How Can I Trust DEX like Sushiswap Won’t Allow Scam Unaudited Smart Contract Tokens?

3 min read

How can you be sure the token you are acquiring on decentralized exchanges like Sushiswap won’t turn out to be a scam?  Brewlabs says they have the answer to prevent you from losing out by buying unaudited tokens.

With the right technical knowledge, it is cheap and easy to create new tokens on the blockchain and have them listed on DEXes even without a smart contract audit. So, it’s pretty common for a fake project to list its token on a popular DEX like Uniswap or Sushiswap and scam investors of their hard-earned money. Even an apparently “verified” token can turn out to be a fake one as there are several DeFi tools in the market that scammers can misuse to render the token a verified status.

Without the existence of a system or platform that fact-checks the authenticity of new project tokens before their launch, the position of DeFi looks vulnerable. A gross mistrust surrounding the DeFi space is bound to jeopardize even some of the most promising crypto projects and deprive sincere crypto fans and developers from succeeding.

In combating the above challenges, the Brewlabs team wants to make sure fake crypto tokens cease to exist. Therefore, it has developed a suite of products that will oversee and execute smart contract auditing for new project tokens, thereby, giving them a stamp of legitimacy. Brewlabs will then aggregate only these tokens on its soon-to-be DEX and IDO launchpad thus restoring investors’ faith in decentralized finance.

About Brewlabs

Brewlabs is founded by co-founders David Hallet and Jesse Dean, both of whom are accomplished leaders in their respective fields. David’s proficiency in building CBS Property Group, which is a leading property management company in Australia from the grounds up, will now witness fruition in Brewlabs’ project roadmap. Jesse, on the other hand, will implement his project management expertise to ensure Brewlabs’ materializes as a project that consolidates the requirements of both crypto investors and DeFi projects looking to make it big. He states:

“We’ve found that cryptocurrency startup projects lack commercial leadership experience, generally resulting in a decline in community engagement, lack of innovation and poor exposure, which leads to the overall failure of the project. We bridge the gap between a project and them taking the next big step in legitimization, providing value and expanding their capacity in the marketplace.”

Brewlabs’ First Step is to Warrant Token Legitimacy and Project Longevity

Manual verification of code is a crucial step that many crypto auditing services using automatic tools avoid, thus, failing to warrant the credibility of even an audited smart contract. Brewlabs goes one step ahead working alongside a highly experienced engineering team that verifies all elements of a smart contract code manually. On top of that, it engineers foolproof smart contracts for new DeFi tokens that lack the resources and knowledge thereby providing them a competitive advantage.

That’s not all – the Brewlabs team also wants to make sure the projects it features have a long-term business goal so that investors can have their peace of mind regarding a token’s durability. It conducts risk assessments and reviews of a project’s business continuity plan before taking them on board.

Brewlabs’ Brand Reputation has Now Crystallized as the New Brewlabs Token

The reputation and trust that Brewlabs have built for itself have been crystallized as the Brewlabs token that runs the ecosystem. Projects that are onboard with Brewlabs’ offerings can use the Brewlabs tokens to pay for services including smart contract auditing, token bridging, web builts and bots, at a discounted price.

Investors can stake Brewlabs tokens in the liquidity farm to earn an APR as high as 133.45%. They can also invest in a range of products whose smart contracts are either built or audited by Brewlabs through the Brewlabs tokens or other BSC tokens to earn a passive income. Holders can also receive new project tokens as an added bonus for holding Brewlabs tokens.

The Brewlabs token exhibits a high potential to appreciate in value as it is tied to the values of cryptocurrencies that are unquestionably legit and durable. A factor unique to Brewlabs tokens is they provide investors an extra static reward, also known as reflections, in BUSD.

Brewlabs’ Ultimate Goal: Creating a Launchpad and DEX that People Can Trust

Brewlabs’ steadfast endeavor in facilitating the success of crypto projects having authentic and well-meaning developers behind them naturally leads to the development of a launchpad and DEX that people can trust. Project owners can use the launchpad to launch a presale for their token and then activate trading for their project on the Brewlabs decentralized exchange. Combined with smart contract builts, a franchise contract that allows projects to allocate tokens to new wallet addresses and Brewlabs staking and farm, the IDO and launchpad offer crypto businesses a robust marketing infrastructure.

Brewlabs has Also Developed a Proprietary Code for Token Bridging

Tokens that are deployed on native blockchains cannot swap (trade) with tokens or currencies that have been deployed on other native blockchains. Using an industry-first methodology, Brewlabs ensures that both crypto investors and project owners can move across chains with the Brewlabs Bridge.

A smart contract behind a bridge is programmed to bank tokens within the contract that are deployed only when a bridging transaction is called upon. Each time a wallet uses the bridge, the contract queries if it can use these banked tokens. The bridge will also accept liquidity from tokens to contribute to their bridging token balance.

Brewlabs Makes the Crypto Space a Safe Space for Owners and Investors

Last year investors allegedly lost a total of $1 million worth of assets in a rug pull scam on Uniswap involving a counterfeit Metamask token. Recently the Squid Game crypto token created a furore among altcoin investors only to turn out to be another rug pull scam denying its investors the right to sell the tokens. The bottomline is, even with tokens receiving press and mainstream coverage there’s no guarantee regarding their legitimacy.

In these murky waters, Brewlabs comes forward as an anchor exhibiting the strength to turn the tides. It’s suite of products are developed with the aim to re-instill the faith in decentralized finance and blockchain. Several prominent crypto projects such as Space Vikings, SMARTCAKE, Dynamix token are already rolling out their offers in collaboration with the Brewlabs team. Approximately 48% of the Brewlabs token supply has been staked by holders. All of these represent the trust that Brewlabs has and will continue to build in the coming days.

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