Safemoon V2 and V1 Project. Why did it change?
Safemoon, a revolutionary cryptocurrency, underwent a significant upgrade in December 2021 by transitioning from V1 to V2. The update entailed merging 1000 Safemoon V1 tokens into a single Safemoon V2 token, a move that aimed to reduce the total number of tokens in circulation without impacting their value. The consolidation process allowed Safemoon to discontinue support for V1, and V1 token holders were encouraged to exchange them for V2.
Safemoon V2 comes with numerous improvements over V1, including enhanced security, accessibility, and quality. Notably, transaction fees have remained the same, with a 2% transaction fee for wallet-to-wallet transfers and a 10% tax for buying or selling. However, the upgrade from V1 to V2 has altered the token distribution. Holders of Safemoon V2 tokens now receive 4% of the distributed tokens as reflections, 2% of the tokens are burned, 3% are added to liquidity, and 1% is deposited into the growth fund.
Safemoon’s transition to V2 offers several benefits, and its founders are confident that the improvements in security, accessibility, and quality make it a superior alternative to V1. While the transaction fees have remained unchanged, the token distribution has undergone a significant transformation, making V2 a more appealing choice for investors. Safemoon has officially terminated support for V1, and V1 token holders are advised to swap them for V2 to leverage the advantages that V2 offers.
Roots of Safemoon V1 Project
SafeMoon, a decentralized finance (DeFi) token built on the Binance Smart Chain (BSC), quickly gained popularity following its launch as a cryptocurrency in March 2021. SafeMoon’s unique features, including a “reflection” mechanism that rewards token holders for retaining their tokens, set it apart from other cryptocurrencies.
When the reflection mechanism is executed, SafeMoon imposes a 10% charge on each transaction, which is then distributed between token holders and liquidity providers. As a result, every time a SafeMoon transaction is conducted, 5% of the transaction value is equitably distributed among all current token holders, while the remaining 5% is allocated to the liquidity pool to ensure sufficient liquidity for trading. This means that SafeMoon token holders are incentivized to hold onto their tokens, as they can receive a share of the transaction fees.
SafeMoon’s innovative approach has been welcomed by the cryptocurrency community, and its reflection mechanism has helped to increase demand for the token. Additionally, the use of the Binance Smart Chain has enabled SafeMoon to offer fast and affordable transactions, making it an attractive option for investors.
Why upgrade happened?
- One of the primary reasons for the upgrade was to consolidate the total number of tokens in circulation. By merging 1000 Safemoon V1 tokens into a single Safemoon V2 token, the overall number of tokens in circulation was reduced, without impacting their value. This consolidation process allowed Safemoon to terminate support for V1, and V1 token holders were encouraged to exchange them for V2.
- Another significant benefit of upgrading to V2 was the improvements made to security, accessibility, and quality. Safemoon V2 offers better security measures, making it less vulnerable to hacks and other cyber threats. The upgrade has also made the cryptocurrency more accessible, with easier and faster transactions. Additionally, the quality of the token has been enhanced, making it more attractive to investors.
- Despite these changes, the transaction fees have remained the same, with a 2% transaction fee for wallet-to-wallet transfers and a 10% tax for buying or selling. However, the distribution of tokens has been altered with the upgrade from V1 to V2. Holders of Safemoon V2 tokens now receive 4% of the distributed tokens as reflections, 2% of the tokens are burned, 3% are added to liquidity, and 1% is deposited into the growth fund.
What is Safemoon V2?
SafeMoon Protocol V2, launched in March 2021, is a decentralized finance (DeFi) token built on the Binance Smart Chain (BSC) that aims to improve upon the capabilities of the original SafeMoon protocol.
One of the most notable enhancements in the SafeMoon Protocol V2 is the introduction of a faster and more efficient trading system. The protocol incorporates the latest Automated Market Maker (AMM) technology, leading to faster and more effective trading, reduced transaction fees, and increased liquidity.
Moreover, the introduction of a new token called the SafeMoon Diamond is a significant aspect of the SafeMoon Protocol V2. This token rewards SafeMoon long-term holders with additional benefits, including access to exclusive events and merchandise.
Additionally, the SafeMoon Protocol V2 is equipped with advanced security features designed to prevent fraudulent and hacking attempts. These measures include innovative anti-bot measures and enhanced wallet security.
Safemoon V2 Project. Detailed Analysis
One of the most significant upgrades in Safemoon V2 is the implementation of the Automated Market Maker (AMM) protocol. This new trading system allows for faster and more efficient trading, reduced transaction fees, and increased liquidity. The AMM protocol uses a mathematical algorithm to set prices, eliminating the need for a traditional order book and offering traders a more stable and predictable trading experience.
The Safemoon V2 project also boasts enhanced security measures, designed to prevent fraudulent and hacking attempts. These security features include advanced wallet security and anti-bot measures to ensure that trading is done in a secure and legitimate manner.
Furthermore, Safemoon V2 offers a revised token distribution mechanism that encourages long-term holding and ensures that token holders benefit from the token’s success. With this new token distribution, Safemoon V2 holders receive 4% of distributed tokens as reflections, 2% of tokens are burned, 3% are added to liquidity, and 1% of tokens are deposited into the growth fund.
SFM V2 Roadmap and Team
Safemoon’s success as a leading cryptocurrency can be attributed in large part to the exceptional team behind it. The Safemoon team has demonstrated a strong commitment to the project and has inspired trust among investors.
The core members of the Safemoon team, including CEO John Karony, CTO Thomas Smith, VP of Research and Development Henry Wyatt, and COO Jack Haines-Davies, have impressive backgrounds and track records in technology and marketing. They have been instrumental in propelling Safemoon to its current level of success and inspiring confidence in its future potential.
Moreover, Safemoon has been diligently following its roadmap, meeting every development metric set out for each quarter. For instance, in the first quarter of 2021, Safemoon integrated Dogecoin for trading against Bibipom and integrated Bitmart. In the second quarter, the project is focused on integrating Whitebit and enhancing the App, Wallet, and Games on Safemoon.
The fact that Safemoon is sticking to its roadmap is a clear indicator that the team is competent and dedicated to the project’s success. Investors can rest assured that they are not being left holding the bag while the development team exits with their gains.
SAFEMOON V2 Token Price
There are 1,000,000,000,000,000 SAFEMOON coins produced, of which 561,976,478,485,284 are now in use. On January 5th, 2022, $0.00338 was paid for SAFEMOON(SFM), which is the highest price ever. SFM’s market capitalization as of this writing is 3,759,371. Safemoon live prices are $0.000218 per coin.
Conclusion
The improvements made in SafeMoon V2 showcase the team’s unwavering dedication to enhancing the features and functionality of the cryptocurrency continually. The introduction of the Fast Automated Market Maker protocol has transformed the trading process on the SafeMoon network, making it more streamlined and economical. With these improvements, SafeMoon V2 is poised to provide a superior user experience and appeal to a broader range of investors, further bolstering the growth and success of the SafeMoon network.
