We live in a time where DeFi (Decentralized Finance) is a real nest of scams. Every day without exception, dozens of new “fake” projects are launched, tokens are created, with the sole purpose of setting traps for people with little experience, and robbing them of their money. This is, unfortunately, the great weakness of decentralization. Little or no regulations, total freedom to anyone to create what he wants. It is therefore up to each person who wants to set foot in this world to take drastic precautions in order to avoid the wolves that roam there.
Classic traps
There are obvious pitfalls that must be detected quickly. In the vast majority of cases, scammers use one of the following techniques.
1 — Unlocked liquidity
When a new token is launched, the creator must then provide a starting liquidity, which allows the purchase and sale of this token on a decentralized exchange, like Uniswap. If this liquidity is not locked, then the creator can at any time recover it, making the token unsaleable: this is called rug pull.
Ok, so why is Ducker safe?
Because 100% of the liquidity brought by the team is locked. Not 30 days, not 6 months, but for eternity. We burned the LP tokens (which allow to recover the liquidity), that is to say we sent them to the Ethereum burn address. They are therefore irretrievable, and our liquidity with them. The rug pull is impossible in Duckereum. Vitalik Buterin himself couldn’t do it.
2 — Change in the contract
A token is generated by a smartcontract. Clever developers provide functions that they can trigger after the initial tokens have been created, which allow for example to create more. Imagine that with one click, the developer creates 50% more tokens, which he can then freely go and sell on your back. The price will collapse, and the project will die.
Ok, so why is Ducker safe?
Because our smartcontract has no such function. It is as simple as possible, and it is set in stone: we cannot change it. In fact, the contract has even been renounced, so no one can touch it, for life. Duckereum will remain forever as it is today. There are 100,000,000 tokens, and no one will ever be able to create one more.
3 — Tokens Allocation
Another classic trap is the distribution of the supply. Indeed, when a developer creates a currency on the Ethereum blockchain, then by default, he owns 100% of the tokens. It is he who decides how much of the initial liquidity he will bring in, available for purchase, for everyone. A trick is to keep a large part of it, to resell it on the back of the holders, when the price rises a little.
Ok, so why is Ducker safe?
At Duckereum’s creation, we allocated 0.9% of the supply to each of the 4 liquidity providers, 1% to each of the 3 team members, 5% to the community wallet, and everything else in liquidity. As of this writing, almost 5 months after the launch, none of the team members have sold a single ducker, none of the liquidity providers have sold a single ducker. Quite the contrary. The team sends tips to the community with their own tokens, and the liquidity providers have done even more than that, like making hundreds of thousands of duckers available for the listing on MEXC (a big CEX). Moreover, the wallets are known to everyone, and anyone can track them.
As far as the community wallet is concerned, it is managed by the team (who else?), but no spending is done without the community having approved it first by a vote. Each movement is justified to the 18th decimal place in a Google Sheets accessible to all.
4 — The team disappears
All of the above safeguards are not sufficient if the team is not heard from again. Unfortunately, this is a trap that is difficult to avoid, as it occurs over time. The value of the token decreases, the team members have certainly already sold their tokens, they were anonymous and prefer to simply disappear. They give up as soon as the red candles are running, and the community is left behind.
Ok, so why is Ducker safe?
From the start, we made it clear that Duckereum was not created to ride a trend or do a quick pump and dump, allowing a few to get rich, and the majority to lose their money. We announced that the red candles would come, that the adventure would have its ups and downs, and that everyone had to plan for the very long term, both in terms of implications and investment. We promised that the team would stay, against all odds….
And we proved it. If you look at Duckereum’s chart, and better yet, if you read Duckerberg’s diary, you’ll see that we’ve been through a difficult period, several months long, and… we’re still here.
And more
Beyond the obvious scams that are listed above, there is also vision, and attitude. Duckereum team members never encourage anyone to buy duckers, don’t share charts on Twitter to get people excited, don’t encourage anyone to FOMO, and give advice to everyone in good faith: we don’t hesitate, for example, to advise never investing more than a few dollars. Our history is well known, and can be found on Telegram, Twitter, and Duckerberg’s diary.
Whether it’s Ducker or any other project, be sure to take precautions. Stay safe.
