A bear market is what some people may see when observing the current state of the digital asset market right now. The current fluctuations in the crypto market can be dramatic and discouraging which scares away new investors, but whether this is true or not does not stop deter new Defi projects from starting up.
These projects are created by cryptocurrency entrepreneurs that believe in the blockchain, its many use cases, and aim to continue creating groundbreaking projects that help mold the world of decentralized finance. These projects created on the Binance Smart Chain (BSC) allow low market cap projects to survive and grow through pure investor speculation and support. Eventually, some projects flourish and join the ranks of others listed on BSC exchanges, and some even reach as far as the mainstream population.
These low cap coins have attracted investors from all walks of life, many with not much to spare, however, they believe in the power and future of cryptocurrency and blockchain technology. These investors see past success, hoping that one day the coin they curate brings them a lasting and life-changing return. There is a detrimental problem to the BSC atmosphere, where there is much success, people are willing to bend it to their own will for satisfying their appetite of greed.
A rug pull is a malicious maneuver where crypto “developers” abandon a project and run away with investor’s funds. Once a significant number of unsuspecting investors swap their BNB for the listed token, the creators then withdraw everything from the liquidity pool, driving the coin’s price to zero. They can also hide their funds in multiple wallets deceiving even their own team. The coin’s creators may also create a temporary hype around Telegram, Twitter, and other social media platforms and initially inject a substantial amount of liquidity into their pool to cultivate investor confidence (Coinmarketcap, 2020) Rug Pulls are well known in the Crypto world and even the most successful BSC investors can be victim to them.
CJ Andren has been in the DeFi community from the time Bitcoin was the dominant market currency and “tokens” didn’t even exist. Having witnessed this personally over a long period of time, and also being a victim himself of scams and rugpulls. Seeing his friends, family and associates become victims among others, it became an exhausting story that was repeated time after time. The losses range from small trivial amounts to entire life savings.
CJ is the head developer of Mooncheck, a utility token that has reflections for its holders and supports Mooncheck School and Mooncheck Tools. Mooncheck School will focus on educating people on the best websites, tools, and tokens available. Mooncheck Tools will complement that by providing real, effective tools to help people spot moons and rugs. CJ stated, “We want to help people win and avoid losses, not only focus on the negative”. Mooncheck is a crowdsource platform designed for people to analyze and decide if new, upcoming, and existing projects will “Moon” or host an infamous Rug Pull. “We’re teaching people how to find moons and avoid rugs and scams. I have created a BSC Education and tool website. The tool website currently has an LP Time Lock hex conversion tool that was released with a guide on how to use it. We also have a Telegram chat that is a warm community, where investors can feel safe and enquire about new projects. We are like a family there and help each other out.”
Most projects end prematurely due to greed or disagreement between team members, but CJ states that teaching others is the main goal behind it all. “Growing together and learning together is the best thing about this project”.
Technology has been a part of CJ’s life since childhood, putting together things and figuring out how they work has always been a passion of his. He built his first PHP and MySQL website while still in middle school 18 years ago. Analytical skills and problem-solving are important skills to have as a software developer and investor in the cryptocurrency market. DeFi especially demands this ability, as it is viewed by many as the “Wild West” of the digital asset community.
This skill afforded CJ the gift of analyzing a project and deciding if it was a worthwhile investment or a team of scammers looking for a quick buck. “Many people are afraid of DeFi and BSC projects not necessarily because of the scammers, despite that being a significant factor, but the uncertainty of using this new financial system. Telling an average person that they must own a digital wallet that they are sole custodians of, utilizing a Decentralized Exchange (DEX) to swap tokens on a platform called Pancakeswap, and buying their prospective token can be a bit overwhelming. Many people just avoid the hassle in total and invest in easier to access assets like Bitcoin”.
However, there are many resources out now that allow any investor regardless of technical know-how and age to invest in these up-and-coming projects. “It’s quite easy once you get the hang of it. You can transfer and buy a token of your preference in less than 5 minutes once you know the system”. CJ emphasized that his project and tools aren’t made to scare investors away but to empower them. “I believe there are many projects that have amazing utility, you just have to choose the right ones”.
Mooncheck not only provides a utility and a learning platform but also reflections. The system will use a custom contract with features not seen in the past. It’s being built with security and functionality first. Benefiting in multiple ways, investors can be sure this profit has long-term potential. CJ has also stated there are expected upgrades to the project in the future that will make Mooncheck a more desirable and dominant token in the DeFi community. Finishing touches are being made to the code, website (Mooncheck.cc), and social media pages, are being managed by the team. Mooncheck is launching to the moon on July 30th on the Binance Smart Chain.