A crypto scam where project creators abandon a project after accumulating user funds, typically by draining liquidity pools, selling pre-minted tokens, or exploiting admin keys. Red flags: anonymous teams, unaudited contracts, concentrated token supply, locked liquidity absent, and excessive hype. Always verify program source, check authorities, and review audits before depositing.
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A crypto scam where project creators abandon a project after accumulating user funds, typically by draining liquidity pools, selling pre-minted tokens, or exploiting admin keys. Red flags: anonymous teams, unaudited contracts, concentrated token supply, locked liquidity absent, and excessive hype. Always verify program source, check authorities, and review audits before depositing.
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Wallets, signing flows, dApps, and key management concepts.
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Rug Pull (rug-pull) Category: Web3 Definition: A crypto scam where project creators abandon a project after accumulating user funds, typically by draining liquidity pools, selling pre-minted tokens, or exploiting admin keys. Red flags: anonymous teams, unaudited contracts, concentrated token supply, locked liquidity absent, and excessive hype. Always verify program source, check authorities, and review audits before depositing. Related: Security Audit, DeFi (Decentralized Finance)
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A formal, structured review of a Solana program's source code, architecture, and deployment configuration by experienced security researchers, aimed at identifying vulnerabilities — including but not limited to the OWASP-equivalent Solana Top 10 (missing signer checks, owner checks, arithmetic errors, etc.) — before mainnet deployment. Reputable Solana-focused audit firms include OtterSec, Ackee Blockchain, sec3 (formerly Soteria), Neodyme, Trail of Bits, and Halborn; most audits produce a severity-rated finding report (critical, high, medium, low, informational) that programs are expected to remediate and publish. A single audit is considered minimum due diligence for programs holding significant user funds; continuous auditing and bug bounties on platforms like Immunefi are considered best practice.
Financial services built on blockchain smart contracts that operate without traditional intermediaries (banks, brokers). DeFi includes lending, borrowing, trading, insurance, and derivatives. Key properties: permissionless (anyone can participate), composable (protocols can be combined), transparent (open-source, auditable). Solana DeFi TVL has exceeded $5B, led by Jupiter, Raydium, Marinade, and Kamino.
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A formal, structured review of a Solana program's source code, architecture, and deployment configuration by experienced security researchers, aimed at identifying vulnerabilities — including but not limited to the OWASP-equivalent Solana Top 10 (missing signer checks, owner checks, arithmetic errors, etc.) — before mainnet deployment. Reputable Solana-focused audit firms include OtterSec, Ackee Blockchain, sec3 (formerly Soteria), Neodyme, Trail of Bits, and Halborn; most audits produce a severity-rated finding report (critical, high, medium, low, informational) that programs are expected to remediate and publish. A single audit is considered minimum due diligence for programs holding significant user funds; continuous auditing and bug bounties on platforms like Immunefi are considered best practice.
Financial services built on blockchain smart contracts that operate without traditional intermediaries (banks, brokers). DeFi includes lending, borrowing, trading, insurance, and derivatives. Key properties: permissionless (anyone can participate), composable (protocols can be combined), transparent (open-source, auditable). Solana DeFi TVL has exceeded $5B, led by Jupiter, Raydium, Marinade, and Kamino.
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The vision of a decentralized internet built on blockchain technology, where users own their data, identity, and digital assets. Web1 was read-only (static pages), Web2 is read-write (platforms like social media), Web3 is read-write-own (permissionless, user-sovereign). Web3 applications use wallets instead of logins and smart contracts instead of centralized servers.
An application with its backend logic running on a blockchain as smart contracts rather than centralized servers. dApps typically have a traditional web frontend that interacts with on-chain programs via RPC. Users authenticate with wallets instead of username/password. Examples: Uniswap (Ethereum DEX), Jupiter (Solana DEX), Magic Eden (NFT marketplace).
Software or hardware that manages cryptographic keys and enables users to sign transactions, view balances, and interact with dApps. Hot wallets (Phantom, Solflare, Backpack) are internet-connected for convenience. Cold wallets (Ledger, Trezor) store keys offline for security. Wallets don't actually 'hold' tokens—they hold the private keys that control on-chain accounts.
A 12 or 24-word human-readable backup of a wallet's master private key, generated using BIP-39 standard. The seed phrase can deterministically regenerate all derived keypairs (BIP-44 derivation paths). Losing the seed phrase means permanently losing access to all associated accounts. Never share, photograph, or store seed phrases digitally in plain text.