Staying vigilant and informed is crucial when interacting with new crypto projects. Recently, JellyFish Coin (JELLYFC) addressed a critical issue in a video warning about an incorrectly set up liquidity pool (LP) that could lead to unnecessary losses. As you explore the JellyFish Coin ecosystem, ensure you’re aware of potential pitfalls.

If you’re just starting out, first brush up on compatible wallets for JellyFish Coin and learn how to set up and buy JellyFish Coin using Phantom wallet to avoid common mistakes. Taking these preparatory steps can help you confidently navigate the ecosystem before diving into liquidity pools.

The Issue at Hand

As of December 10, 2024, there are two liquidity pools for JellyFish Coin visible on various platforms. While one pool is correctly configured, the other has a drastically incorrect price ratio, listing JELLYFC at a fraction of its intended value. This mispricing can cause unsuspecting users to lose funds if they attempt to add liquidity to the wrong pool.

Key details:

• Correct Pool: The accurate JellyFish Coin liquidity pool uses a 0.25% fee tier.
• Incorrect Pool: The problematic LP is configured at a 1% fee tier with no existing liquidity, showing a drastically lower JellyFish-to-SOL ratio.

This setup is a trap for anyone who tries to add liquidity without verifying the correct fee tier and pricing details.

How to Identify the Correct Liquidity Pool

Before adding your funds, always verify that you’re using the correct LP. If you’re unsure, connect with the JellyFish Coin community on Discord or refer to official links provided by the team. They’ll continue to guide community members until the issue is resolved.

For additional insights, remember to stay updated on possible vulnerabilities. For example, take note of the Phantom Wallet Vulnerability and ensure you’re selecting reputable wallets. Consider also diversifying your token acquisition methods—such as through mining JELLYFC on any PC—to minimize risk.

What This Means for You

• Avoid the 1% Pool: Do not deposit funds into the 1% fee-tier liquidity pool, or you risk losing a portion of your investment.
• Seek Help If Unsure: Unsure which pool is correct? The JellyFish Coin team encourages users to reach out for assistance. Until certain restrictions are lifted, they will share official and verified links to help you steer clear of problematic LPs.

Keep a close eye on other potential risks as well. For instance, don’t buy copy-cat scam coins that promise unrealistic returns and maintain caution in all your transactions. If you’re interested in building your holdings safely, consider earning free JELLYFC via a referral program.

Looking Ahead

The JellyFish Coin community continues to grow, and the team aims to maintain transparency as they navigate early-stage hurdles. Regular live streams on Thursday nights (around 9–9:30 PM EST) provide a platform for project updates, community Q&A sessions, and discussions about future collaborations.

In Summary:

• Always double-check which liquidity pool you’re using before adding funds.
• Avoid the incorrect 1% fee-tier LP.
• Use trusted guides, such as how to set up and buy JELLYFC with Phantom and maintain awareness of any vulnerabilities and scam coins.

By remaining informed and thorough in verifying details before making any moves, you can protect your investments and contribute to a healthy, thriving JellyFish Coin community.