Spotlight on LID: Making Defi Safer for Everyone

AmaZix is pleased to announce a collaborative effort with Liquidity Dividends Protocol (LID), a project working on improving the quality of experience and safety of participants in decentralized finance (Defi) systems.

Supporting LID’s Work in Ending Defi Exit Scams

Despite the burgeoning growth of Defi applications, with the obvious benefits of permissionless participation and borderless liquidity, democratizing the way people access financial services, the sector is still fraught with risk.

This year alone, we’ve witnessed instances of flash loan exploits and protocol bugs causing losses worth millions of dollars in crypto. 

But these inadvertent events pale next to the growing problem of Defi exit scamming in the form of “rug pulls”, whereby rogue actors flood automated market makers like Uniswap with fake tokens to trick unsuspecting users into swapping their ETH for these DIY Defi tokens to inject liquidity.

The rug pull? These token creators emptying the liquidity pool rapidly, leaving holders with worthless tokens.

LID is directly tackling this “rug pull” problem by developing a new technology for depositing liquidity into Uniswap while also offering a social rewards based staking system. According to LID Lead Developer Carlsbad Sunshine:

“Our dream would be to see a complete end to exit scams. This would mean a high percentage of projects choose to do LID Licensed presales, and those that don’t, use other presales that allow LID to easily issue certifications. Our dream would be that investors demand more from developers and aren’t willing to just give funds to anyone who posts their address and claims “its a presale”. We need higher standards.”

AmaZix CEO Jonas Karlberg notes:

“In LID, we see a protocol that will benefit the community by making the space safer from scams. We see them to be a project with similar values to ours, and so we will support them in helping them grow, so they can do more to provide better protection in this Defi space, as solutions are likely to only get more complex and challenging.”

Because Community Matters

At AmaZix, our mantra of “Community Matters” isn’t just some tagline we thought of overnight.

Focusing on communities may seem a little incongruent with our dealings in emerging technology, which tends to focus on code, programming and software, and the never-ending quest to improve, disrupt and revolutionize. But really, communities are what make or break these innovations that begin to replace bits of our daily lives. People, not technology, are the ones driving change in the way we communicate, conduct business and manage finance.

At the end of the day, it is people who shop, date, spend, and talk.

When we say we want to realize mainstream adoption of crypto and blockchain, really, we want to make it so that this exciting new technology is safe and good for people to use. We want communities of users and believers to benefit from the tech, and we want them to buy into the ideas that these innovations promote.

Since 2017, AmaZix has worked with over 150 blockchain projects with a full range of PR and marketing, legal advisory, and human capital services that ensure every aspect of blockchain business and community management are well covered.

Our collaborations insist on a strong focus on communities, with a priority of protecting them, even as we help projects remain engaged and loyal. AmaZix popularized the concept of 24/7 community management, and pioneered the use of Telegram bots to stop spam and scams dead in their tracks, but continues to evolve and improve community safety and security in the crypto and blockchain space.

AmaZix will support LID with the development of a long-term marketing strategy, content and social outreach, and focused user acquisition campaigns.

Curious about what AmaZix can do for you?

AmaZix strives for mainstream adoption of emerging technology, promoting innovators and advocating for best practices. Our mission is to help established brands step up to the next level, while building startups to become major actors in the space.

It is a privilege for us to work daily alongside blockchain’s innovative teams and thinkers, while engaging with its diverse communities of users and adopters.  We believe that, as we build the projects of tomorrow, we are stronger together.

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