How To Do Emergency Withdrawal on DeFi Farms? Quickly Withdraw Your LP Tokens

März 10, 2023

What you'll learn 👉

Why emergency withdrawal is important?

Emergency withdrawal is crucial when dealing with the increasing number of scams and fraudulent projects in the crypto space. With the surge in smaller projects and coins during crypto bull runs, it’s no surprise that nefarious individuals are using deceitful tactics to manipulate and steal users‘ hard-earned coins.

Rug pulls are a common scam where previously unknown projects gain value, only for the development team to use code encoded in the system to steal tokens or sell development tokens at high prices before crashing the market. To prevent losses from rug pulls, emergency withdrawal is essential. Signs to look out for include sudden changes to the project’s website or the development team becoming unresponsive.

How to withdraw funds from a smart contract in a case of an emergency

Step 1: Know the MasterChef address

There are a few things that you need to know in order to use the emergency withdrawal function. The first of these is the MasterChef contract and subsequently, your pool number. These are essential to the process of withdrawing your funds so if you do not currently know these things then it is vital you find out.

Step 2: Navigate to the contract

Using the blockchain explorer suited for Polygon, Polygonscan, we are able to view the contract. Next, you need to click the button “write contract” in the Contract tab.

Step 3: Connect your Wallet to the explorer (ethscan or bscscan)

Next, to connect your wallet to Polygonscan, you need to go to the “connect to Web3” link and choose your wallet. Select your wallet on MetaMask and move on to the next window. This will have finally connected you with the Masterchef and you can use the master withdraw function.

Step 4: Call the emergencyWithdraw function

Within the “Write Contract” section you will find the “emergencyWithdraw” option. This is what you need to select to remove your funds fast. Next, you need to find and enter the pool ID of the pool that you are involved in. You should have your Pool ID noted down. You then need to sign the transaction and you will be able to withdraw your funds from the pool.

Once the transaction is signed you should get the standard confirmation that your funds have been transferred.

This tool is incredibly useful when you suspect that a coin or a project you are invested in has fallen victim to a scam or rug pull, and that all the coins could almost instantly become worthless.

Use the RugDoc emergency withdrawal tool

RugDoc is a system that has an array of DeFi features that help to keep you safe when operating in the ecosystem, they provide the instant withdrawal feature. Their site is dedicated to helping and educating those new to the space, providing an essential service when it comes to avoiding scams. At this link above you can learn about the tool and how to use it.

FAQs

How do you get a contract on MasterChef❓

A fund’s MasterChef contract is not always the easiest to find, sometimes it is simple, and a pinned post on their telegram. Other times, it is buried deep in the documentation published by the project when it first started. Looking for the code can often be easily found by simply asking the team, who in most places should at least tell you where it is.

If the team seem unsure of showing you the MasterChef, you may want to proceed with caution, as this is the code that will reveal whether or not the team has any devious functions hidden in the code.

What is a MasterChef Timelock❓

A timelock is a certain piece of code that can lock the functionality of the fund for a period of time. Timelocks are a greatly important feature in the space as they offer great protection against rug pulls and the most devious actions the devs can conduct in regards to your funds.

What is emergency withdrawal❓

Emergency withdrawal is a function used to remove your funds from a fund or token instantaneously. This is most often utilised when you believe that project is about to attempt to try and scam you, by stealing users tokens, or other ways. This is what makes the feature so helpful, is that when you sense something is off. You can get out very quickly and save your precious funds.