Introducing Bitget Wallet’s Contract Risk Detection Tool: Enhancing Transaction Security
Bitget Wallet has unveiled a new feature that allows traders to assess potential risks before investing in a token, enhancing transaction security on the platform. The tool is currently available for tokens on six major blockchains.
Recently, Bitget Wallet announced the launch of a new feature that enables users to identify potential vulnerabilities in tokens, helping them gauge trading risks more effectively. This feature is part of a suite of new tools designed to bolster transaction security on the platform.
The contract risk detection tool is currently accessible for tokens on Ethereum (ETH), Solana (SOL), BNB Chain (BNB), Base (BASE), Polygon (MATIC), and Arbitrum (ARB) blockchains. Users can find this tool on Bitget Wallet’s candlestick chart interface, providing crucial information such as token permission status, distribution among top holders, and burn ratios.
By analyzing these key indicators, traders can make more informed decisions and evaluate the potential risks associated with specific tokens. For instance, a concentration of tokens among a small number of wallets may increase the risk of price manipulation or sudden dumps, posing a higher risk for traders. On the other hand, a high burn ratio could indicate positive price movement in the future.
Moreover, the permission status of a token reveals whether risky functions like minting capabilities or trading pausing are enabled. Poorly managed permissions could signal a heightened risk of manipulation or rug pulls, underscoring the importance of evaluating these factors before trading.
Bitget Wallet’s COO, Alvin Kan, emphasized the significance of providing users with tools to assess risk in the rapidly evolving decentralized finance landscape. The platform’s goal is to empower users with the information needed to navigate Web3 securely and confidently.
According to data from the Onchain Report, security risks are a top concern for 37% of crypto users when it comes to payments or transfers. Bitget Wallet aims to address these concerns by offering the contract risk detection tool, alleviating worries related to on-chain fund usage.
Furthermore, Bitget Wallet recently introduced an MEV protection upgrade integrated into the platform’s Swap feature. This upgrade aims to safeguard users from unfair trading practices commonly employed by MEV bots, enhancing overall transaction security on the platform.