Is Seesaw Protocol SSW a Scam? How to Avoid Cryptocurrency Rug Pulls

On April 14th, the tokens experienced their all-time high price, trading at $0.46. Typically, performing transactions on other blockchains with a different cryptocurrency requires using a cryptocurrency exchange platform. Naturally, the DEX platforms demand a crypto conversion or exchange fee which can cost astronomically for transactions of higher value. Seesaw Protocol aspires to be a cryptocurrency designed to bridge multiple blockchains, solving an important interoperability problem within the emerging field. Its creators claim that SSW is going to bridge the Binance Smart Chain with Ethereum and Polygon . Launched in January 2022, the protocol is a fairly new and ambitious blockchain-based project created to bridge multiple blockchains.

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The Official Red Flag Disclaimer

Suffice it to say, after a series of recent high-profile crypto scams, this anonymity has been enough for some to label SSW a scam. There is some FUD concerning Seesaw Protocol, but despite this, it is a far cry from a real crypto scam. Squid Game is possibly the biggest example of a recent scam or ‘rug pull’. It’s also important to have a look at the tokenomics of SSW – the native cryptocurrency of the Seesaw Protocol ecosystem.

To be fair, SSW is new, and we can only expect so much as the project behind this cryptocurrency continues to develop. Among the many reasons to get this digital currency is the reward incentive of simply holding them. A regular airdrop feature enables long-term holders of the token to earn extra coins. The alarming rate by which the SSW Tokens are rising in value has certainly drawn speculations from the crypto community. While some are advising caution, others are waiting to gain more knowledge regarding the project. It is because the SSW protocol initially didn’t even have a Whitepaper mentioning its Proof of Concept.

Audit by Certik

From the absence of mainstream, centralized banks to the creation of such a currency using the process of mining, there is a lot left to be understood by investors and the public alike. An anonymous team is responsible for creating the SeeSaw seesaw crypto Protocol, which is alleged to be based in Switzerland. Based on such statements, one may find it difficult to decide to purchase the SSW Tokens, but their already exceeding number of sales is an equal deterrent against such doubts.

Like with all new ideas, anecdotes of scams and uncertainty follow. Unless you have truly endowed your time into gaining knowledge of the mechanisms of cryptocurrency, it is likely you will always have doubts. If the price surge of over 640% in the first stage of its presale is anything to go by, then it is innocuous to adopt the notion that Seesaw Protocol is profitable. The Seesaw token can be swappable between multiple chains with almost 0% commission.

What is the SeeSaw Protocol?

Its second phase pre-sale ended on 25th February with 178,200,000 tokens sold, and the third pre-sale phase will end on 25th March. It offers up to 89,100,000 SW for sale while the final pre-sale phase will offer up to 29,700,000 SSW for sale. Parallelly, the utility cryptocurrencies that currently exist are usually linked to DeFi Projects like Crypto Games or Metaverse. The holders of such tokens can use them to buy in-game items or acquire them by trading their in-game items. Unknown or anonymous developers – On some occasions, it can appear inauthentic if the creators of a cryptocurrency are unknown.

Due to the high-risk investigation findings, and lack of KYC cooperation from the project team, CertiK has terminated all ongoing audits and delisted BoostX-affiliated projects. Seesaw integrates https://xcritical.com/ with popular LMS and SIS platforms to build upon what you’re already doing. Cryptocurrency has long been a topic of discussion as to whether the digital payment system can be trusted.

• From the initial $0.005 price per coin during January, the current price stands at approximately $0.132.
• The price started at $0.005 and has increased by more than 500% to $0.031 at the time of writing.
• A utility cryptocurrency simply means that these coins and tokens proposition the right to procure a product or service.
• Many new projects are made and backed by anonymous creators, in the style of the pseudonymous Bitcoin founder Satoshi Nakamoto.
• Seesaw Protocol uses a portion of the transaction fee attached to each purchase and sale to constantly add to its liquidity.

Say, it helps for making wide platform cross-blockchain NFT transactions easier besides allowing holders to swap them for any other mentioned tokens at any point. The latter aspect eliminates the need for owning more than one type of crypto wallet as well as prevents maintaining them separately. Set base price for the SSW tokens was $0.005 with a 3% buy tax for allowing the above-mentioned cryptocurrency purchases. The constituents of buy tax include 1% for token distribution, 1% for LP acquisition, and 1% for marketing tax. Many new projects are made and backed by anonymous creators, in the style of the pseudonymous Bitcoin founder Satoshi Nakamoto. Seesaw Protocol is one of these new cryptocurrencies, and its creators are yet to be named.

