Re Protocol reUSDe (reUSDe)

Summary

Serious warning signs. Most buyers of tokens like this lose money.

• Upgradeable contract
• Top 10 wallets hold 62% of the supply
• One wallet holds 62%
• Hard to exit: a few sells would crash the price

• No owner
• No owner powers found
• Deep liquidity ($437.7K)
• 5 different wallets sold in 24h: selling works

Not checked: The sell test has not run yet · Source code is not checked · Whether the liquidity is locked · When the token launched

Every check

• Upgradeable contract. This is a proxy: the team can swap the token code for anything, including a honeypot.
• No owner. The contract has no owner function.
• No owner powers found. No mint, blacklist, tax or pause functions in the contract code.
• Liquidity in v3/v4 positions. This pool uses Uniswap position NFTs; lock status cannot be read like a v2 pool.
• No description or project links. We found no description, website or social links for this token. Not a risk on its own, but it gives buyers less to check.

How it can improve

• Upgradeable contract: Remove the ability to upgrade the contract (renounce the proxy admin), or put upgrades behind a public timelock.
• Top 10 wallets hold 62% of the supply: Spread the supply: avoid big single wallets, and lock team tokens in vesting.
• Hard to exit: a few sells would crash the price: Add liquidity and spread the supply, so a few sells can not crash the price.