The Safemoon protocol was created to address the issues that many other cryptocurrencies face with regard to farming, mining, liquidity and rewards by combining the power of an auto-liquidity-generating protocol and smart contracts, with RFI tokenomics.
Safemoon 7 key point overview:
- ✔️What is Safemoon
- ✔️Who created Safemoon
- ✔️Features of Safemoon
- Safemoon Tokenomics
- How to buy SFM
- Top 3 SAFEMOON wallets
- What we like about Safemoon
👉 By using a Token Reflection (RFI) smart contract system, tokens act as a self-generating mechanism, and this system significantly reduces mining costs and eliminates the need for using mining equipment altogether.
👉 Safemoon was designed with the intention of stabilising the price volatility most cryptocurrencies are faced with by encouraging long-term investments instead of selling for short-term profits.
👉 Some unique features of this protocol include a manual burn strategy, smart contract liquidity pool acquisition and a static rewards system.
👉 Safemoon is managed collectively by a team of 6 masterminds.
👉 The team behind this project consists of Thomas Smith (CBO), John Karony (CEO), Hank Wyatt (CTO), Jack Haines (COO), Jacob Smith (web developer), and Charles Karony (executive assistant).
👉 Together, they have combined their skills in software engineering and development, game development, decentralized blockchain technology and financial product development and business management to create Safemoon.
👉 They strive to stand out from all other DeFi protocols with a unique, community-driven, eco-friendly business model.
👉 With the Safemoon RFI system, selling SFM incurs a 10% transaction fee and 5% of those fees will be “reflected” back to token holders as passive income in the form of “static rewards”.
👉 The remaining 5% is added to a liquidity pool.
👉 Safemoon features an automated liquidity pool that is self-sustaining and powered by smart contracts.
👉 Liquidity is obtained by taking a portion of transaction fees and adding it to Safemoon’s liquidity pool on PancakeSwap.
👉 Another unique feature offered by Safemoon is SafeEarn, which is a dApp that was launched on the Binance Smart Chain whereby SFM token holders are rewarded for simply holding or staking Safemoon tokens.
👉 Safemoon was built on the Binance Smart Chain, which uses a Proof-of-authority consensus mechanism with verified, trusted validators, and this adds some credibility to the Safemoon project.
👉 SFM is native to the Safemoon protocol and is primarily used to reward token holders.
👉 It is a deflationary BEP20 utility token that works with reflection tokenomics, manual token burns and auto-liquidity generation.
👉 Most major crypto exchanges are not currently selling SFM and the only way to obtain this coin seems to be through the PancakeSwap exchange where it can be traded for the Binance Coin, or by trading Tether for SFM on some other exchanges.
👉 Once you have SFM in your wallet, you can earn more by holding this token or staking it, which seems to be the most efficient way of earning more SFM.
👉 Based on research, we have compiled a list of the top 3 wallets that are compatible with the Safemoon Protocol and suitable for storing SFM coins.
👉 The Safemoon mobile wallet integrates seamlessly with the Safemoon ecosystem and it can be used to easily manage your crypto investment portfolio and tokens can be swapped directly from the app.
👉 It is easy to use and supports other major cryptocurrencies.
👉 The MetaMask software wallet can be used to conveniently buy, sell and trade cryptocurrencies using the built-in exchange and it allows you to connect directly to a variety of blockchain apps.
👉 The Binance Extension Wallet is a secure crypto wallet for Binance and the Binance Smart Chain and it can be used to do cross-chain transfers of BEP20 and ERC20 tokens.
👉 Recently, the wallet was upgraded to be compatible with Ethereum and its dApp browser.
👉 What we like most about Safemoon is its fresh approach to earning passive income by holding SFM tokens and using RFI smart contracts.
👉 Many protocols charge transactions fees, and although Safemoon’s transaction fees may seem high, it is because the transaction fees are used to reward token holders and increase the value of Safemoon’s liquidity pools.
👉 Safemoon is a great alternative for crypto enthusiasts who do not have mining equipment and will be launching a crypto exchange in the near future, so keep an eye out for Cryptonomics!