Creating a safer Defi haven in the cryptocurrency universe
In the world of cryptocurrencies and decentralized finance, there are many opportunities, which, unfortunately, are associated with high risks. This sphere is attracting more and more investors, but it also brings with it difficulties related to the selection of reliable assets and projects. It is not an easy task to identify promising projects among a multitude of tokens and assets. Stories of successes and failures on this path inspire and warn, reminding about the importance of proper analytics and approach to project selection. This is exactly the kind of experience that led to the birth of the Lotus Market platform.
How did the idea for the platform come about?
Often the most important ideas are born from personal experience and needs. This is true for the Lotus Market team as well. We have achieved impressive results in the world of cryptocurrencies, but we faced an unpleasant lesson: there is a lot of fraud and scam in the DeFi world.
We encountered this in our personal practice and we started to have some questions: why did tokens that seemed promising suddenly became illiquid? Why couldn’t the owners sell them if they wanted to? In an effort to understand, we researched these questions, but never found clear answers.
Thus began our exciting journey into the world of DeFi, which led to the birth of an idea to create a platform that would not only help investors identify reliable assets, but also give young, promising projects a chance to prove their worth.
The creation of Lotus Market was in response to the challenges faced by many DeFi marketers. We realized that there was a need for reliable research and evaluation of new tokens that were emerging on the market. Gradually, we came to our main goal — to provide users with reliable information about tokens, minimize the risks of losing money and promote the development of quality projects. For more than two years, the Lotus Market team has been conducting in-depth analytics on DeFi and screening out scam tokens.
How do we filter tokens?
In brief, our process includes automatic analysis of the contract source code, its social and external factors, internal interaction mechanisms, as well as many other parameters.
According to our statistics, out of 10 tokens we add, 1 or 2 turn out to be hidden function tokens. We actively work every day to identify such cases and improve our filtering algorithm. It is important to remember that there are many people working on the other side, trying to scam both regular users and investors, because this market is attracting more and more funds and gaining popularity. We have created a strategy to reduce the number of fraudulent contracts, which ensures that investors are well protected every day.
If you are interested in market statistics, here are some numbers: every month more than 50,000 new tokens appear in the Binance Smart Chain and Etherscan network, and 99% of them are scam and only 1% we add to the Lotus Market. Impressive statistics, isn’t it? As a rule, scammers use different scamming methods (Blacklist, honeypot, proxy, melt, transfer limit and many others, but more details will be described in the next article).
The lotus, which has deep significance in Buddhism and represents purity, perfection, wisdom and the state of nirvana. This flower, growing from dirt, gradually transforms into an incredibly beautiful work of nature. We attach special importance to this symbolism and believe that projects, once started on their path, can scale up and grow into something good by keeping the purity of purpose and faith in oneself.
Just as the lotus breeds beauty, so in the world of cryptocurrency innovation, we strive to turn the most mundane endeavors into something magnificent and meaningful. Lotus Market embodies this approach and promotes a safe and fair environment in the DeFi sphere.
Our logo is designed using the golden ratio, a mathematical proportional relationship.
The golden ratio symbolizes the birth of something big from small beginnings. This symbol reflects our philosophy: every great beginning starts small.
All in all, we can say that Lotus Market embodies the deep principles and symbolism that we try to bring out in our platform. We were born out of experience and research in the DeFi world, with the goal of improving security standards and helping projects realize their potential.
Based on rich analytical experience, we aim to give users confidence in their investment by avoiding scam projects. Like the growth of a lotus, we believe in the potential of each project and give it the opportunity to blossom and make a positive impact on the cryptocurrency community.