading blockchain network.
Clearly, DeFi scammers are blockchain agnostic — wherever there is capital to be stolen, investors will wander unwittingly into a honeypot token or a rugpull project.
Leading blockchain data analysis platform Chainalysis has recently noted, in a preview of its 2022 Crypto Crime Report, that rugpulls accounted for 37% of all crypto scam revenues in 2021, as opposed to a mere 1% in 2020.
What was merely an irritation for DeFi traders in 2020 has transmogrified into scam market that stole USD 2.8 Billion from innocent investors in the year 2021.
DeFi investors who liken themselves to ‘degenerate apes’ may often brush off a rugpull (or two) as the cost of doing business (if not gambling) in the nascent and innovative marketplace that DeFi presents to all.
Rookie investors who lose substantial capital may be turned away from what is the most important innovation in the global financial system in centuries.
Either way, all players in DeFi can agree that the more the scams, the greater the excuse for governments to intervene and regulate DeFi, potentially killing this innovative ecosystem that can guarantee financial liberation to millions across the world.
Sure, there are ways in which we can protect ourselves to a degree. A DeFi investor can study the contract code before investing in a token.
But often one has to wait for the contract to be verified for it to be human readable, meaning a loss of invaluable seconds in which early investors can buy the token.
One can wait for the contract to be renounced and liquidity to be locked. But that nearly guarantees that an investor will miss out on multiple Xs of profits. High risk, high reward, but nowadays, a near guarantee of rugpull.
Then again, with crisis comes opportunity. What if we could offer DeFi investors a trading platform powered by a bot which scans token contracts the moment they are deployed on the blockchain, even before they are added to the automatic market makers like Uniswap / Pancakeswap for trading?
Let us suppose that it were possible for a trading platform to identify a fraudulent developer’s attempt to rugpull and pre-empt it by selling the investor’s position in a token before liquidity can be pulled?
Add to that the option for traders to program in Take Profit and Stop Loss positions on this platform, so that they could actually go to sleep for once rather than stay up, watching the charts?
Ordinarily, something like this would have been out of reach for the typical DeFi investor. Not anymore.
AnySniper will level the playing field in DeFi by offering access to cutting edge trading insights to its users, equipping them with extraordinary control over their holdings as well as potential investments, with a core focus on preventing scams by rugpull developers. Rug-kill, if you will, with the following primary features:
• A safe & fast trading performance by providing customized RPC & mempool technologies where users can use the platform without sharing their private key or sensitive information.
• Cross chain operationality — Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche and more, to offer cutting edge arbitrage opportunities to AnySniper users.
• Tools like Contract Alert and Contract Simulation which update $SNIPE holders about new contracts the moment they are deployed on the blockchain and offer analysis of integral aspects such as taxes, dead blocks, open trading and potential honeypots.
• Dashboard to manage multiple trading accounts where buy/sell orders can be placed and executed simultaneously via a single operation.
• Gas fees saved and minimal expended by avoiding failing transactions arising out of high slippage and price changes between the time you program your order and execute it.
• Programmable profit targets where the platform automatically sells upon the token price hitting the ideal price, or a maximum loss threshold which triggers an automatic sell if the price goes below the target.
As the adage goes, forewarned is forearmed. AnySniper will place trading information on the fingertips of its users faster than anyone else in the DeFi space and empower them to react quicker, as well. Get ahead of the competition and stay there, starting this February.
With the platform launch imminent in February, you can expect further posts detailing the $SNIPE token which tokenizes the services of the AnySniper platform, discussions on the technical aspects of the platform as well as tiered access to its suite of services, and much more.
Join the AnySniper Gang as we clean up the streets of DeFi this summer of 2022.
