On blockchain networks like Ethereum, Polygon, or Binance Smart Chain (BSC), a new cryptocurrency token is being created every minute. These initial coin offers (ICOs) are largely a sham, operated by fraudulent developers, and the vast majority of them are scams. Rugpull is the most frequent cryptocurrency scam at the present, as scammers are continually coming up with new schemes to defraud consumers. Pulling off this particular scam is in fact very easy. Decentralized exchanges like UniSwap, Quickswap, and PancakeSwap, which let investors buy and sell tokens quickly, require token developers to construct liquidity pools. A new token is introduced by fraudulent crypto developers, who then create a high-value liquidity pool, engage in aggressive marketing, and attract a large number of investors before removing the liquidity pool and leaving buyers with worthless tokens.
The developers give up their withdrawal rights when they move the liquidity pool tokens to a time-lock smart contract. Token developers and investors alike benefit from this feature known as liquidity lock, which allows them to build the legitimacy of a project. Liquidity locking is an idea that has spawned numerous platforms that offer it. Liquidity lockers to watch in 2021 include the following:
Token and liquidity locking services are provided by Unicrypt Network, a multi-chain platform. It was released in 2020. There are some handy features like progressive locks and ownership transfer on this locker, despite it being an outdated implementation. Over 3000 projects have already adopted Unicrypt locker. Despite this, the biggest drawbacks of the Unicrypt vault are its poor user interface and astronomical prices. Token producers must burn Unicrypt utility tokens in addition to paying the hefty flat price charged by Unicrypt.
Unilocker which supports all major networks: Ethereum, Polygon, and Binance Smart Chain (BSC) is the market's newest entry. Despite its infancy, Unilocker is widely becoming popular. Liquidity pool tokens can be locked instantly for Uniswap V2, Quickswap (a fork of Uniswap on Polygon) or Pancakeswap (a fork of Uniswap on BSC). This modern liquidity locker provides unarguably the most intuitive interface. Unilocker enables developers to configure their lock period and lock amount using interactive sliders and one-click buttons. The whole locking can be completed within minutes. Once locked, a lock certificate is available to share on social media and with your investors. The management of lock is just as easy as the locking itself, you can unlock, increase lock amount, extend lock period, transfer ownership - using the same intuitive interface. And, all of this is available at an unbelievably low price.
Today, new innovative cryptocurrency projects have a lower entry barrier. New investing alternatives have emerged for the general population as a result of this progress. However, On the other hand, the presence of fraudulent developers has dented investor confidence. For today's investors, liquidity locking represents the absolute minimum level of security. Platforms like Unicrypt, which have long been dominant in the liquidity lock provider industry, have been seriously threatened by Unilocker. The feature set, intuitive interface, and affordability of Unilocker make it stand out from the crowd. It's currently the most effective platform for locking down liquidity pool tokens on all the major networks.