2026-09-12 · 7 min read
How to read a DEX contract audit without becoming a researcher
Honeypot, mintable, proxy, holder concentration — what those flags mean, and why unknown is a no.
What the scanners actually check
On Solana, RugCheck looks at holder concentration, mint/freeze authority, and creator history. On Ethereum, BSC, Base, Polygon, and Arbitrum, Go+ flags honeypot behavior, mintable supply, and proxy patterns. Neither is a human security review of the full program.
A pass means those public checks did not fire. It does not mean the token is safe, fair, or worth buying. A fail or an error means Fail Closed stops. We do not 'best effort' you into a honeypot because the API blinked.
Flags worth respecting even when the chart looks good
Mintable supply: someone can dilute you after you buy. Freeze/honeypot: you may not be able to sell. Extreme holder concentration: a few wallets are the market. A proxy you cannot reason about: the rules can change after you enter.
If you do not understand a flag, skip the token. Curiosity is cheaper on a simulator than on a live pool.
Related: public ledger · start the Trader trial