According to Safemoon’s whitepaper :
“The Safemoon protocol is a community-driven, fair launched DeFi Token.
Three simple functions occur
during each trade: Reflection, LP acquisition, and Burn”.
What this means is, Safemoon token relies on investors to shape its market direction. The more money
invested in the token the price appreciates. This is why they have put measures to encourage buying
and holding of the cryptocurrency.
The Safemoon protocol follows 3 simple functions stated earlier:
1. Reflection: Also called static rewards. This is meant to take care of the eventual price burst
after the valuation bubble. In many cryptos, the values always dump after the earlier high
investors sell which most times spell the end for such cryptos. Static rewards make sure that this
eventual sale by these big investors doesn’t have a huge effect on the token price when they
eventually sell.
2. LP Acquisition: Safemoon protocol uses an automatic LP acquisition system. The contract
automatically take tokens from both the buyer and seller and add them to the LP which ensures
steady liquidity.
3. Burn: Safemoon protocol applies manual burn occasionally to control the value of the
token.
When a transaction happens 10% fee is applied.
5% of the fee is redistributed to existing holders.
5% of the fee is divided by half one part is sold by the contract to BNB, while the other half of the token
is paired with the BNB that comes before the current one and added as liquidity pair on Pancake swap.
Safemoon Token Address: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
That’s it with how the Safemoon protocol works. Let’s now answer some important questions.
How do you buy Safemoon?
Follow the steps below to successfully buy Safemoon on Trust Wallet.
1. Download Trust Wallet app if you don’t have one.
2. Make sure you have BNB or BNC you can buy on Binance.
3. Open your Trust Wallet and go to DApps tab at the bottom, search for PancakeSwap. iPhone
users may need to enable the trust browser, then use the browser tab.
4. Click “Select a currency” and enter this contract address into the search field, and you should
be able to find SafeMoon Contract
Address. 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
5. Before swapping, tab on the cogwheel and set the slippage to between 11-12%
6. Now, input the amount you want to purchase and press the “Swap” button.
7. Confirm the transaction and you’ll receive your Safemoon
What is the price of Safemoon?
One Safemoon goes for $0.00000843 (as at 15 th May 2021).
Is Safemoon a good investment?
Safemoon isn’t a utility coin it lives on “hype”. Is it a good investment? That depends. If you’re buying
for the short term where you sell when it’s high you’re definitely on the good side. If you buy for the
long term it doesn’t look like a good idea as there is a general belief that when the hype slows down at a
certain point Safemoon will be stagnant or even experience a dip.
However, one can’t certainly tell the future of Safemoon so it’s left for you to invest wisely.