SafeMoon Is Here to Foster New Use Cases within the Decentralized Venue.

SafeMoon Is Here to Foster New Use Cases within the Decentralized Venue.
Image Source: Twitter (@safemoon)
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SafeMoon, a budding cryptocurrency, has again hit the headlines after its launch in March 2021.

SafeMoon is a protocol that intends to solve the existing issues with cryptocurrencies. According to Safemoon’s Whitepaper, the major problem with the DeFi Industry is that the newcomers cannot easily access the space because of high APY LP farms.

Founded by John Karony, Safemoon uses the concept of static rewards for removing the pressure on the token, which could occur if the tokens are sold. Note that the static rewards mean that the rewards are made conditional according to the volume of the token being traded.

SafeMoon’s v2 is soon going to be launched:

SafeMoon team believed that the SafeMoon V1 Contract wasn’t really able to fulfil the goals and vision of the protocol. Hence, the team is soon going to launch a new contract, i.e., the Safemoon V2 contract, which will bring a massive range of features to the network.

This upgrade will make the SafeMoon project even more competitive as it will address three significant aspects. The first aspect is the security of the contracts. The second is making the protocol more accessible. The third aspect is to change the consolidation formula of the coin to 100:1.

With the new upgrade of the Safemoon protocol, the users will get more network security and improved token accessibility. It will also reduce the tax for eCommerce and wallet transfers by around 80%, which is indeed a good thing. Currently, the tax is about 10%, and with the upgrade, the tax will be reduced to 2%. Also, it is significantly easier for the users to migrate from SafeMoon V1 to V2 contract.

Image depicting the way to migrate SafeMoon tokens to V1 contract; Source: Twitter (@safemoon)

You can buy SafeMoon through PancakeSwap in just three steps:

  • The first step is to download the SafeMoon Wallet and then create your own wallet. The wallet can be downloaded either through Google Play or App Store.
  • The second step is to purchase the BNB token.
  • The next step is to swap the BNB token for SafeMoon, and you are ready to use the tokens.

Is SafeMoon a good investment?

SafeMoon is relatively a new cryptocurrency. There are already around 13,000 digital currencies so far. Hence, it becomes a pretty obvious question that whether SafeMoon is worth your time or not.

First of all, SafeMoon lacks liquidity and is highly volatile, just like any other digital currency out there. Also, it charges a 10% fee to sell the token, out of which 5% is added to the liquidity, and 5% is distributed among token holders. It is indeed a pretty high transaction fee, and it is supposed to prevent the holders from selling the SafeMoon token.

The crypto is also tradable on PancakeSwap decentralized exchange and is not tradable on the major crypto exchanges, including Gemini and Coinbase, which is again a drawback for the holders.

Apart from all the points mentioned above, crypto is suitable for long term investment purposes. In other words, you can earn passive income out of it because it incentivizes long term investing. We have already stated that it charges a fee as high as 10% if a person sells the token, and 5% of that fee is distributed among the existing holders. It means that being a SafeMoon holder, you get a chance to earn tokens whenever any other SafeMoon holder sells his tokens.