🛡Safety tips (recap week 19)
Koalas,
If you are present in our awesome telegram channel, you may have seen the daily safety tips (If not, you’re welcome: https://t.me/koaladefichat), you will find in this article a summary for the week 19.
🛡Have a good knowledge of the tools
👆Safety also comes from a good knowledge of the tools, if you are a beginner this article should interest you
🛡Understanding LP Impermanent Loss
https://academy.binance.com/en/articles/impermanent-loss-explained
https://finematics.com/impermanent-loss-explained/
If you’ve been involved with DeFi at all, you almost certainly heard this term thrown around. Impermanent loss happens when the price of your tokens changes compared to when you deposited them in the pool. The larger the change is, the bigger the loss.
If you want to calculate to Impermanent Loss with the LP, you can check here : https://dailydefi.org/tools/impermanent-loss-calculator/
🛡What does mean “Transfer Tax”
https://medium.com/@koaladefi/what-does-mean-transfer-tax-82606326f6d4
On some tokens, each transfer(transaction) can cost you a transfer tax of up to 5% (!). A part of these transfer tax are possibly added to the liquidity pool, are burnt or going to the treasury.
🛡Don’t trust anyone (1)
https://koaladefi.medium.com/dont-trust-anyone-1-edf797987f3b
When the BSC (Binance Smart Chain) suffers from some slowdowns, it’s sometimes advisable to change the url of its RPC network. Take care to verify that these urls come from official sources.
🛡Secure Your Binance Account in 7 Simple Steps
https://academy.binance.com/en/articles/secure-your-binance-account-in-7-simple-steps
If you are here it’s surely that you have a Binance account, here are 7 simple steps to secure your account
🛡 BSC Allowance: addresses that can spend your tokens
https://www.binance.org/zh/blog/binance-smart-chain-token-allowance-checker/
Each time you approve a farm, pool or any other contract, you define a maximum amount that this contract can spend by transactions. In most cases it’s Unlimited.
Try to clean up these allowances after you stop using the dapp/token, here are 2 websites that allow you to do it:
🛡 10 Ways to Protect Yourself from Scams
https://www.garyvaynerchuk.com/10-ways-to-protect-yourself-from-scams/
- never share your private key or seed phrase- never send money to someone you don't know- never share personal information with someone you don't know- never assume the name or profile you see is the right one- ....
See you next time!
The KST (Koala Security Team)
Safety first on Koala DeFi
