Cryptocurrencies offer immense investment potential, but finding legitimate projects with high returns can be challenging. Many investors fall victim to scams and rug pulls, resulting in significant financial losses. Here's a list of 10 essential tools that can help you identify legitimate projects, stay safe, find legit projects and make informed decisions.
1) PeckShield Alert
Peckshield’s “AegisWeb3” Chrome extension is a user-friendly tool that searches for phishing scams, rug pulls, and blacklisted addresses. It provides real-time notifications to keep users updated on potential risks.
2) RugDoc IO
RugDoc IO conducts comprehensive checks on smart contracts, projects, liquidity farms, and NFTs. Their audits are ranked by risk level, offering a breakdown of vulnerabilities and security issues discovered.
3) Pocket Universe
Pocket Universe is a Web3 browser extension that detects malicious transactions, fake websites, phishing scams, and honeypots. It provides users with detailed information on each transaction or contract, enabling better understanding and safer decision-making.
4) Scam Sniffer
Scam Sniffer is a Web3 monitoring tool that scans for malicious links, verifies the source of funds, and provides a firewall for added protection. It offers both an API and a browser extension for comprehensive security measures.
5) Dex Screener
Dex Screener is a powerful tool that provides real-time charts for various tokens in the crypto market. Its contract scanner feature offers a comprehensive overview of key data, allowing users to make informed decisions before investing. Paste contract address of any crypto you want to track and you will get more information about those coins or tokens.
6) Dex Tools
Similar to Dex Screener, Dex Tools is a real-time chart provider for multiple token chains, including Ethereum, Arbitrum, Polygon, and BNB Chain. In addition to real-time charts, Dex Tools offers essential information about tokens, such as Project Reliability Score, Community Votes, Contract Details, and integration with third-party scanners. I personally like Dex Tools more than Dex Screener
7) Arkham Intel
Arkham Intel facilitates in-depth analysis of token distribution, sales, and balance history. By detecting wallet concentration in a token, investors can anticipate potential dumps that may impact retail investors. Once you start learning to use Arkham Intelligence tool, you will be addicted!
8) Chain Abuse
Chain Abuse provides up-to-date reports on scams occurring in the Web3 space. This tool aids in due diligence for potential projects, allowing users to learn from the experiences of others who may have encountered similar issues.
9) Revoke Cash
Revoke Cash offers a solution for managing permissions on most Web3 wallets. This is essential for maintaining proper “wallet hygiene” and safeguarding funds in the event of a hack. By revoking permissions, users can ensure that hackers do not gain access to their funds.
10) DeDotFi
DeDotFi offers web3 security software, functioning as an antivirus program for the cryptosphere. It identifies and alerts users about honeypots, vulnerabilities, and potential risks associated with tokens. Their tool is good, but recently they are being accused of extending their token launch several times. Their action was fishy! So, don't fall into their token sale. Just use the tool, if you like it, then continue.
While selecting the right tokens is crucial for wealth generation in the crypto market, preserving capital is equally important. The 10 tools mentioned above are essential for identifying legitimate projects, avoiding scams, and protecting your investments. It is crucial to utilize these tools effectively and conduct thorough research before making any investment decisions.
By staying informed and employing these tools, you can become a smarter investor in the cryptocurrency space. Do you have any tools that is worth mentioning in this list?
