Safemoon token (Is safemoon token legit?)
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Safemoon token (Is safemoon token legit?)
Read all about Safemoon token in this Safemoon token review.
In the past few days, Safemoon which is a decentralized finance token (DEFI) has seen a surge in price, and has gained significant popularity as well.
A DEFi is an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.
The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn.
In this blogpost on Safemoon token, I am going to be writing about all you will need to know about Safemoon under the following sub-topics “What is Safemoon token?”, “Is Safemoon legit?”, “How to buy Safemoon?” and more.
Remember to leave us a comment after you have finished reading and also share with your friends on social media.
Let’s get into it then…
What is Safemoon?
The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn.
SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol. SafeMoon plans to develop a non-fungible token NFT exchange, as well as charity projects and crypto educational apps.
How to buy safemoon?
PancakeSwap Instructions
- Download the app, Trust Wallet
- Purchase BNB or BSC
- Go to the DApps tab at the bottom, and find PancakeSwap. Iphone users may need to enable the trust browser, then use the browser tab. You can also click the BUY NOW button on our website if you’re not on mobile.
- Click “Select a currency” and enter this contract address into the search field, and you should be able to find SafeMoon. 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
- Before swapping, click on the cog wheel and set the slippage to between 11-12%
- Now, set the amount you want to purchase and press the swap button.
- Confirm the transaction and…
SafeMoon Protocol
Static Rewards, LP Acquisition, Manual Burn
A common misconception with the heavy APY average is the subjectivity of the impermanent loss from staking an LP (liquidity provider) in a farming reward generator.
With the explosion of DeFi we have seen too many new cryptocurrency prospectors get sucked into a high APY LP-farming trap, feeling hopeless as they are pushed out by earlier buyers with higher staking rewards.
We’ve all been there, seeing those shiny 6 digit figures can be pretty damn tempting to jump in. However, almost always the token suffers from the inevitable valuation bubble, which is then followed by the burst and the impending collapse of the price.
This Is why we have seen the mass adoption of static rewards, also known as reflection, a separate concept that seeks to eliminate the troubles caused by farming rewards.
Static
Static rewards solve a host of problems. First, the reward amount is conditional upon the volume of the token being traded.
This mechanism aims to alleviate some of the downward sell pressure put on the token caused by earlier adopters selling their tokens after farming crazy high APY’s.
Second, the reflect mechanism encourages holders to hang onto their tokens to garner higher kick-backs which are based upon a percentages carried out and dependent upon the total tokens held by the owner.
Manual Burns
Sometimes burns matter; sometimes they don’t. A continuous burn on any one protocol can be nice in the early days, however, this means the burn cannot be finite or controlled in any way.
Having burns controlled by the team and promoted based on achievements helps to keep the community rewarded and informed. The conditions of the manual burn and the amounts can be advertised and tracked.
SafeMoon aims to implement a burn strategy that is beneficial and rewarding for those engaged for the long term. Furthermore, the total number of SAFEMOON burned is featured on our readout located on the website which allows for further transparency in identifying the current circulating supply at any given point of time.
Automatic Liquidity Pool (LP)
Automatic LP is the secret sauce of SAFEMOON. Here we have a function that acts as a two-fold beneficial implementation for holders.
First, the contract sucks up tokens from sellers and buyers alike, and adds them to the LP creating a solid price floor.
Second, the penalty acts as an arbitrage resistant mechanism that secures the volume of SAFEMOON as a reward for the holders. In theory, the added LP creates a stability from the supplied LP by adding the tax to the overall liquidity of the token, thus increasing the tokens overall LP and supporting the price floor of the token.
This is different from the burn function of other reflection tokens which is only beneficial in the short term from the granted reduction of supply. As the SAFEMOON token LP increases, the price stability mirrors this function with the benefit of a solid price floor and cushion for holders.
The goal here is to prevent the larger dips when whales decide to sell their tokens later in the game, which keeps the price from fluctuating as much as if there was no automatic LP function.
All of this is an effort to alleviate some of the troubles we have seen with the current DeFi reflection tokens. We are confident that this model and protocol will prevail over the outdated reflection tokens for these reasons.
Road Map
Q1 2021
Protocol Initialized
We have successfully onboarded and confirmed a DogeCoin trading pair with Bibipom. We have also successfully begun integration process with WhiteBit [Imminent] and began legal paperwork with Bitmart. Our team size has doubled and our marketing campaign has begun.
Q2 2021
The Initial Push
The Whitebit tokenomics integration will be completed along with the completion of the SafeMoon App, Wallet, and Game(s).
The Bitmart integration with tokenomics will also be completed in this quarter. We will begin architecting the NFT Exchange as well as video-game integrations. We will be integrating SafeMoon with African Markets in addition to setting up a Charity drive and charity vote.
We will be exploring other exchanges (i.e. Binance) and begin architecting the SafeMoon Exchange. We will be expanding the team by 35% and establish a UK/Ireland office. We will be architecting a crypto educational app as well as onboarding new partners.
Q3 2021
Holding the Line
We will finish our crypto educational app and begin our own charity project. We will begin a community listing donation raise for several exchanges (i.e. Coinbase, Binance, Kraken).
We will finish our NFT exchange and release our first video game with SafeMoon integrated. We will be expanding the team by 25% and do a community meetup (pending covid restrictions). We will also be integrating with other large exchanges (I.e. Binance, Mandala).
Q4 2021
To the Moon!
We will finish the SafeMoon Exchange and our charity project. We will finish integrations with our first African market and begin the next integrations with additional African markets.
We will create an African based SafeMoon Office and begin hiring in those markets to create jobs. We will be taking donations for our next charity project and begin a vote on the next project as well. We will be establishing a SafeMoon Scholarship in this quarter as well.
Is Safemoon legit?
Safemoon, just like all other Defis and crypto are all risky ventures. There is no guarantee that you will not lose your money, should you decide to invest.
As you probably already know, cryptos are highly volatile, hence it is smart to do a bit of research before investing your money.
Remember to leave us a comment below in the comment section.
Conclusion
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