How to defend against scams in DeFi?

[Hometown]

There’s no denying that 2020 has been a particularly fruitful year when it comes to decentralized finance. However, DeFi has shown two faces: successful projects on the one hand, and scams on the other...how to defend against DeFI projects?more

[Tanimariya]

Currently I consider DeFi to be risky. Because DeFi projects are currently doing a lot of scams. Because investors are never benefiting by investing. There is a tendency to have shit tokens in the market. So to me DeFi seems risky.

[XM8]

There’s no denying that 2020 has been a particularly fruitful year when it comes to decentralized finance. However, DeFi has shown two faces: successful projects on the one hand, and scams on the other...how to defend against DeFI projects?more

This is very good topic that you're discuss. Now this projects Main problem is it's projects scammers.many scammers are now always lonce new bounty campaign. This is so much boring to every Users. why are every project scam  I think senior members are discuss about this matter.

[EAA-ALLAH]

There’s no denying that 2020 has been a particularly fruitful year when it comes to decentralized finance. However, DeFi has shown two faces: successful projects on the one hand, and scams on the other...how to defend against DeFI projects?more

Obviously 2020 a significant year of cryptocurrencies era. 2020 Bitcoin price already crossed all time high and launched Many successful decentralized finance projects. I already invested some DeFI projects and getting huge amounts of profits.

[Tunir Baap]

In the the year of 2020 I will not see any successful project in this. It is regular matter to scam DeFi projects. Now every project has scam. I think this is very bad effect for every bounty hunters. We know that DeFi is very good opportunity. But now numbers of managers are are launch scam project's. I hope future more developed DeFi projects.

[KryptoBull]

Some ways to spot DeFi projects scam:
+ Check project #DevelopmentTeam : profiles, activities, experience ...
+ Check the feasibility of the idea;
+ Check the project website & smart contract;
+ Consult community & experts on that DeFi project.

[Magepai]

The most successful projects in 2020 have been the projects of DeFi platform. At that time, many investors have benefited a lot at that time. Due to this, it was seen that many scammers got the opportunity and they carried out many scam projects on that occasion. Due to this many investors have fallen into huge losses.

[yashwant]

Be careful though: even if a project has passed one or more audits, this does not mean that it is risk-free, but it does mean that the risk is mitigated for all those features and problems already found.

[Carbitcoin]

In the cryptocurrency market, there are indeed a lot of fraudulent defi projects, but you also need to take into account the fact that fraud lies in wait for cryptocurrency users even on the uniswap exchange, where it offers to buy or sell defi tokens, where tokens of the same name are found with fake Smart contacts. therefore, before buying a token, you should always check its contract address.

[Criminal]

There’s no denying that 2020 has been a particularly fruitful year when it comes to decentralized finance. However, DeFi has shown two faces: successful projects on the one hand, and scams on the other...how to defend against DeFI projects?more

now this projects main problem has this project scammers. This is very harmful for every people. We know that DeFi is exercise projects. All of DeFi projects are listed on global top exchanger. But this project main problem is this project scammers.

[EAA-ALLAH]

Some ways to spot DeFi projects scam:
+ Check project #DevelopmentTeam : profiles, activities, experience ...
+ Check the feasibility of the idea;
+ Check the project website & smart contract;
+ Consult community & experts on that DeFi project.

Hey mate , decentralised projects have no definite team management. It's has no thirds parties also. So it is difficult to identify scams decentralised finance projects.

[wawan96]

enough to buy Defi project tokens that have high confidence and high volume on coinmarketcap you will get big profits if you are patient and choose the right project then it will be easy and can be trusted by many people for trading and also the use of tokens for the future front.