Safemoon is a community-driven decentralized finance (DeFi) token that allows its users to carry out complex transactions without the need for an intermediary such as a bank. Like other Defi tokens, safemoon uses a liquidity pool to stabilize the value of its token. On the protocol, transactions are carried out with the aid of smart contracts, which allow users to trade tokens directly with each other. This smart contract also facilitates “burning,” which is simply the sending of tokens to an unknown address forever to reduce the token supply and create scarcity.
SafeMoon was launched in early 2021, and it operates on the Binance Smart Chain. To achieve its aim of creating a safe and secure cryptocurrency that is protected against market volatility, the token has gone through a few upgrades. SafeMoon V2 is an upgrade to the SafeMoon system. One of the issues addressed by the upgrade is the existence of the first version of SafeMoon in fractions of a cent, although this is common among cryptocurrencies and not unusual for a meme coin. The team behind the project worried that the low prices of tokens might discourage potential holders. Therefore, a 1:1000 ratio consolidation approach was introduced; holders of 1000 Safemoon V1 tokens will be consolidated into one Safemoon V2. This approach helped to reduce numbers without a reduction or loss in value.
Something that makes SafeMoon different is that it rewards investors for holding onto the coin rather than selling it; this feature makes it a safer and more profitable investment.
Who are the founders of Safemoon V2 (SVM)?
SafeMoon v2 was created by John Karony, also known as Capt Hold, he previously took the position of an all-source analyst at the United States Department of Defense. He also serves as its CEO. Presently, Karony is assisted by the likes of VP of operations Charles Karony, global head of products Ryan Arriaga, director of content David B. Smith, and Mooncraft lead Jacob Engel.
What is Safemoon V2 (SVM) used for?
Safemoon V2 was designed to address a problem that continues to plague the DeFi industry. By offering static rewards, safeMoon tackles the issue that occurs due to the existence of high-APY LP farms that don’t have easy access for newcomers to the space.
How is Safemoon V2 (SVM) Unique?
One feature that makes SafeMoon V2 a little different from other coins is that SafeMoon imposes a tax of 10% on the sale of the tokens, with 50% of that tax being redistributed to people who are still holding their coins and the other 50% being burned. This feature gives Safemoon holders a kind of reverse dividend, allowing them to profit from other users’ sales. Because of this, holders of the currency can make money from it even if the price goes down.
How many Safemoon V2 (SVM) are in circulation?
SafeMoon has a circulating Supply of 560,395,548,173 SFM with 223,000,000,000 SFM burned dev tokens, a fair launch supply of 777,000,000,000 SFM, and a total Supply of 1,000,000,000,000 SFM.
How is the safemoon V2 network secured
Safemoon v2 was designed with a safety measure known as the automatic locking liquidity pool. Due to this measure, it is not vulnerable to “rug pulls,” a widespread cryptocurrency scam where a coin’s price drops instantly during the massive sale of the token, and its founding team could shut it down, leaving investors with a currency that has no value.
How do I buy Safemoon V2 (SVM)?
The Safemoon V2 token can be used for a wide range of purposes, like staking and payments.
Safemoon V2 tokens can be easily purchased by following the steps below.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy safemoon V2 through your trading account.
Which Cryptocurrency Wallet Supports safemoon V2(SVM)?
The PTPWallet platform supports many cryptocurrencies, with Safemoon V2 soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.