Kevy's Second Key: Security!

By Kevy Mac | Kevy's Keys to Crypto | 9 Jun 2021


       Polygon Key#2

     

       Many new yield farms pop up every week across the Polygon network for yield farmers to jump on early. A simple truth is that many of these farms tokens will hit zero eventually so many farmers switch often(to the next farm with the best yield percentages). So while you're trying to keep up with the more experienced yield farmers you see on YouTube making 15k in a month, maybe you made the mistake of investing your Matic in a risky rug-pulling farm like PolyGold recently. Whose dev abandoned the project while soft-rugging the entire PolyGold community without them knowing with some sneaky transaction coding. It's really sad to see because a lot of people thought the project was pretty safe due to audits and investigations into their smart contract coding but ended with many people losing money.

      So how do you protect yourself from the yield farm risk of being rug pulled? Its honestly a lot simpler than most people would think. The trustworthy farms have their MasterChef code open to the public and are transparent through their Medium, GitHub, or Twitter. From their you can start investigating the farms code yourself, by navigating over to READ CODE(here's an example of the farm I'm about to start Dinosaur Finance). Now I know to a non-code savvy person this looks like some gibberish, but the main thing you'll be looking for is that the number of pool contracts available on the farms website match the same number next to PoolLength. If you're looking at my example link for Dino you'll see that there are 10 PoolLength and 10 pools on the website to farm from so we are all good there! No hidden contracts so far that lead into the devs pocket or account for a rug pull. 

      Security check number two! As you can see in the MasterChef for Dino you might've noticed that the dev and fee address are the same. To me this signals a soft rug pull in the future possibly from the dev(even though they say they've fixed their contracts so no rug pull can happen) but since I'm deciding to farm early here I think I won't be around for a rug pull. As a precaution I'll be watching the dev's like a hawk on twitter and their wallet address to see if it pops up withdrawing more than it should. Although I don't see the devs rug pulling on Dinosaur Finance its always good to know how to check up on how secure your farms are and ask yourself, "Will these devs really burn 1% of every deposit fee or will they start taking more for themselves?". 

       I myself, am trying to learn something new everyday on how to protect myself because lets face it, we are in the wild west of the crypto world right now and there are no crypto cops to go too when stuff goes south. My last quick piece of advice is to stay vigilant and adaptive. These rates drop like flies so if you are new and don't feel like getting screwed over on your first farm, I'd check out Polycat! It seems pretty economically sustainable but has lower rates because its not as risky. Also feel free to share your security strategies below in the comments, or what you all thought about the PolyGold rug pull from a couple days ago!

 

Want to dip ya toes in the yield farming world? Come get some insane APY at Polycat using my referral code!

https://polycat.finance/?ref=0k970n229P6r9p1SNR0Ns31942846n8p7s949568N0

*I’m not a certified financial planner/advisor nor a certified financial analyst nor an economist nor a CPA nor an accountant nor a lawyer. I’m not a finance professional through formal education. I’m a simple man who believes in investing for your future. The contents on this site are for informational and entertainment purposes only and does not constitute financial, accounting, or legal advice. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.*

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Kevy Mac
Kevy Mac

Hi I’m a computer science networker out of Lone Tree, Colorado and part of the new age of crypto! I write about meaningful cryptos only and always will let y’all know what’s a good buy!


Kevy's Keys to Crypto
Kevy's Keys to Crypto

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