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Smart Contracts 101
1. What Are Smart Contracts?
Code on blockchains (e.g., Ethereum) that runs automatically—e.g., swaps on Uniswap. But scams hide in bad code, costing $500 million in 2024 (DeFiLlama).
2. Why They’re Risky
Unaudited contracts can have backdoors—devs drain funds or freeze tokens. Once deployed, they’re immutable.
3. Checking Safety
- Look for audits—e.g., by CertiK.
- Verify code on Etherscan.
- Check dev transparency—anon teams are risky.
4. Basic Verification
No coding needed—search contract addresses on explorers. If it’s not verified or has odd transactions, steer clear.
5. BlockGuardian’s Advantage
Use BlockGuardian.xyz to scan contracts—we highlight risks. Report bad ones via our form.
Extra Tips
- Start with small amounts—test first.
- Avoid hype-driven new contracts.
- Learn basics—Solidity isn’t hard!
6. Next Steps
Explore DeFi Deep Dive: Rug Pulls or return to Learn. See our whitepaper.