9 Tools to Identify a DeFi Scam Token

As scammers evolve and create more elaborate schemes, spotting scam tokens in DeFi (Decentralized Finance) has become harder. But don't worry! Here are tools that can help you identify scam tokens and hopefully prevent you from losing your money.

Dextools

Dextools is a handy platform for checking out what's happening with a token on Ethereum and Binance Chain. Here's how you can use it to spot potential scams:

Search for the Token: Start by searching for the token’s contract address.
Check Buys and Sells: Look at the list of all the buys and sells happening for that token. Click on the "Type" category to sort them. If you don't see any sell orders, it might be a honeypot scam, meaning there's a restriction on selling the token.

For example, in a case with a FLOKI clone, you might notice that no wallet address has sold the token:

Green Candles: If you see only green candles on the chart across all timeframes, it likely means nobody has been able to sell the token.

Even if you do see some sell orders, it doesn't guarantee the token isn’t a scam. Some scammers will "whitelist" a few addresses to make it look like normal trading is happening, while "blacklisting" the majority of other addresses. Always be cautious and do thorough research.

UNCX

UNCX is a useful tool for quickly checking the liquidity status of a specific token pair. If the token creator has locked the initial liquidity, it means they can't withdraw funds from the pool, preventing a rug pull where they could steal your funds.

Locked Liquidity: When a project locks its liquidity, it will be shown on platforms like DexTools and other similar websites. Locked liquidity is a positive sign, as it means the token creator can't easily withdraw funds and scam investors.
Check the Duration: Be aware of the lock duration. Scammers sometimes lock liquidity for just a few days, only to withdraw it as soon as the lock period ends. Always check how long the liquidity is locked.

Remember, locked liquidity is just one of many factors you should consider before investing. It's important to research and understand how liquidity pools work.

For more detailed information on how liquidity pools function, you can read more here.

By using tools like UNCX and staying vigilant, you can better protect yourself from potential scams in the DeFi space.

De.fi Scanner

De.Fi Scanner is a handy tool for quickly checking smart contracts for vulnerabilities or unsafe practices. Here’s how to use it:

Input the Contract Address: Enter the contract address of your token or NFT, such as "0x1234abcd5678".
Run the Scan: Wait a few minutes for the scan to complete.
Review the Results: The tool will highlight any potential risks or issues with the contract.

De.Fi Scanner is especially useful for 1inch users who want to ensure their trades are secure. It's user-friendly and designed to give you peace of mind by identifying any potential problems before you invest or trade.

Token Sniffer

Token Sniffer is a simple yet powerful tool for checking various tokens on Ethereum and Binance Chain. Here’s how you can use it:

Search for the Token: Copy and paste the token contract address into the search bar.
Get Information: Token Sniffer will provide details on any exploits, a brief contract audit, and other relevant information.
Check Known Scams: The tool also has a list of known scams and hacks. This feature lets you quickly see if the token you’re investigating is listed as a scam.

By using Token Sniffer, you can easily find out if a token is safe or if it has been flagged for any issues, helping you make informed decisions and avoid scams.

BSC Check

BSC Check is a straightforward tool designed specifically for the BNB Chain. Here's how to use it and what it offers:

Search for the Token: Enter the token contract address into the search bar.
Contract Owner Status: Find out if the liquidity is renounced or locked, which indicates whether the developer can still access and potentially withdraw funds.
Honeypot Detection: Check if there's any honeypot code in the contract that could prevent you from selling the token.
Developer's Wallet Info: Get information about the developer's wallet, which can help you understand their intentions and past activities.
Liquidity Pool Info: See details about the liquidity pool, which is crucial for ensuring the token has sufficient liquidity for trading.
Top Token Holders: Review the list of top token holders to see if the token distribution is fair or if a few wallets hold a large percentage, which can be a red flag.

By using BSC Check, you can get a comprehensive overview of a token's safety and make more informed decisions when trading on the BNB Chain.

Etherscan

Etherscan is a powerful tool for exploring the Ethereum blockchain. It allows you to access detailed information about transactions, smart contracts, wallet addresses, and more. Here's how you can use it to ensure the safety and transparency of your Ethereum transactions:

Search for Transactions: Enter a transaction hash into the search bar to see detailed information, including the amount sent, fees, and the status of the transaction.
Check Wallet Addresses: By inputting a wallet address, you can view its transaction history, balance, and the tokens it holds. This is useful for verifying the legitimacy of a wallet before engaging in any transactions.
Smart Contract Information: Etherscan allows you to examine smart contracts, including the code and any associated transactions. This is crucial for understanding the functionality and safety of a contract before interacting with it.
Token Tracking: You can search for any ERC-20 or ERC-721 token to see its total supply, holders, and recent transactions. This helps in identifying any unusual activity or concentration of tokens in a few wallets.
Gas Fees and Network Stats: Etherscan provides real-time information on gas fees and network congestion, helping you decide the best time to make transactions to save on costs.
Security Alerts: Etherscan flags known scams and phishing attempts, providing an additional layer of security for users.

