[proposal] Timelocked Liquidity Removals to help reduce rug pulls

Rug pull projects are running strife and users are being fleeced out of funds at an alarming rate. Whilst ideally everyone should DYOR before Fomoing into something, this is not the case. This idea for a proposal is simple - When a token has been added and liquidity provided, any request for liquidity removal should be put on a timelock (ie 12 -24 hours) AND a notice in big shiny red letters on the trading page should appear, possibly with a link to the analytics page. The purpose of this being to deter scammers, and to warn potential buyers of the requested liquidity removal, more so than the pop-up disclaimer when importing a token. The warning could be something like this:
Screen Shot 2020-11-03 at 15.49.30

As this is just an idea, would be good to see what the community can come up with to improve on the idea!

2 Likes

projects can still build token contracts with mint function in their control and make money that way. This proposal just adds nuisance to end user without solving the problem it intends to solve.

2 Likes

I do like the idea, but as BOR4 states this wouldn’t resolve the issue.

A notice that might make sense could be: ''Contract Verified - X, X, X [whichever checks we’d want there, e.g. mint/burn option, self-destruct option, etc. stated there if applicable).

Scammers are getting smarter every day, unfortunately.
E.g. I had no clue recently I was able to BUY something but not swap back to sell (only whitelisted addresses were able to do so).

1 Like

Dear Friends,

Timelock for the liquidity is good idea. I had a bad experience before few days back. They release the token name called CUREO. I have done the 2 transaction, they pledge 200 ETH initially to attract the investor and the price went from $3.58 to $5.74.

The creator pulled the plug by wiping out the contract, he earned 38 Eth extra and the liquidity become Zero.

He invested 200Eth and earned 38 Eth in 30 mins.

Time lock might be helpful in the future to protect investor interest and trust towards the Uniswap.

Thanks