Top of the morning to all.
Some newer investors may not know this (I know...I've seen it mentioned in Discords) but we don't actually HAVE to interact with #smartcontracts using a website.
We can use the #blockexplorer. Here's a thread for newbs on how.
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First...why would you do this?
Well, #crypto is full of paranoid skeptics (understandable given all the rugs) so when a site goes down and people can't access the buttons for claiming rewards it's INSTANT PANIC 🚨
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The thing is, smart contracts are immutable, and unless the developer uses a kill function, it's still going to function, with or without a website.
And you can access those functions from the appropriate block explorer (based on the chain the contract is on).
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You just need the contract address.
So Step One: Look up the contract address on the block explorer (#Etherscan, #Snowtrace, #BSCscan, etc)
You do have to make sure you have the CORRECT contract address though. Some protocols have multiple contracts, and you'll need the one that has the functions you're looking for (claim rewards, stake, create node, compound, etc).
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Step two: Go to the Contract tab, then click Write and connect your wallet.
You may have to click this twice until the light turns green.
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Look for the function that want.
Sometimes they are easily named (compound, claim, hatch eggs, sell, etc)
Other times you'll have to do some digging (or ask the protocol devs).
In Nodac, I want to claim...the function is called "giveMeWelfarePlease"
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When you click the "Write" button under the function, it will trigger the function in your wallet.
The last step is to do like with any other contract interaction and approve the gas.
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That's it. That's how you interact with a protocol's smart contract without using their website frontend UI.
Never again will you have to let UI issues stop you from doing important #DeFi activities.
I hope you found this helpful. Please consider liking/following, etc.
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Looking back at some of the #rugpulls of the past that have been audited.
This is why it's important to read audits (but interestingly, some audits didn't consider the owner having so much control to be a security risk).
Let's have a look at some...
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The first rug we'll discuss is Univ, audited by Solidity Finance.
Notice they say explicitly in the audit summary "Please ensure trust in the team prior to investing as they have substantial control in the ecosystem.
Date: February 24th, 2022."
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That seems like a catch-all cover-your-butt statement, but hey, at least they warned everyone.
Then we have MaxAPY, audited by Rugfreecoins. Here they missed the owner's ability to change fees to much higher than 25% (which they did so no one could sell....honeypot).
Recently I saw someone on my feed talk about how they got their #NFTs stolen from #Metamask. They went to a malicious site (unbeknownst), and performed what they believed were standard approvals.
However, the approvals were safeTransferFrom
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Someone else commented that #crypto investors should learn some basic Solidity functions so they can avoid mistakes like this.
For reference, the safeTransferFrom function is the function that transfers an NFT from one wallet to another.
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Anyway, I agree so I thought I'd do a thread on common MetaMask (browser wallet) approvals and permissions.
Ok, so I've seen a rather false narrative floating around #CT that I'd like to address/dispel really quick.
I have seen a number of tweets talking about how difficult it is to start an LLC in the US. As a result, I see a lot of praise handed to protocols that do so.
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Not saying that a protocol that legitimizes themselves in the eyes of the US tax authorities is a bad thing...just that if anyone claims it is a difficult/arduous task to start an LLC, this is NOT TRUE.
I can quickly walk you through the steps:
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Step 1:
Use a registered agent to start your LLC.
If your business is digital, you don't have to create the LLC in your home state. You can use a representative agent. My personal favorite is wyomingagents.com since WY has favorable biz taxes.
A lot of people are talking about the #Fantom Virtual Machine. Most conversations, however, simply state that “it’s the future” or “it’s gonna change the game”
But many still don’t know how or why.
So let’s discuss.
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First, if you haven’t yet, definitely listen to the latest interview from @milesdeutscher with Fantom CEO Michael Kong.
He touches on the topic of what they are trying to achieve.
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Unfortunately this is still a bit ambiguous. So let’s dive in further.
In the interview Michael talks about research done by university students and professors. Well, here is a publication outlining some of the EVM limitations he discusses: arxiv.org/pdf/1910.11143…