Do repost and rate:
Tips to stay safe on DeFi
- Check that the Dapp you’re using is certified by Certik or another reputable company
- Also use pages like exponential.fi and l2beat to DYOR and check the legitimacy of the Dapp you want to use.
- Understand where the high yields come from.
- Understand impermanent loss before joining liquidity pools.
- Use a separate laptop for your financial transactions; keep it separate from the laptop you use for general surfing
- Have a separate wallet with small funds for your DeFi endeavours so that you don’t have to use your main wallet.
- When the rates for liquidity pools are too great to be true, be conscious that they are not gonna last forever. Do not be someone else’s exit liquidity. Get in, take profits to cover your original investment and then some. Leave the rest if you don’t mind the gamble.
- Always click on official links. One way to do so is to search for DeFi platforms by on the “Markets” tab of the Coinmarketcap platform. Don’t use Google, click on random links and then get exploited.
- Be wary of the possibility of massive slippage on low liquidity dex.
- Use revoke (dot) cash to revoke permissions for your wallet
