So it starts like this.
You’re busy perusing <insert forum here> looking for the next big mover. You know, that project that links every blockchain together, eats BTC for breakfast, and makes you Ser Chad the Whale, first of his name, bringer of generational wealth.
“If I can just get there first…” you continue to whisper silently to yourself.
Your eyes widen. Your pupils dilate.
There. It. Is.
A deflationary token with 86,000% APY, an absolute world-changer. Sporting a .00000000012 price, NFTs airdropping hourly, and reflectionary bonding curves that refract space-time, there’s everything to gain and absolutely nothing to lose.
Yet, just as the trade’s confirmed and your cigar’s lit from burning that last piece of useless fiat you own, some rather important questions begin to creep in.
Do these tokenomics make sense? What do I actually know about these developers? What is a white paper?
Are my funds #SAFU?
But alas, it is much too late. The red candle mocks you as it descends deeper than your madness. You will never love again.
If you’ve felt this sad sting of being grounded, then you’re familiar with the ol’ rug pull. If not, boy have I got BridgeCoin to sell you.
While the exit scams towards the end of the 2017 bull run are likely the freshest memory for most traders, this is nothing new. Consider that “robbing Peter to pay Paul” is a phrase originating from the Middle Ages.
Ugly practices of collecting investors for flimsy but exciting ideas, generating false momentum by paying off old investors with money from new investors, and then eventually hitting the ejector button is old hat.
Yet more and more we see these types of projects clawing for every minute of our attention. With available tools in this digital space providing relative anonymity for each identity, we have waves of scammers coming in, unafraid of consequence and learning with each turn.
Illegitimate projects begin to look increasingly indistinguishable from those that genuinely wish to provide some positive change in the world.
While we encourage time and time again to not participate in speculative investments, we understand that people will do that anyway. There is a need trust and confidence in DeFi and the Binance Smart Chain which has begun to be a breeding ground for rug-pulls left and right. A traditional financial tool such as auditing can deliver this trust.
And indeed, we’ve seen fantastic work by several reputable auditing firms in the space who do comprehensive evaluations of smart contracts, providing value for projects and the community at large.
But do traditional methods built by old money institutions represent best practices in our decentralized and community-driven space?
No! We’re here to reinvent, not replicate. The average joe has far too long been ignored in these calculations.
To that, we say, welcome to DessertSwap, where we make tools that fit the crypto enthusiasts’ hands!
A first-level auditing firm, DessertSwap reports on the aspects of smart contracts that the average joe actually wants to know. This means no inaccessible code-only audits which have inspired confidence in less than fruitful endeavors.
Instead, we investigate their website, social media, token-distribution, top token holders, location and development team, while still providing code analysis for common vulnerabilities. All this information is tailored to the idea that if it’s not digestible, it’s not going to be of any use.
Yes, there is a time and place for exhaustive financial and code-intensive reviews, but being accessible is critical for mass adoption of proper due diligence, which is necessary to combat shady projects without regulatory interference and bring some light back to Satoshi Nakamoto’s vision.
This approachability extends to the extremely favorable price point at which DessertSwap offers its services which attracts newer projects or even the platform users of said projects who might not be able to understand a pure code audit.
So you think of DessertSwap as your first line of defense in the war against bad eggs! And one that will soon be enlisting to find more help on the frontlines.
While we educate the community on what to look for when evaluating the utility of projects, we will also offer the tools and templates for users to join us as auditors!
In the long-term, our platform will allow for BSC projects to be submitted for review in exchange for our native token, DSRT. These coins will then be put out as a bounty, rewarding users who conduct verifications of locked supplies, wallet tracing, code vulnerabilities etc. of the submitted project within a specified time frame.
Audit results are then determined by majority consensus, with the bounty distributed evenly among those who supported the final conclusions. These also contribute to trust scores, allowing for the best auditors to be chosen as arbitors.
Arbitors will decide when crowdsourced results fall short of a majority, ensuring that those with the most merit will provide the standard of quality.
These systems will replace the centralized power of traditional auditing firms in determining what is and isn’t safe, as well as provide opportunities for independent auditors to find projects without doing the heavy lifting of marketing.
In the short-term, DessertSwap will continue creating partnerships and conducting audits to establish our presence in the DeFi ecosystem. With our token currently being used as a digital signature of the completion of an audit, users can rest assured whether or not an audit was completed legitimately by us or if there is malice at play. Community education will also be a part of that, so look to this space as we will be discussing a couple things to look out for to keep yourself protected. And stay tuned as we have a number of great developments coming your way!
So remember, we never encourage anyone to participate in speculative investments, including our own. Let’s bring utility and technology back to the forefront of cryptocurrecnt and continue our mission to bring practical technological advancements to the blockchain! Keep an eye out for our upcoming audits as we help you find the sweetest options and bring transparency to a trustless world!
- The Dessertswap Team