Outside Source
Hacken, the blockchain and crypto security platform, today announced it has established a partnership with Bubblemaps, a supply auditing tool for DeFi tokens & NFTs, to allow investors to make better-informed decisions utilizing easy-to-read on-chain data infographics and smart contract audits.
Bubblemaps produces multicolor bubbles for users to see connections between different crypto wallets. If the wallets holding the biggest shares of a project’s tokens are closely linked to each other, it is considered a suspicious sign. Namely, there is a risk that a whale investor splits its tokens between connected wallets to hide its status. Bubblemaps use-cases include the fight against wash trading, wallet-splitting, and manipulations with voting power.
Benefits of partnership for users of Bubblemaps
For Bubblemaps.io, a partnership with Hacken is a mechanism to bring additional safety to DeFi investors. By correctly analyzing the project’s token supply and the results of a smart contract audit, users can conclude whether investing in this venture is an opportune decision and what are the associated risks.
As a result, the projects that neglect meeting essential security requirements with visible token supply manipulations will not be able to obtain new financing.
“For Hacken, this partnership is a big step toward implementing our mission – making Web 3.0 a safer place. The availability of a smart contract audit and other forms of security testing does not guarantee that a project meets the highest ethical standards. Using the infographics provided by Bubblemaps, our community can try to assess the risk that a particular project may make a rug pull or scam exit. Don’t neglect to analyze token supply before making any major investment decisions!”
– The Hacken Team
This article first appeared at CryptoNinjas
