Is quidi.finance legit?

[Beerwizzard]

Hey there!

The main question is in the thread subject. I have found a new DeFi app quidi.finance that claims to bring up to 321% API by staking your funds in their concentrated liquidity protocol.
The website looks ok, you can even deposit funds and claim staking rewards. However, the overall lack of info regarding the project creates some doubts.

Anyone got any thoughts on this matter?

[mk4]

Unless you can read the smart contract code, it's best that you stay away from small, lesser known protocols.

But if you want to take the risk, go ahead. But use a separate Ethereum wallet since you're going to be connecting your wallet to the protocol and you'll be confirming (potentially malicious) transactions that could potentially empty up your entire wallet.

[OmegaStarScream]

Their site mentions that the protocol has been verified by multiple auditing firms, but nothing links to the audit. There's also no mention of any auditing in their Twitter page.

So as mentioned above, it's probably not worth the risk and you shouldn't be fooled by the founders sharing a picture of their faces either.

[Bitcoin_Arena]

364% APR, too good to be true... Lol
Not sustainable at all, where are they going to get all that money to pay people up.

The domain is even still so new according to whois. I wouldn't trust this one.

Domain: quidi.finance
Registrar: NameCheap, Inc.
Registered On: 2023-05-04
Expires On: 2024-05-04
Updated On: 2023-05-31

And here is a classic one ----> "If you don't understand where the yield is coming from, you are the yield."

[TryNinja]

The APR doesn’t mean anything if you can only earn it by staking a shitcoin. You buy $1000 of ShitcoinXyz and stake it. Before earning even 10% over that amount, the coin crashes and your $1000 investment is now worth $100. Did the high APR matter? No!

[PX-Z]

That doesn't differ from ponzi scheme returns. How those companies can earn by giving that kind of return. Even the businesses that offer smaller returns haven't survived and files bankruptcy, about this one maybe they will just go away knowing they're just new.

[noorman0]

It's just their version of the best-of-confidence bid, but it's not really a new scheme to predict that they'll find a point of failure. I just ignore them with the story of several defi companies that failed last year because they offered benefits beyond reasonable limits.

Objectively, their site is unconvincing at first glance.

[vv181]

The website looks ok

The website looking neat does not guarantee the site is not a scam or shady. Making a good website is pretty easy nowadays, especially since there are already a lot of templates with such kind of UI.

you can even deposit funds and claim staking rewards.

It also does not tell completely if it is safe from any illegitimate things.

However, the overall lack of info regarding the project creates some doubts.

Anyone got any thoughts on this matter?

Absurd APY? Check.
Recently registered domain? Check.
Source Code/smart contract information not visible? Check.

A lot of red flags. Even if it is legit, the APY is simply not feasible. Note also, the audit information, if they have truly done the audit, the transparency reports should be publicly available. Merely claiming they have done an audit is meaningless.

[Beerwizzard]

Well, I was curious enough to try this protocol and I have successfully managed to withdraw my tokens (staked funds have 10d cooldown). However, it still seems that the project is fraudulent and they are trying to get some fat before the exit scam.

Their site mentions that the protocol has been verified by multiple auditing firms, but nothing links to the audit. There's also no mention of any auditing in their Twitter page.

So as mentioned above, it's probably not worth the risk and you shouldn't be fooled by the founders sharing a picture of their faces either.

I have decided to make a small research on this direction and asked the audit firms for confirmation. The only reply came from Peckshield briefly saying "The claim is false and we have not audited the so-called protocol yet.".

Obviously, the upcoming scam is the only reason to deliberately lie about the audit. I hope someone googles the project and finds this thread before investing in it.

[vv181]

Well, I was curious (or dumb) enough to try this protocol and I have successfully managed to withdraw my tokens (staked funds have 10d cooldown). However, it still seems that the project is fraudulent and they are trying to get some fat before the exit scam.

The APY is simply unsustainable, and if it is not an HYIP, this is just another platform that sells empty promises due to how the inherent mechanism works, and rather just deceives people who do not know any better.

I have decided to make a small research on this direction and asked the audit firms for confirmation. The only reply came from Peckshield briefly saying "The claim is false and we have not audited the so-called protocol yet.".

Obviously, the upcoming scam is the only reason to deliberately lie about the audit. I hope someone googles the project and finds this thread before investing in it.

This is important and turns out it seems Peckshield might take this case seriously.

An outright lie by the platform should be the first thing that people need to know. First of all, an audit does not guarantee the security and legitimacy of a project/platform. With that in mind, noting they even lying about it should certainly conclude this project is very likely made to scam/deceive people.