Today’s post is a detailed review of SAFEMOON, the native token of the SafeMoon project.
SafeMoon is a new DeFi project and it intends to do things a little differently in this space.
Whether you’re an early adopter or a newbie, SAFEMOON has unique features that will benefit you.
Keep reading to know what these features are, and also learn more about the token.
I grouped this review into the following subheadings for an easy read:
- What Is SafeMoon?
- SAFEMOON Tokenomics
- SafeMoon Roadmap
- Exchanges/Wallets Where You Can Buy, Sell, And Store SAFEMOON
- Customer Support And Public Opinion
- How To Buy SAFEMOON
- What Does The Future Hold For SAFEMOON?
- Is SafeMoon Safe?
1. What Is SafeMoon?
SafeMoon is a new DeFi protocol that combines RFI tokenomics and an auto-liquidity generating protocol.
RFI token works by applying a transfer fee on each transaction. Every transfer will incur a 1% fee, which is automatically and instantly distributed amongst all token holdershttps://dexplain.com/what-is-reflect-finance-rfi-token-review/
John and his team designed this protocol to be community-driven, hence the launch of its token, SAFEMOON.
Apart from SAFEMOON, the team has other huge plans like building its exchange (more on that later).
And as mentioned, SAFEMOON tokenomics will benefit both early and late adopters.
I discussed this token in the next section.
2. SAFEMOON Tokenomics
SAFEMOON tries to solve the problem with farming rewards, where early stakers earn from the highest APYs and newcomers don’t earn much.
It achieves this through 3 unique functions namely:
- Reflection or Static rewards
- Manual Burns
- Automatic LP (Liquidity Pool)
Reflection or Static rewards
Static rewards means that participants are rewarded based on the trading volume of the token.
This is different from the usual method of rewarding users based on the amount of tokens staked.
Reflection removes downward sell pressure which occurs when early stakers sell off their tokens after farming huge APYs.
Instead, users are compelled to hold onto their tokens so as to earn more later.
This is another unique function that will preserve the value of SAFEMOON.
For this coin, the developing team controls its burn.
Burns are promoted based on achievements on the protocol.
Burns ensure that the demand of the coin is higher than its supply.
And every burn is displayed on the website to achieve transparency.
Automatic LP (Liquidity Pool)
With automatic LP, SAFEMOON will not suffer large dips when whales sell off their tokens.
Also, the price of the token will not fluctuate much.
What happens here is that the pool combines tokens from sellers and buyers to stabilize the price of the token.
In other words, added liquidity stabilizes supplied liquidity by taxing the overall liquidity of the token.
This increases the overall token’s liquidity and improves its price.
How the taxing works…
Whenever this coin is traded, there is a 10% transaction tax charge.
Out of this 10%, 5% is distributed to all token holders at the time.
The remainder 5% is shared into two.
The whole idea is to discourage users from selling their tokens.
Token Supply & Distribution
SAFEMOON has a total supply of 1,000,000,000,000,000. Huge!
Before launch, the developer team burned all tokens in the Dev Wallet (223,000,000,000,000 tokens).
Then, there was a fair launch on DxSale, where 777,000,000,000,000 tokens were released to the public.
And as we saw earlier, an LP is generated with every trade and locked on PancakeSwap.
The locking of LP is another way the protocol tries to secure the value of the coin.
As of 30/04/2021, the coin is priced at $0.000005 USD with a 24-hour trading volume of $35,172,066 USD.
Let’s see where SafeMoon is headed in the next section.
3. SafeMoon Road Map
Here’s a summarized view of the SafeMoon Road map:
The protocol’s plans as shown above are quite impressive.
As at the time this post was written (30/04/21), SafeMoon has met its goals for the first quarter apart from the DOGE trading pair on Bibipom.
Hopefully, the Protocol will complete other goals as planned.
Moving on, I’ll show you the exchanges where you can trade SAFEMOON.
4. Exchanges/Wallets Where You Can Buy, Sell, And Store SAFEMOON
This is one of the first exchanges to list SAFEMOON.
PancakeSwap is a decentralized exchange that runs on the Binance Smart Chain.
Anonymous developers launched the platform in September 2020.
Here, traders can buy BEP-20 tokens without stress.
Also, liquidity providers can earn rewards in CAKE and LP tokens from a range of liquidity pools.
You can trade SAFEMOON for WBNB and BUSD on this exchange.
It was launched in 2013.
The exchange allows users to trade both Spot and Futures in one place.
On this platform, you can trade SAFEMOON for USDT.
It supports margin trading, P2P trading, smart staking, and token swaps.
You can trade SAFEMOON for USDT on this exchange.
BitMart is a cryptocurrency exchange founded by Sheldon Xia in 2017.
It provides excellent services including OTC trading, staking, lending, instant buy/sell, Spot & Futures trading.
Here, you can trade SAFEMOON for USDT.
MXC.COM is another cryptocurency exchange where you can buy/sell SAFEMOON.
You can trade SAFEMOON for USDT on this platform.
Additionally, you can enjoy the different services provided like P2P trading, margin trading, index trading, derivatives, credit trading, etc.
