Token Sniffer is a powerful tool designed to detect fraudulent tokens, helping users avoid financial risks in the decentralized finance (DeFi) space.
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What Is Token Sniffer?
Token Sniffer is an Ethereum Virtual Machine (EVM)-based tool that analyzes smart contracts of tokens. It helps users identify counterfeit tokens, providing an additional security layer in DeFi. Integrated with Solidus Labs (an AML solutions provider), it’s free to use and supports 13 EVM chains like Ethereum, Binance Chain, and Polygon.
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How Does It Work?
Token Sniffer scans blockchain transactions and token addresses for suspicious activity, flagging cloned tokens, fake liquidity pools, or malicious code. Its algorithm generates a concise report with three key analyses:
Contract Analysis
- Detects honeypot risks.
- Checks owner ability to modify contracts.
- Verifies contract source code.
Owner Analysis
- Evaluates token ownership distribution. Tokens with <5% ownership by creators earn a "green check" (favorable).
Liquidity Analysis
- Tracks liquidity spread across decentralized exchanges (DEXs). Wider distribution indicates higher reliability.
A perfect score (100 points) requires green checks in all categories, though hidden bugs may still exist.
How to Use Token Sniffer
- Visit the Website: Go to tokensniffer.com.
- Search Tokens: Enter the token name or contract address.
- Complete CAPTCHA: Verify you’re not a robot.
- Review Audit Report: Check for red flags (e.g., scam alerts).
- Cross-Verify: Use additional sources for due diligence.
Advantages of Token Sniffer
- Fraud Detection: Minimizes exposure to scams.
- Empowers Investors: Provides data-driven insights for informed decisions.
- Real-Time Monitoring: Adapts to the dynamic crypto landscape.
Token Sniffer Alternatives
- Token Checker: Comprehensive contract analysis.
- Scam Alert Bot: Proactive updates on suspicious tokens.
- Community Forums: Crowdsourced insights from crypto enthusiasts.
FAQs
Q: Is Token Sniffer free to use?
A: Yes, it’s entirely free and supports multiple EVM chains.
Q: Can a high-scoring token still be risky?
A: Yes, some bugs may not be immediately detectable.
Q: What’s the best alternative to Token Sniffer?
A: Token Checker offers similar features with added historical data.
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