Scammers are always finding new ways to take advantage of DeFi users and investors. We, as a community, can help each other identify common patterns that separate the legitimate innovations from the misleading ones.
– which is basically a fancy way of saying they are “public.” No one needs permission to use them, develop for them, or launch projects on them. While this value is inherent to cryptocurrencies such asAnyone can launch scammy or misleading projects, and there’s nothing there to stop them. Well, technically, not nothing – we, as a community, can help each other identify some common patterns that separate the legitimate innovations from the misleading scrap.
So, one thing you can ask is – does this project try to do something new and innovative? Are they trying to contribute to the new digital economy with their project? How is it different from its competitors? Is there a unique value proposition here? In addition, you can also look at the development activity. Are the developers continually shipping new code? While this metric can be gamed, it can still be a good barometer for finding out whether the developers are for real or if they just want to make a quick buck.Something that gets thrown around a lot with smart contracts and DeFi is auditing. Audits are supposed to make sure that the code is secure.
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