MXC.COM was founded by Metin Mehmet Durgun in 2018.
For now, you can store your SAFEMOON on MetaMask and Trust.
MetaMask is a cryptocurrency wallet where you can safely store your coin.
It is a non-custodial wallet that stores your seed phrase encrypted with a password.
The wallet provides support for thousands of ETH tokens including ERC-20 and ERC-71 tokens.
MetaMask was launched in 2016 and is available in both desktop and mobile versions.
b. Trust Wallet
This is the mobile wallet of Binance and a sure place to store your SAFEMOON.
Trust Wallet is very popular among crypto traders and investors.
The wallet supports up to 160,000 cryptocurrencies and 40 blockchains. Very convenient and secure!
Both Andriod and Apple users can download the Trust wallet on their devices.
5. Customer Service & Public Opinion
SafeMoon users can stay updated via these channels:
Then I check SafeMoon on TrustPilot and it had an excellent rating with 163 reviews. Pretty cool for a platform that is a month old!
The platform has a 1% trust score on SCAMADVISER. Very poor!
And on Reddit, it has an active group with 155,000 members.
Moving on, I’ll show you how to use SafeMoon.
6. How to Buy SAFEMOON
Follow these steps to buy SAFEMOON:
i. Download and install Trust Wallet if you do not already have the app.
ii. Open the app and ensure that BNB or BSC wallet is funded.
iii. Now, go to the DApps tab from the bottom menu. Scroll down to find PancakeSwap and click on it.
(iPhone users may need to enable the Trust browser and use the browser tab).
- You can also click the BUY NOW button on the Safemoon website if you’re not on mobile).
iv. Next, click on “Select a currency” and choose ‘SafeMoon.’
v. Accept the taxation pop-up and set the slippage 11-13% from the cog wheel icon.
vi. Next, you input the amount you want to purchase and hit the ‘approve’ or ‘swap’ button.
vii. Finally, confirm the transaction and HODL the SAFEMOON received!
- If you are using PancakeSwap V1, you’ll need to input SAFEMOON’s contract address to be able to find it. This is the address – 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
- Secondly, if you prefer to use the MetaMask wallet, do this first:
- Add the BSC network to Metamask (find the steps to do that here)
- Once you’ve added the network successfully, set it as the default network
- Then go to PancakeSwap, connect your MetaMask wallet, and proceed with your purchase.
So, is the future bright for this coin?
Find out in the next section!
7. What Does The Future Hold For SAFEMOON?
The future of this coin appears promising.
In less than one month of launch, the coin has enjoyed massive adoption from about 1.5M users.
This has led to a steady increase in its price even though it is still less than $1.
Also, some exchanges have listed the coin (as we saw earlier). And the coin is seeking to be listed on Binance.
Another point of attraction is the protocol’s slogan – ‘safely to the moon’ which also trended during the period Elon Musk made Dogecoin popular.
You remember that period, don’t you?
Furthermore, the protocol has big ambitions as we saw earlier in its roadmap like scholarships, crypto exchange, and NFT exchange, etc.
These goals portray good intentions of the team behind the project.
Moreover, the tri-function of SAFEMOON (reflection, automatic LP, and manual burns) and the 10% tax fee, gives the impression that it will do better than its predecessors.
However, these attributes also limit the success of the coin to the number of users hodling it.
The coin’s value will increase as more users hold it.
You and I know that’s not a solid footing as other factors can affect its value.
Factors like the state of the overall crypto market, network fees, consumer satisfaction, product’s use cases, etc.
This is not only a concern for the coin but for the hodlers as well because holding the coin for long will not automatically increase its value.
In the long run, users may not profit much.
SafeMoon claims that its protocol will not benefit early adopters more than late adopters, but in reality, that will happen.
Because even the 2.5% shared among users means the early adopters will keep earning more than early adopters.
I’m not alone in this line of thought. Take a look at this comment I saw on TrustPilot:
Nevertheless, the reflection attribute of the coin is a welcome improvement.
We can only wait and see the outcome.
8. Is SafeMoon Safe?
Though the platform is still very young to judge, I believe it is safe based on the following reasons:
- The founder is known and has an active social media account
- There is evidence of the registration of the platform on Whois.com
- The platform has positive reviews online
- Token sales were made public from the beginning, nothing hidden.
- The coin is listed on Coinmarketcap
- It has followed through with its road map to date (30/04/2021) except the listing on Bibipom.
These reasons notwithstanding, DYOR before investing.
Do you want to learn how to trade cryptocurrencies profitably?
We developed a perfect course to help you master Cryptocurrency Trading.
Go to www.ctmastery.com to enroll.
You can also join our Telegram community at https://t.me/ctmastery for more information.
Unlike other cryptocurrencies, this coin discourages users from trading with the hope that more hodlers will lead to an increased value of the coin.
Well, it is a little above a month old in the crypto space and as such, it is still early to judge the feasibility of this principle.
We have now come to the end of our discussion on SAFEMOON. I hope you enjoyed the read.
It’s your turn; what do think of SAFEMOON? Do you think it will do better than most altcoins?
Let me hear your thoughts in the comments section right now.
Also, share this post with your friends, thank you!