I guess by now you've already have heard of Uniswap and all its goodness its done as a Decentralised Exchange (DEX) where you are able to list any ERC20 tokens and create liquidity from it. Here was one of my "experiments" which I wrote about awhile back.
@bitrocker2020/tradehunttokenstoethonuniswapdecentralizeexchange-8b1v8n5g5b
SO today .. Uniswap has grown a LOT and is most likely a factor to the Alt Season. However with the rise of prices for a lot of coins ... scammers or opportunists are starting to show up as well.
The Uniswap thingy
What is it ? How it runs ? Now there are a bunch of whales who has been sniping almost any new liquidation pool added to the Uniswap exchange. And you can literally track it down on Telegram as well. The minute the new liquidation pool is created there would be an announcement on this uniswap telegram group.
Getting listed on Uniswap can be done by anyone who has some ETH and has ERC20 tokens. If the coins are already listed, you can add to the liquidity pool and earn from each time someone does a swap.
Where is the Uniswap Scam ?
Well .. from observation we have individuals creating similar name tokens and adding it into Uniswap and cashing out big time. Here is one of the projects which I was following closely https://sandbox.game
They are currently undergoing IEO with Binance however, you can already see people creating these tokens and listing it in Uniswap. There are 2 which I've found so far.
However you can already see people making transactions on these addresses. So the big question is which is the correct one ? People who has been swapping their ETH for SAND ( fake ones ) would be in for a surprise as what they thought is genuine is just another useless coin.
DYOR !
So make sure before you start swapping around in Uniswap .. be sure that you are swapping the correct coin and not a fake one. You can normally just quickly browse Coingecko and click on the etherscan link to find the correct contract address for that coin
Make sure you do your research before swapping on Uniswap as there are many people out there finding ways to take those precious cryptos away from your wallet.
Cheers and have a great week ahead !