Why is this new BSC token liquidity locker getting rave reviews from the crypto community?
Binance Smart Chain (BSC) came up with fast, low-cost transactions blockchain network that is also interoperable with existing Ethereum applications (e.g., MetaMask wallet). These features have made BSC quite popular with crypto developers and investors. The result is tons of new projects being released every single day on BSC. But this popularity has also attracted scammers looking to deceive unsuspecting investors.
As we have observed with popular crypto projects, scammers often flock to popular platforms and create fake projects just to steal from their users, and BSC is not very different. This article will explain the most common way bad actors are using the BSC platform to steal from unwary buyers, and how a new liquidity locker is changing the game by safeguarding investors’ interest.
The token developers need to create liquidity in decentralized exchanges like Pancakeswap so that the investors can buy and sell their tokens instantly. Scamsters create fake tokens and add high-value liquidity pools to entice buyers. When investors start buying tokens of such fraud projects on BSC, the liquidity pool will grow in value. Developers then simply withdraw the entire liquidity pool funds and run away, leaving investors stranded with worthless tokens. This is the famous rug pull scam of the crypto world.
Locking liquidity ensures that the token developers cannot pull off such scams. The developers’ withdrawal rights of the liquidity pool are renounced by sending the liquidity pool tokens to a time-lock smart contract. The benefit of liquidity locker, as a result, is not limited to just the investors but also to the token developers who are able to establish the project’s legitimacy.
Mudra Liquidity Locker
The concept of liquidity locking has led to several platforms offering such a capability. Mudra Liquidity Locker for PancakeSwap is the latest entrant into the market. Despite being the newest liquidity locker in the market, Mudra Liquidity Locker is receiving rave reviews from the crypto community, which is not just a mere hype, according to those who have used the platform. We tried to dig deeper and here is what we found about Mudra:
There are many established Binance Smart Chain Lockers in the market today, however, token developers find it extremely difficult to navigate and use these platforms. For example, Unicrypt has some good features such as incremental locks and ownership transfer, yet the platform’s user interface is one of the clunkiest interfaces you can ever find. Their reviews are full of users complaining about its cumbersome user interface. Mudra Liquidity Locker has put more emphasis on the developer’s experience, by developing a user-friendly interface. Simple but important features like being intelligent enough to differentiate between a token address and an LP address make Mudra a highly efficient and intuitive platform.
2. Locking fee and costs
One of the biggest challenges token developers face is the high cost of most liquidity lockers such as Unicrypt and Cryptex. For example, Unicrypt charges a high flat fee, in addition to forcing developers to burn Unicrypt utility tokens, which incurs additional costs for the developers.
However, you’ll pay the lowest fee if you lock liquidity with Mudra. And while most platforms force developers to use their utility tokens, Mudra does not engage in any such practices.
3. Extra management features
There is a reason why Mudra Liquidity Locker is the fastest-growing BSC liquidity locker. With Mudra Liquidity Locker, you can instantly lock liquidity pool tokens, withdraw on lock duration completion, and add more tokens to the lock. You can also transfer ownership, extend lock duration without any additional charges.
As a developer, you can generate a verifiable lock certificate with a QR code and share it on your token website and social media.
The strength of Mudra Locker is also drawn from the entire Mudra ecosystem, which includes multiple offerings for crypto developers (BEP-20 token generator, PancakeSwap configurator) and investors (token research tool, token discovery tool)
The growth of blockchain network BSC has removed the barrier to entry for new innovative crypto projects. This has also generated new crypto investment opportunities for everyone. However, rogue developers have also crowded BSC to run scam projects and loot investors’ money. Liquidity locking is the minimum assurance that today’s investor seeks from legit projects. Mudra Liquidity Locker has challenged legacy platforms like Unicrypt with its game-changing features and pricing. Like BSC, Mudra has removed the barriers for crypto project developers to gain legitimacy and has made liquidity locking affordable and accessible to everyone. To learn more about Mudra Locker, visit their blog.