What is RaceFi (RACEFI)? Project and Token Analysis

Coin: RaceFi
Ticker: RACEFI
Date Deployed: Mon Nov 28, 2022

Origin of the Project

RaceFi is the first car racing game built on the Solana blockchain, integrating advanced NFT and DeFi technologies to revolutionize the gaming experience. The platform’s mission is to offer players an imaginative and immersive racing experience while providing profitable monetization opportunities. By doing so, RaceFi aims to contribute to the growth of the Solana ecosystem and promote the widespread adoption of blockchain technologies within the gaming industry.

Developed to offer a wide range of racing modes, RaceFi introduces players to exciting gameplay options, including the unique Battle Race mode, which is exclusive to its participants. This mode adds an extra layer of strategy and excitement to the racing experience, setting RaceFi apart as a standout title in the blockchain gaming space.

RaceFi Product Features

Race-to-Earn Ecosystem:

- A comprehensive racing game where players can participate in races or own in-game assets, both offering opportunities to earn rewards.

Ownable NFTs:

- All in-game components, such as vehicles and properties, are verifiably owned as NFTs, allowing players to profit from ownership.

Should RACEFI Be in Your Portfolio?

Before you decide whether or not to add RACEFI to your portfolio, click here to scan the contract on Solsniffer. Solsniffer is the number one blockchain intelligence tool to detect security risks on Solana. Security risk analysis on Solana has never been easier, make sure to be aware of potential DeFi wallet scams and other crypto security concerns before investing.

Key Tips to Consider Before Trading or Investing in RACEFI

Reviewing the whitepaper. This will give detailed insights into the project’s goals, technology, and roadmap. A well-written whitepaper outlines the problem the project aims to solve, how the token functions within its ecosystem, and the long-term vision. If the whitepaper is vague, overly technical without substance, or lacks clear explanations, it can indicate a poorly structured project. Understanding the whitepaper helps traders and investors determine if the project is viable.

It is also important to check the development team’s background and track record because they reveal the credibility, expertise, and past successes of team members. A team with a proven history and good reputation of delivering successful projects in the Solana industry is more likely to build other sustainable projects. An inexperienced team can be a red flag.

Use appropriate risk management strategies when trading or investing in a Solana project to protect your portfolio from significant losses. One key approach is establishing clear entry and exit points before investing. This means deciding in advance the price at which you’ll buy into a project and when you’ll sell, either to lock in profits or minimise losses.

Additionally, diversifying your investments across multiple projects rather than placing all funds into one asset further reduces risk. By spreading your investment across different projects, you minimise the impact of any one project failing or experiencing a significant downturn.

Emotional decisions often lead to poor timing and significant losses. For more stable, long-term gains, avoid the Fear of Missing out (FOMO), which can drive investors to chase hype without proper research, only to experience sudden downturns due to irrational and impulsive decisions.

How to Scan RACEFI on Solsniffer

Copy the RACEFI contract address: AAmGoPDFLG6bE82BgZWjVi8k95tj9Tf3vUN7WvtUm2BU
Open the Solsniffer website and paste the address in the search bar.
Within seconds, a detailed analysis of RACEFI on-chain data is generated.
A security score called Snifscore also ranks the project out of 100 to determine the authenticity of the project.

RACEFI Tokenomics

Total Supply: 200,000,000
Max Supply: 200,000,000
Market cap: N//A

Snifscore Analysis

Snifscore: 65/100
High-risk factors: 5
Medium-risk factors: 1
Low-risk factors: None

Summary of (5) Contract Passed Indicators

No scams linked to owner’s wallet
Adequate liquidity levels
No custom fees applied
Recent user activity confirmed
Established contract stability

Summary of (6) Contract Risks to Consider

Private wallet holds significant supply – High Risk
Top 10 wallets hold significant share – High Risk
Top 20 wallets hold significant share – High Risk
Metadata presence needs review – High Risk
Large portion of LP is unlocked – High Risk
Metadata mutability risk – Moderate Risk

Spot if RACEFI Is a Scam Token

Transparency provides investors with clear insight into the project’s goals, technology and financials. This openness reduces the chances of fraud, promotes accountability, and builds trust with the community.

Team identity can also help identify potential crypto scams because it reveals whether the project’s leaders have credible backgrounds. Anonymous or fake teams raise red flags, while established and reputable individuals on the team attract support from the community.

Scam projects often use hype and flashy marketing to attract investors without offering real value or purpose. They focus on creating excitement rather than addressing a genuine problem or providing a necessary solution. If a project struggles to explain its purpose or the need for its token clearly, it may lack substance, and investors might be scammed down the line.

Staying vigilant and conducting thorough research will help you avoid most crypto scams, as fraudulent projects often exploit investor excitement and lack of information. Additionally, protecting your assets by using wallet security best practices, such as enabling two-factor authentication and storing private keys securely, can reduce your risk.

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