Bitget Wallet launches new contract risk detection tool for users

Bitget Wallet presents a new feature that helps traders to browse potential risks before choosing to invest in a token. It is currently available for six major blockchains.

According to a press release sent to Crypto.News, the functionality offers users the possibility of identifying potential vulnerabilities in a token which could indicate a higher risk of negotiation, such as the centralization of tokens or active strike authorizations. The tool is part of a broader suite of newly introduced features aimed at strengthening the transaction security on the platform.

At the time of the press, the functionality is available for tokens on six large blockchains, in particular Ethereum (Ethn), Solana (GROUND), BNB channel (Bnb), Base (BASE), Polygon (Matic) and the referee (ARB).

The contract risk detection tool can be found on Bitget (Bgb)) Interface of the portfolio candlelit diagram. It offers users access to essential data such as the status of a token, the distribution between upper carriers and burning ratios. These indicators help users make informed trading decisions and to assess the potential risks associated with tokens.

If a large part of the tokens is concentrated among a small number of portfolios, this increases the probability of manipulation of prices or sudden discharges, which increases the risk for merchants. Meanwhile, a high burning ratio could report a positive price action in the future, while low burning activity could reflect a lack of transparency of the project.

In addition, the status of authorization of a token can reveal whether risky functions remain activated, such as typing capacities, the possibility of taking a trading pause or changes of property. If the authorizations are too open or poorly managed, this can point out an increased risk of handling or carpet prints.

COO of Bitget Wallet, Alvin Kan, noted that with the rapid growth of decentralized finance, offering users accessible tools to assess the risk is no longer optional. The platform aims to improve transactions safety through functionalities such as contract risk detection.

“This feature is part of our wider strategy to allow users the information they need to browse web3 safely and confident,” said Kan.

According to data From the ONCHAIN ​​report, around 37% of users consider security risks as their major concern when using crypto for payments or transfers. Bitget Wallet hopes that the new detection tool will be able to relieve some of their concerns when using chain funds.

Previously, the platform presented A MEV protection upgrade which is directly integrated into the swap function of the platform. The upgrade is designed to help protect users against unfair negotiation mechanisms which are generally used by MEV bots.