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The nascent cryptocurrency is well-known for attracting all types of scammers, and battling them is a job every legitimate company in the space has taken, including leading cryptocurrency exchange Binance.
While more often than not the fight focuses on avoiding phishing scams and tracking transactions to find bad actors, prevention also plays a role. If investors are more aware of the potential risks of scammers, they can avoid falling prey to their tactics.
The openness of blockchain technology allows anyone to read between the lines and understand whether a smart contract or a project is riskier than it should be. To get past the hype and help investors understand what’s going on, the Laser Eyes Club was formed.
Protecting the cryptocurrency investor community
Laser Eyes Club is a community created to fight scams, educate everyone about blockchain technology, and create utility products that will help cryptocurrency investors avoid scams and invest only in legitimate projects.
Hundreds, if not thousands, of new projects are launched on the Ethereum and Binance Smart Chain (BSC) ecosystems every month, and because of the unregulated and decentralized nature of these blockchains, many of these projects take advantage of investors through numerous scams.
The Laser Eyes Club has already launched a solution for these: an automated tool that lets users enter the contract address of any Dx Sale to get an automated analysis of it. While the tool is still in beta, it already offers users useful information.
The tool, called Laser Eyes Contract Scan, screens a project’s source code to find out whether it’s verified. If it isn’t, it’s likely a scam. Furthermore, it looks after its liquidity to identify whether there’s a huge amount of free-floating tokens, which could mean a rug pull is imminent.
On top of that, it looks for potential minting functions. These functions would allow scammers to just mint new tokens and dump them on unsuspecting investors, allowing them to pocket their gains while leaving investors with devalued tokens.
Moreover, it checks presale parameters to avoid token dumping on investors, and once the token is actively being traded the tool will help investors identify whether it’s being used as a honey pot.
In the future, the tool will screen the code for other scam functions, check liquidity providers’ status, ownership status, the historic movements of developers’ wallets, and more.
To further support investors, Laser Eyes will in the future create a learning platform with content that will educate investors, as well as a portfolio manager app that will allow them to track their tokens on the go. A locking service and launchpad will also be created to boost investor confidence, as well as a contract auditing service.
The $LASERYES token
The Laser Eyes Club has already launched a token that will be used for service fees and to airdrop rewards, with users being required to hold $LASEREYES to use its services. The token is deflationary and is supported by an already working tool.
Every transaction using $LASEREYES incurs a 10% tax, with 1% of the tokens being burned, 1% being used for static reflecting, 1% to promote liquidity, and 7% being used to further market the project and help it grow.
The token is currently being traded on PancakeSwap, but Laser Eyes Club plans on getting its token listed on multiple other cryptocurrency exchanges including mxc.com, Bitmart, and Gate.io.
What’s ahead for Laser Eyes
Along with the new listing coming in the fourth quarter of the year, Laser Eyes’ audit services and learning platform are being launched, which will require expanding the team. The added manpower will help release the launchpad, locker service, and a staking and farming platform in the first quarter of next year.
By the second quarter of 2022, Laser Eyes plans to see its token get listed on major cryptocurrency exchanges and develop its ecosystem to accommodate non-fungible tokens (NFTs).
You can learn more about the project on its website: Laser Eyes – Supporting Cryptocurrencies