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Safemoon

Safemoon is a token circulating on Safemoon protocol – a DeFi project designed to help democratize yield farming. It launched in March 2021 and quickly became one of the most hyped meme coins.

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What Is Safemoon?

Safemoon is a token circulating on Safemoon protocol – a DeFi project designed to help democratize yield farming. It launched in March 2021 and quickly became one of the most hyped meme coins.

Safemoon doesn’t have any unique use cases, i.e, it’s simply a cryptocurrency, but it does have some interesting features. There is a fee paid by the token holders out of every trade — a 10% commission. Half of this commission is distributed between all the holders, and the other half is partly locked into a smart contract and partly put into a liquidity pool. As stated by the founders, this commission works both as a penalty for speculators, rewarding long-term holders, and as a way to ensure liquidity and provide static rewards for those holders. This unusual mechanic raised some concerns about the possibility of Safemoon being a scam. Those doubts were fueled further by the announcement that the team is going to execute manual burns instead of algorithmically defined ones – many feel that this gives the team too much control. On the other hand, the dev team burned their tokens to ensure a fair launch, and overall they seem accessible and eager to answer any question to alleviate the doubts. There are also multiple celebrity endorsements — such as Diplo’s — to take into consideration.

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