SafeMoon protocol is a combination of RFI tokenomics and automatic liquidity generation protocol. SafeMoon plans to launch a non-fungible token exchange (NFT) and charitable projects, and crypto-educational mobile apps. SafeMoon was launched as recently as March 8, 2021, and SafeMoon CEO is John Karony.
SafeMoon’s white paper notes that a big problem in the emerging DeFi industry is the existence of high APY LP farms that do not provide easy access for crypto newbies.
SafeMoon aims to leverage the idea of static rewards (the dependence of rewards on the volume of the token traded) to remove any impact on the token that might arise from a token sale. Besides, the white paper notes that their “reflection mechanism” further incentivizes SafeMoon holders to keep their tokens longer (HODL). The Automatic Liquidity Provider (Automatic LP) SafeMoon also adds stability to the protocol by providing a minimum price/cushion for token holders. According to the white paper, SafeMoon’s manual burning strategy also has long-term benefits for SafeMoon token holders.
The SafeMoon protocol, according to the white paper, works as follows: in each transaction, the transaction is taxed at a rate of 10%, which is divided in half. 5% of the commission is redistributed among all current token holders; the remaining 5% is then halved again, with 50% sold under contract in BNB and the remaining 50% automatically combined with the aforementioned BNB and added to PancakeSwap as a liquidity pair.
How is the SafeMoon network secured?
SafeMoon’s white paper has the following plan to ensure the security of its protocol:
- Before launch, the developer burned all tokens in the developer’s wallet (Dev Wallet).
- There was a clean launch on DxSale.
- LP was locked on DxLocker for four years.
- LP is generated with each transaction and is blocked on PancakeSwap.
Is SafeMoon a scam or legit?
SafeMoon is a token and has a legitimately registered company with developers working on this token project.
It is based on a community and excellent tokenomics. The community is growing day by day, and coins are gaining popularity very quickly. It has over 60,000 holders worldwide and could be the next breakthrough in the world of cryptocurrencies and tokens.