SafeMoon is a new kind of cryptocurrency. It has only been a cryptocurrency for two years, since Safemoon started in 2021. The SafeMoon protocol is a mixture of RFI tokenomics and an auto-liquidity-generating protocol. SafeMoon wants to make a non-fungible token (NFT) exchange, as well as charity projects and apps that teach people about cryptocurrencies. Using the SafeMoon protocol, token holders will get more SAFEMOON based on how many coins they have. This can add up to an APY of up to 80%, which is crazy compared to regular interest accounts. Due to its coin-burning strategy, SafeMoon protocol is a deflationary digital currency that will gain value over time.
SafeMoon Protocol will add a marketplace for non-fungible tokens (NFTs) and a coin launchpad, which will let people make their own cryptocurrencies on the platform.
SafeMoon is one of the crypto token standards made to work with Ethereum standards in the cryptocurrency ecosystem. SafeMoon was made by six developers and released on the BSC blockchain on March 8, 2021. John Karony serves as CEO of SafeMoon. The name comes from the phrase "Safely to the Moon," which means that the goal of the coin is not just to rise, but also to rise safely.
The SafeMoon white paper says that one of the biggest problems in the new DeFi industry is the presence of high APY LP-farms that are hard for newcomers to access. With SafeMoon, they want to use the idea of static rewards (where the reward depends on how much the token is traded) to get rid of any pressure on the token that could come from selling tokens. The white paper also says that their "reflect mechanism" gives SafeMoon token holders a reason to keep their tokens for longer, or "HODL." SafeMoon's Automatic LP further gives stability to the protocol by giving token holders a price floor/cushion. SafeMoon's white paper states that its token holders will benefit from the manual burn method in the long run.
Reflection: The project's white paper says that SafeMoon holders pay a transaction fee of about 5%, which is split among the holders of the coin.
LP acquisition: The white paper also said that this second core part of the project charges transaction fees of about 5%, which will be sent to different liquidity pools on PancakeSwap and other platforms. Half of the 5% that goes to the liquidity pools is turned into Binance Coin (BNB) to ensure that the SafeMoon/Binance coin pair will always be liquid.
Token burn: Another important aspect of SafeMoon is its "token burn," which reduces the amount of SafeMoon in circulation in order to achieve deflation.
DATE NEWS/EVENTS IMPACT 12/09/2022 Plaintiffs seek dismissal of SafeMoon case against Dave Portnoy -83% Decrease 05/05/2022 New crypto litigation tracker features 300 cases from SafeMoon to Pepe the Frog -80% Decrease 07/02/2022 The Safemoon platform was upgraded from V1 to V2 to speed up transactions +40% Increase 17/05/2021 Barstool Sports founder Dave Portnoy announced SafeMoon as a shitcoin -53% Decrease
Overall, SafeMoon's token model is very interesting. Its main goal is to help buyers get rewards and push sellers toward penalties.
Also, the people who made SafeMoon are anonymous and can only prove themselves by following the rules of the smart contract.
However, an anonymous team by itself is not a bad sign for a cryptocurrency project. Popular DeFi projects like SushiSwap often have this function. There is a trend that shows that more and more anonymous teams are working on decentralized financial (DeFi) projects. But in "legitimate" projects like these, the code is always checked by multiple outside teams with a good reputation in the cryptocurrency field. This is to avoid fraud and enhance the project's reputation in the community. SafeMoon needs to take trust-building measures quickly if it wants to generate the same level of excitement as its inspiration, Dogecoin.
SafeMoon