By using Etherscan, you can gain a deep understanding of the Ethereum blockchain and make informed decisions about your transactions and interactions with smart contracts. It’s an essential tool for anyone involved in the Ethereum ecosystem, from beginners to experienced users.

RugDoc

RugDoc is a valuable resource for anyone involved in Decentralized Finance (DeFi). It helps users identify potential scams and high-risk projects, ensuring that their investments are safer. Here’s how RugDoc can assist you:

Project Reviews: RugDoc reviews DeFi projects and gives them safety scores based on thorough analysis. These reviews can help you quickly determine if a project is trustworthy.
Red Flags Identification: The platform highlights common red flags, such as poorly written smart contracts, anonymous teams, and suspicious tokenomics. This helps you spot potential scams before investing.
Rug Pull Warnings: RugDoc specifically looks for signs of rug pulls, where developers withdraw liquidity and disappear with investors' funds. Projects with locked liquidity or renounced ownership are given higher safety ratings.
Community Alerts: Users can submit projects for review, and the community can discuss and share their experiences. This crowdsourced approach adds an extra layer of scrutiny.
Educational Resources: RugDoc provides educational content to help users understand DeFi risks better. This includes guides on how to identify scams and best practices for investing safely.

By utilizing RugDoc, you can make more informed decisions and avoid falling victim to scams in the DeFi space. Always remember to do your own research and use multiple tools to verify the safety of any project before investing.

DappRadar

DappRadar is a comprehensive platform for discovering and analyzing decentralized applications (dApps) across various blockchains. Here’s how it can help you navigate the world of dApps:

Discover dApps: DappRadar provides a directory of thousands of dApps across multiple blockchains, including Ethereum, Binance Smart Chain, Polygon, and more. You can explore various categories like DeFi, gaming, NFTs, and exchanges to find dApps that suit your interests.
Detailed Analytics: For each dApp, DappRadar offers detailed analytics, such as the number of active users, transaction volumes, and total value locked (TVL). This data helps you gauge the popularity and activity level of a dApp.
Performance Tracking: DappRadar allows you to track the performance of your favorite dApps over time. You can see historical data and trends, helping you make informed decisions about which dApps to use or invest in.
Wallet Integration: Connect your wallet to DappRadar to get personalized insights and track your portfolio. This feature helps you manage your investments and monitor the performance of the dApps you are using.
Marketplaces and Rankings: DappRadar ranks dApps based on various metrics, making it easier to find the top-performing and most trusted dApps in the ecosystem. These rankings are updated regularly to reflect the latest trends and developments.
News and Updates: Stay informed with the latest news and updates about the dApp ecosystem. DappRadar provides articles, guides, and reports that keep you up-to-date with new releases, security issues, and market trends.

By using DappRadar, you can explore the decentralized application landscape with confidence, backed by reliable data and insights. Whether you are a user, investor, or developer, DappRadar is an essential tool for navigating the evolving world of dApps.

DeFi Prime

DeFi Prime is a leading platform dedicated to providing comprehensive information and resources about decentralized finance (DeFi). Here’s how DeFi Prime can help you navigate the DeFi ecosystem:

Project Listings: DeFi Prime offers an extensive directory of DeFi projects across various categories, such as lending, borrowing, decentralized exchanges (DEXs), and yield farming. This makes it easy to discover new and reliable projects.
Detailed Reviews: Each project listed on DeFi Prime comes with a detailed review, including information on its team, technology, and tokenomics. These reviews help you understand the project’s credibility and potential risks before investing.
News and Analysis: Stay updated with the latest news and in-depth analysis of the DeFi space. DeFi Prime covers significant events, trends, and developments, helping you stay informed about the ever-evolving DeFi landscape.
Educational Resources: DeFi Prime provides a wealth of educational content, including tutorials, guides, and explainers on various DeFi concepts and technologies. Whether you are a beginner or an experienced user, you can find valuable information to enhance your understanding of DeFi.
Security Insights: Security is crucial in DeFi, and DeFi Prime highlights the security measures and audits of listed projects. This helps you identify projects that prioritize safety and have undergone thorough security checks.
Community Engagement: Engage with the DeFi community through DeFi Prime’s forums and discussions. Share your experiences, ask questions, and learn from other users and experts in the space.
Market Data: Access real-time market data and statistics on various DeFi tokens and projects. DeFi Prime provides insights into market trends, helping you make informed decisions based on current data.

By utilizing DeFi Prime, you can explore the decentralized finance ecosystem with confidence, armed with the knowledge and tools necessary to make informed decisions. Whether you are looking to invest, use, or simply learn about DeFi, DeFi Prime is your gateway to this exciting and rapidly growing sector.