Why Snowfall Protocol’s Growth is Beating XRP and Terra Classic

The SSW Tokens channels multiple blockchains and facilitate delivering value to their proprietors at preeminent rates like standard currency exchange. By retaining its 3% fixed fee on token utility and retaining the transparency of exchange at better rates, the protocol aims to bridge various crypto blockchains in the market. The investors lose out and the creators make off with their money. After the huge successes of 2021, in which almost every coin broke through to reach new all-time highs, it is not a surprise that many people are rushing to create new projects. Unfortunately, not of all these creators have the best intentions.

Think of it as the standard currency exchange; the stronger your currency exchange rate, the cheaper your imports. SSW’s main objective is to enrich your crypto experience through the promise of a fixed low fee of 3%, better rates, and absolute transparency. According to the official whitepaper, the project is currently being onboarded for audit by CertiK. However, at the time of this writing, the audit itself hasn’t been completed, which means that there’s no official security assessment of the Seesaw Protocol. Initially, the token will be launched on PancakeSwap with a 3% purchase fee and a 5% sale fee. Some of these fees will be redistributed to existing SSW holders providing them with a way to earn passively on their holdings.

So you’re celebrating the scammers behind this token simply raising the price? This makes zero sense when the token doesn’t exist and not one single person has a contract address so there will not be a single person who will receive their pre purchased token. Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.

One Learning Platform All Teachers Need

This could raise eyebrows in itself but all the evidence points towards legitimacy. The price started at $0.005 and has increased by more than 500% to $0.031 at the time of writing. The one true example of this is Bitcoin; despite it being a household name in the crypto market, those outside of these markets view any form of cryptocurrency and its bionetworks as a con. It should enable blockchains to take advantage of the most efficient blockchain during the optimal time, depending on network congestion, and, therefore, find the quickest and the cheapest transactions.

The Seesaw Protocol Explained

Investors may be sceptical of investing in a coin when they do not know who is behind it. The biggest cryptocurrency in the world has a pseudonymous creator behind it. Seesaw Protocol’s creators are following this approach and choosing to remain anonymous. The presale itself has been underway for just over two weeks and has so far been an astounding success.

It currently runs on the BNB Chain with plans to also run on the Ethereum and Polygon blockchains. The SeeSaw Protocol is a type of utility cryptocurrency that allows its holders to use them on other crypto blockchains. Presently, the project mentions that its holders can use the SSW Tokens on blockchains like Binance Smart Chain , Ethereum , Polygon , etc. A utility cryptocurrency simply means that these coins and tokens proposition the right to procure a product or service.

What is Seesaw Protocol?

Some crypto investors have pointed out a few concerns about the protocol. While it does offer a much needed solution in the crypto world its huge token price crash is of concern. SSW can be traded and farmed across the Binance Chain, Ethereum, and Polygon blockchains. Yes, such a reason is a critical Red Flag for investors, yet on the other hand, it is being featured by numerous noteworthy media platforms.

As for now, how the tokens will behave in the future, only time will tell. On the bright side, their current market price makes them an ideal entry point into the crypto market. Just remember to do your research before investing in any crypto project. Allegedly based in Switzerland, the SSW protocol can revolutionize the crypto market in multiple ways, starting with unifying it exclusively. With such strong positives, investors would naturally want to bank on the opportunity of acquiring them, raising their value all the more. SSW capitalization is set at 990,000,000, and the project is presently in its Q3 pre-sale phase.

SSW can allow stockholders to gain profits in multiple ways via re-distribution of fees per transaction and referrals. The initial month of presale completion raised its value by over 2500% with greater ascend expected after Q3. This project is affiliated with a high-risk Launchpad known as BoostX Finance. After a thorough assessment of BoostX-affiliated projects from CertiK auditors and investigators, we required the project team to undergo involuntary KYC, with which they did not comply.

This is also when the project is expected to launch on Uniswap. The fact that the project is backed by an anonymous team is also concerning to some people. Bitcoin continues to dominate the crypto market, yet its creator, Satoshi Nakamoto’s true identity, is yet to be known to date. Anyone can purchase the SSW tokens from their pre-sale phase, after which they will be available from Uni Swap and Pancake Swap platforms. While the SSW, a fully decentralized multi DeFi platform, presents such scope, it’s also worth noting that SSW cryptos cannot be mined. Hence, it’s focused on benefitting the proprietors of cryptos without creating grounds for questioning its stability or environmental concerns.

Seesaw Protocol (SSW) — Connecting BNB Chain, Polygon, and Ethereum

No liquidity – It is important to ascertain if a new cryptocurrency has liquidity locked. Seesaw Protocol uses a portion of the transaction fee attached to each purchase and sale to constantly add to its liquidity. During Q2, the team should also roll out the Seesaw multi-chain bridge and swap function and the cross-chain deployment for Ethereum and Polygon in the third quarter.