StaySAFU is aiming to change the DeFi space by providing a platform that enables users to identify scam projects and potential rug-pulls. By allowing investors to screen any project more effectively, using the StaySAFU platform can reduce the loss to assets. The aim is to reduce scams in the crypto space and provide a definitive end to scam projects by making the process harder and less rewarding for scammers to perform.
How the Scam Detection Protocol Works
The scam detection protocol created by StaySAFU is created using 3 main points:
- Share analysis – Using a precise examination of the token distribution and liquidity. StaySAFU check on things like whether liquidity is evenly distributed, can liquidity be withdrawn at any one time, can the largest holders can cause the price to collapse.
- Code Analysis – The StaySAFU scanner is able to list the functions of smart contracts and give a clear vision to investors about the risks they’re taking. Scanning checks the contract’s ability to block transactions, withdraw funds, increasing of transaction fees, and new token creation limits.
- Trade Simulation – an on-chain technology that allows any investor to do a buy and sell simulation, to be able to estimate the trading fees, and to be sure that the token is tradable at the moment and isn’t a ‘honeypot’