Do you know what Token Sniffer is, how useful is this system that comes across as sniffing these fraudulent DeFi tokens?
As scammers evolve and create more elaborate schemes, it has become increasingly difficult to identify scam tokens in DeFi. Here is one of the tools that can be used to help identify fraudulent tokens and prevent your loss of capital.
Token Sniffer Will Prevent Fraud
The cryptocurrency space is evolving day by day, both in terms of technology and numbers. It is sometimes not easy to check the authenticity of a project in the crowd of countless projects. A growing number of projects and tokens are revealing the potential of the technology, but so is the possibility of scams, scam projects or carpet pulling.
It had the effect that scammers evolved with the advancing technology, creating more elaborate and complex schemes. As a result, identifying fraudulent Defi tokens has become difficult. But this allowed the developers to tap and remove the pain point.
The token listener provides almost all the information you need to get you through the project or token. Based on various aspects, the report will be enough for you to quickly find out whether the cryptocurrency token is reliable or not.
When you enter the official Token Sniffer website, you have the options to find the required data directly from the front or by searching by entering the name or address of the token.
Whenever a new project or token is launched, it becomes very important to check its authenticity. The interface of projects and tokenomics, usability and plans fit so perfectly that it is often not easy to achieve real goals.
In this case, it depends on the technical aspects of the coin, its analysis in terms of owner and contract, etc. will depend. Diving is important. Checking this information is not a piece of cake for many retail investors or those with less technical knowledge of crypto. At this point, in-depth analysis of the Token Sniffer crypto comes in handy.
Process of using Token Sniffer
As said earlier about the easy-to-use interface of Token Sniffer, you should visit the official website. After that, you will see an authentication page asking you to clear the ‘I am not a robot’ stage.
By clarifying the stage, you will go directly to the website welcome page, where you will see him talking about the business. It shows three sections that talk about trending coins, the latest coins, and the latest reported scams.
Your search should end there, if you still haven’t, there is a search bar in the upper right corner where you can search for any token you want to know. You can directly put, by typing the name or address of the coin you are looking for, or by pasting the copied address.
Then your search result will give you an analysis of the searched token. The result shows different factors to evaluate the token or if you still can’t get it you can consider an automatic audit number. The automatic auditing system in Token Sniffer tells the risk factor involved in the respective token.
The numbers given to the symbol are from 100, i.e. _/100. The higher the score, the higher the risk, which means the coin and the low score have low risk consequences. A high-risk token has the potential to be a fraud token, and vice versa with a low-risk or low-grade token.
Once you’re done with the auto-check score, you’re ready to go. Otherwise, if you need more information and insight that gives you a detailed analysis of the token, you can stay and read more.
Further analysis is done based on swap analysis, contract analysis, owner analysis and liquidity analysis.
As the name suggests, swap analysis or trade analysis tells whether the coin is tradable or not. You can also specify the applicable charging rate if eligible to sell or buy.
The next step is Contract analysis, which will let you know if the source of the deal has been confirmed. This indicates that the token contract is genuine and not a previous contract.
There is always a point of skepticism to check the decentralized nature of a coin, which can be judged by the number of coins held by the developer. Holder analysis in Token Sniffer also checks this and informs you about it.
Finally, there is the Liquidity analysis that lets you know about the liquidity status of the coin. Symbolic liquidity is presented to you by analyzing every aspect that it can be controlled.
Briefly, Token Sniffer
Token Sniffer is an easy tool which can be used to search for various tokens on both Ethereum and Binance Chain. Simply copy and paste the token contract address into the search bar, and TokenSniffer will provide info on exploits, a brief contract audit, and more. Another useful feature is the list of known scams and hacks, which is a great place to quickly see if a suspected token is listed.
Token Sniffer is an easy tool which can be used to search for various tokens on both Ethereum and Binance Smart Chain. Simply copy and paste the token contract address into the search bar, and TokenSniffer will provide info on exploits, a brief contract audit, and more.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.