Bitget Wallet has launched a new feature empowering traders to assess potential risks before investing in a token. This functionality is now available across six prominent blockchains.
A recent announcement highlighted that this feature enables users to pinpoint possible vulnerabilities in a token that may signal elevated trading risks, such as centralization of the token or open minting permissions. This tool is part of a larger array of newly launched features aimed at enhancing transaction security on the platform.
As of now, the feature supports tokens from six leading blockchains, including Ethereum (ETH), Solana (SOL), BNB Chain (BNB), Base (BASE), Polygon (MATIC), and Arbitrum (ARB).
The contract risk detection tool is accessible on Bitget Wallet’s candlestick chart interface, providing users with critical information such as a token’s permission status, distribution among major holders, and burn ratios. These metrics are designed to help users make knowledgeable trading choices and assess risks tied to the tokens.
If a significant amount of tokens is held by a small group of wallets, there’s an increased chance of price manipulation or abrupt sell-offs, heightening trader risk. Conversely, a high burn ratio can suggest positive future price movements, whereas low burn rates might indicate a lack of transparency from the project.
Moreover, a token’s permission status can indicate whether high-risk functions are still active, such as minting capabilities, the option to pause trading, or changes in ownership. Excessively open or poorly managed permissions may point to a greater risk of manipulation or potential scams.
Alvin Kan, the COO of Bitget Wallet, emphasized that as decentralized finance rapidly evolves, equipping users with accessible risk evaluation tools is essential. The platform is committed to fortifying transaction security through features like contract risk detection.
Kan stated, “This feature aligns with our broader mission to equip users with the necessary information to navigate Web3 with safety and confidence.”
According to findings from the Onchain Report, about 37% of users consider security risks their primary concern when utilizing cryptocurrency for payments or transfers. Bitget Wallet hopes that this new detection tool will help alleviate some of these concerns for users dealing with on-chain funds.
Previously, the platform rolled out an MEV protection upgrade, directly integrated into the platform’s Swap feature, and designed to shield users from unfair trading practices typically employed by MEV bots.