SPOON App looking promising! Created Liquidity Events Detection done!

Hello everyone.

We at SPOON have been very silent the past few weeks so it is time for a big update! Let’s talk about what we have been doing and achieving so far.

LP Creation for new tokens now finished

The SPOON app is now correctly identifying transactions where LP tokens are created for the first time and identifying which is the LP pair that was setup. This should help you know when a token finally can be bought at a decentralised exchange.

However, this is only one of the first steps. Nothing of this ensures you are not falling into a scam! Our roadmap indicates how many features SPOON will provide you so that automatic risk assessment can be made in seconds for you so you can actually focus on taking decisions, not on protecting yourself from frauds.

Burned Liquidity event detection started

Since we have finished the LP creation detection, it is time to work on the Burned Liquidity detection. This is when the token owner is sending his LP tokens to the dead addresses. The good thing about this practice is that it is impossible to rug pull by removing liquidity, which is a very common practice.

Locking the LPs is something a lot of people look at when buying a token. But this does not ensure anything. Locked liquidity can be quite dangerous:

• There are LP Lock contracts that allow the creator to rollback and unlock the LPs at any time for a fee, before the lock timer expires.
• There is a timer. The mere presence of a lock ensures nothing. Even tokens with a Lock of 1 year can be a scam. There are very patient scammers out there who will lock their LP for a year just to drive you to a honeypot (where you can buy but you cannot sell)
• These are custom contracts. You could be told a LP is locked and they can show you a transaction. They might own this contract and you might have been fooled.
• Websites can easily be altered. If scammers are showing you screenshots of LPs being locked, then ask them for a URL you can check yourself. Websites can be altered in the browser itself and they can take a screenshot of something that does not exist.
• Still, even if you are driven to an URL that shows the LPs are locked, you need to check if the URL is from a trustworthy website! Anything can be faked here.
• As mentioned, there are timers. Many times scammers will simply lock the LPs for a couple of hours, just to rug pull you after. Most investors check that the LPs are locked, but not for how long.

For this and many other reasons, LP Locks can still make you buy into scams.

The second reason we have decided to develop burned liquidity detection first is because this is not actually being detected by competing apps. This way, SPOON at its free beta launch, will already provide you with value that you wont be able to find anywhere else.

Partnership with the Blockchain Collective

We are partnering up with the blockchain collective, a public relationship and marketing agency from Europe that runs the www.alchemistdefi.com and the unicoincrypto.io projects. We have big plans for the future and the Blockchain Collective will enable us to attract new investors to our current and future solutions.

The development of something new

Our development team is eager to build stuff, and has already started in parallel the development of a new service which is still aligned under the vision of making the blockchain scam free.

This service is entirely different and has a different audience. Will be running with another token and another platform. However, it is in its early stages of alpha testing and it will be a few months before it goes live.

Eventually, we will start disclosing what we are building. However, SPOON is the number 1 priority and its roadmap will continue unaltered and uninterrupted.

Whats next?

Besides the burned liquidity event detection we will start designing and building a state of the art responsive UI for the first go-live of the beta version of the SPOON app! Super ultra exciting!

Additionally, we will be drafting our new whitepaper explaining our new technicals for any sophisticated investor who wishes to know more about the guts of our service.

Stay tuned! SPOON is a long term cryptocurrency project that will make the blockchain SCAM FREE.