Hi Jash. How do you distinguish projects that are genuinely building from those that just want to extract funds and disappear? Do you have anyone on your team who can review the smart contracts?
I looked at the Lucred smart contract Ultrafresh mentioned. It isn’t production ready in any shape or form. I wouldn’t even call it a PoC. Users can set their own APY, and the contract owner can withdraw funds. They have a decent looking website and are registered in Nigeria (not sure how rigorous that is), but that’s about it.
Regarding the Ultrafresh case, I’ve checked his proposal as well. I’ve known Ultrafresh from the Lisk community for many years, and I don’t want to offend anyone here, I may not have the full picture. That said, as I read the proposal, Ultrafresh requested 120k to create a bridgeable FAET token, which isn’t particularly novel or unique. The Optimism SDK already provides what’s needed to do this, and it’s a standard procedure for projects that want their own token on multiple EVM networks especially Superchain networks. In my experience, this could be done in a day plus testing, please correct me if I’m wrong. If the funds are intended for broader development, that should be stated and requested as such.
I’ll end it with my own quote: