Definitions
Binance Smart Chain - Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). ... It's an independent blockchain that could run even if Binance Chain went offline. - Binance Academy ​
Honeypot Scam - A honeypot scam is a type of scam whereby developers will create a smart contract with the inability for the token to be sold by no one other than the developer. Investors will purchase said honeypot token on a decentralized exchange however will be unable to later sell that token. The developer will then "dump" the token by selling it and therefore obtaining all the profits generated from market activity.
Moonshot - A moonshot is a rather entertain title used by the cryptocurrency community for a project (often decentralized finance token) released to the community on a particular network, most commonly the Binance Smart Chain network or Ethereum network. The title is given to projects who are deemed by the community to possibly achieve parabolic market movements driven by viral popularity or key project fundamentals. Rug Pull - A rug pull occurs when the decentralised liquidity pool hosted by an auto market maker (or decentralised exchange) is removed from the market by the initial supplier of said liquidity pool. More often than not the original development team will establish the intial liquidity pool to allow for trading of their project token on whatever native network the token has been minted upon. The removal of a liquidity pool will immedately cease any trading of the impacted pair. In most cases users who hold a token that has been victum of a rug pull will be unable to sell or buy the token without substitute liquidity being provided. Liquidity pools can range in value from thousands to millions. It is always recommended when considering a project to ensure that the liquidity pool has been locked for an extending time to protect the community from a developer "rug pull." dAPP's like unicrypt and dxlocker offer liquidity locking services to the community and are often chosen due to their transparency on liquidity locks.
Last modified 3mo ago
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