Today, we're so early in the crypto space that the opportunities are endless.
However, this comes at a cost – within the crypto industry, there are plenty of scam tokens and projects that one can stumble across. PWN’s community does our best to equip ourselves with the knowledge and prevention methods necessary to combat these scams on multiple fronts.
We’ve already explored how to verify legitimate assets on PWN. An important part of the guide is the use of PWN’s asset pages, which make it possible for PWN to provide PWN users with all the information necessary to make well-informed decisions about the assets that they’re interacting with.
With that being said, it’s time to take a look at how the industry attempts to fight scams by implementing token lists. Furthermore, this article will explore how PWN checks the validity of assets on the platform.
She’s a 10 but doesn’t know about token lists
Why is it that you should care about token lists in the first place?
Introduced by Uniswap Labs, token lists are lists of fungible (ERC-20) tokens maintained by projects such as Uniswap, Coingecko, and many others. These projects attach their reputation to lists by hosting them on a domain that they control.
Because token lists are standardized, they allow for integration across multiple different platforms (front-ends).
ERC-20 verification on PWN
PWN checks the most popular and trusted lists and displays a verification badge alongside each asset. This is done in order to make it easy to see if an asset is verified as well as which project provided the verification.
So far, PWN references Uniswap, MATIC network (which is used in the official Polygon wallet), and Zapper token lists. In the near future, we will also display information on which token list assets are verified directly in the PWN UI.
NFT verification on PWN
In the case of NFTs, things can get a bit more complicated, as the market is not as mature as that of the ERC-20 standard.
While there are no standardized NFT lists, NFT marketplaces such as OpenSea usually offer project verification on their marketplace. At PWN, we currently use OpenSea for NFT verification, but we will be adding a LooksRare verification in the near future.
Any NFT project can apply for a verification badge on OpenSea, LooksRare, and other sites. These marketplaces then verify the projects based on their criteria and give or deny them the verification badge.
https://twitter.com/looksrare/status/1483471799023112196?lang=en
Let’s talk about 💩!
PWN’s asset verification filter (otherwise known as the 💩 filter) is another use case for the token lists that are used on the PWN platform. You can easily switch between showing and hiding unverified assets so you don’t get overwhelmed by assets that don’t interest you.
You can access the filter simply by following these steps:
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Head over to PWN
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Launch the PWN platform
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Connect your wallet
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Once connected, click on your wallet address and select the “Hide unverified” button in the dropdown menu
Why did we build the filter, you ask?
Lots of people are now doing random airdrops, and as a result, it’s extra important to be careful to stay safe (and avoid 💩 in the process). This feature helps you filter through potential NFTs that are legitimate vs. ones that aren’t.
https://twitter.com/pwndao/status/1572896175543525377
Check out our user docs to read through the complete guide on token verification lists.
PWN is a hub for peer-to-peer lending backed by digital assets. Use your NFTs or any token as collateral and invest in fixed interest loans and generate attractive returns. PWN makes this possible with no liquidation risks. Check out the PWN platform today.