- SafeMoon, which was launched last year, boasts some distinctive features.
- It rests on three functions, reflection, LP acquisition and a burn mechanism.
- Out of the transaction fee charged, half of it is redistributed to its token holders as a reward for holding the coin.
Ever since Bitcoin, Ethereum and other traditional cryptocurrencies have become popular, many new cryptos have also come on the horizon.
SafeMoon is one of the newer cryptocurrencies, which was introduced in 2021 by John Karony, a former US Dept of Defence analyst. Featuring a rocket ship as its logo, SafeMoon is peer-to-peer, open-source crypto, which was launched to provide a more sustainable alternative to other cryptos like Bitcoin, Ethereum and also meme coins.
Currently, the crypto was trading at US$0.0000005345, up 4.16% in the last 24 hours. Its circulating supply is 585.54 trillion SAFEMOON coins, while its maximum supply is 1000 trillion coins.
Let us know more about SafeMoon and its unique characteristics.
Source: © Arif77shine | Megapixl.com
Distinctive features of SafeMoon
Built on Binance Smart Chain, SafeMoon is a decentralised finance token and its protocol is community driven. The crypto rests on basic functions like reflection, liquidity provider acquisition and a burn mechanism.
According to its website, SafeMoon uses the reflect mechanism, thereby adding incentive for its token holders to keep their tokens for longer periods. Furthermore, its LP acquisition provides stability to the protocol by offering a price floor for its token holders.
What makes SafeMoon unique is its 10% transaction fee on its platform, 4% of which is redistributed to all the token holders. It is this reflection function that dissuades the investors from selling their SFM tokens.
Out of the remaining half, some percentage is added to its liquidity pool for maintaining price stability, while some percentage is set aside for the SafeMoon Ecosystem Growth Fund.
Where to buy SafeMoon?
The crypto is available on numerous crypto exchanges like PancakeSwap, Hotbit, Gate.io, BitForex, Biswap, BiKi, BitMart, etc.
Before venturing into crypto investments, one must weigh the pros and cons and, at the same time, must have the nerves to accept short-term losses, as the crypto market is risky and volatile.
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