Polygon Network is a low-cost transaction blockchain network that was created with the aim of scaling Ethereum network that has become congested and costly to transact on. Investors and crypto developers are increasingly utilizing Polygon because of the multiple benefits it provides. This has resulted in an increase in the number of projects released on a daily basis. However, because of its popularity, scammers are attempting to prey on unsuspecting investors.
Token creators use decentralized exchanges like Quickswap to generate liquidity and allow investors can purchase and sell tokens instantly. Scammers, on the other hand, are creating fraud tokens and putting them in high-value liquidity pools to entice naive investors. The liquidity pool’s value rises as a result of investors buying the token. When the scammers believe they’ve gotten a significant investment in – that goes straight to the liquidity pool, they withdraw all of the liquidity pool funds, leaving investors with tokens they can’t sell and practically worthless.
When liquidity is secured, fraudulent token developers are unable to carry out their schemes. When the liquidity pool tokens are placed in a time-lock smart contract, they waive any withdrawal rights. It’s a win-win situation for both developers and investors. It enables developers to express the legitimacy of a project.
Unilocker Assists In The Fight Against Scam Tokens
Many platforms have begun to offer this liquidity locking concept, with Unilocker bringing its liquidity locking technology to Polygon as the most recent addition. Unilocker, which began with the Ethereum network, is the most exclusive liquidity locker, with all high-value tokens preferring it to lock their liquidity. Some of its distinguishing characteristics include:
Despite the fact that there are many Polygon lockers to select from, the majority of them are not user-friendly due to their “frustrating to use” websites. Unicrypt is a prime example, with its clumsy interface rendering the useful capabilities useless.
Unilocker distinguishes itself in this way. Unilocker is an exceptionally efficient platform in the larger scheme of things. With one-click buttons and straightforward sliders, determining the lock amount or lock period, which used to be so difficult, is now extremely easy. This “quick-lock” interface can be used not only to lock but also to manage the locks.
Features for Additional Management
Investors can use Unilocker to conduct a variety of things, including but not limited to:
Liquidity pool (LP) tokens lock
Increase the number of LP tokens in the lock.
After the lock’s period has expired, withdraw LP tokens.
Extending the duration of a lock
Transferring ownership of the lock
To disclose the lock amount and duration with investors and instill the necessary confidence, developers can build a verified lock certificate that can be uploaded on the token website or social media.
Polygon’s expansion has lowered the entry barrier for innovative crypto initiatives to enter the market. As a result, anyone interested in investing in cryptocurrency now has more options. However, scammers have crowded these blockchain networks in an attempt to defraud investors.
Investors want reassurance that the projects they are investing in will succeed, and liquidity locking provides them with that assurance. Unilocker, with its novel features and inexpensive cost, has already become everyone’s favorite. It has overcome the challenges that crypto project developers have experienced in order to become a force to be reckoned with. And this liquidity locking platform is now available on Polygon.
To learn more, go to Unilocker.