November 23rd, 2021
SafeMoon Protocol is a decentralized finance (DeFi) token. According to the SafeMoon website,
SafeMoon has three functions that take place during each trade: Reflection, LP Acquisition and
SafeMoon protocol is a combination of RFI tokenomics and an auto-liquidity generating protocol.
According to an article, SafeMoon plans to develop a non-fungible token (NFT) exchange, as well
as charity projects and crypto educational apps. With SafeMoon protocol, token holders will earn
more SAFEMOON depending on how many coins they have. This can be up to an 80% APY, which
is staggering when compared to traditional interest accounts. SafeMoon protocol will gain value
over time thanks to its coin-burning strategy, making it a deflationary digital currency.
Safemoon emerged in March 2021 as a community-focused decentralised finance (DeFi) token to challenge popular cryptocurrencies such as dogecoin (DOGE) and shiba inu (SHIB). But mainstream interest in the coin has waned in recent months.
The name safemoon is a reference to the phrase “to the moon” used on social media by cryptocurrency traders who are bullish about the price of dogecoin.
The cryptocurrency is a yield-farming DeFi token that runs the SafeMoon protocol on the Binance Smart Chain (BSC). Yield farming is a process by which crypto investors are rewarded with interest payments in the form of extra tokens, in much the same way as a bank pays interest or a stock pays dividends. DeFi tokens make use of smart contracts that run on blockchains to provide decentralised services.
The protocol is based on three functions, which it refers to as reflection, liquidity pool (LP) acquisition and burn, according to the official website. The reward mechanism for holding safemoon tokens reflects the volume traded to encourage holders to keep their tokens, known as ‘hodling’ in the cryptocurrency market.
What makes safemoon unique? Purchases and sales of the coin incur a 10% fee, which is redistributed as follows...
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