- SafeMoon V2 is a decentralized finance (DeFi) token operating on the Binance Smart Chain.
- SFM token is driven by its community members, SafeMoon Army.
- Purchasing SafeMoon V2 is easy through the PancakeSwap exchange.
SafeMoon is a decentralized finance (DeFi) token that is well-known for its strong community support. This token encourages investors for long-term holding to benefit from its price appreciation.
SafeMoon operates on the Binance Smart Chain (BSC) network. This ecosystem includes blockchain, commerce, metaverse, and NFT products. Also, token holders can earn SAFEMOON tokens by participating in the Safemoon Protocol.
The four functions of this token during each trade are reflection, LP acquisition, token burn, and growth fund. SafeMoon V2 is the upgraded version of the original token to enhance the efficiency of the overall ecosystem.
Also, SafeMoon V2 (SFM) supported the expansion of the SafeMoon Army. It has fostered a strong community. The collective actions of the SafeMoon Army have a significant impact on the token’s market performance.
Also, their efforts continue to support SafeMoon’s growth. In this article, we will tell you about purchasing SafeMoon V2 to be a part of a secure DeFi ecosystem.
About SafeMoon V2
SafeMoon V1 migrated to SafeMoon V2 in 2021. This updated token launched with the same original supply. It was consolidated at a 1:1000 ratio. Safemoon V2 aims to lower transaction costs for the token holders.
Also, the V2 transaction fee is 2% of the entire transaction. A token holder can manually convert its SafeMoon tokens to Safemoon V2. You can use SafeMoon swap to convert your tokens.
SFM tokens can be a good means of investment if you want to leverage their reward program. Token holders are qualified for rewards from transaction fees generated by the platform.
Also, the SafeMoon ecosystem will gain value over time due to its coin-burning strategy. SafeMoon V2 is a deflationary digital currency.
During each trade, four functions occur:
- Reflection: 4% of the transaction fee is redistributed to all token holders.
- LP Acquisition: 3% is added to liquidity.
- Token Burn: 2% of tokens are burned.
- Growth Fund: 1% is added to the SafeMoon Ecosystem Growth Fund.
Pros and Cons of SafeMoon
SafeMoon is a cryptocurrency focusing on incentivizing long-term holding and price stability. Below, you can check the advantages and disadvantages of holding this cryptocurrency:
Pros Of SafeMoon
- SAFEMOON token allows users to earn passive income. It uses its reflection mechanism to enable holders to earn tokens over time.
- The coin-burning strategy of this token reduces supply. It potentially increases the token’s value. 2% of tokens are burned every time.
- The SafeMoon Army provides robust community backing. It enhances the project’s credibility and stability. This community plays a crucial role in its growth.
- SafeMoon’s ecosystem includes various components like the SafeMoon Wallet and SafeMoon Swap. It also includes plans for a centralized exchange and NFT marketplace.
- SafeMoon V2 prioritizes security through several measures. It uses a login system, Orbital Shield, to protect users’ wallets. Also, their team conducts audits to ensure the security of the smart contract.
Cons Of SafeMoon
1. SafeMoon token has extreme price volatility. The token’s value can swing dramatically within short periods. This makes the SAFEMOON token a high-risk investment for every crypto trader.
2. This cryptocurrency is unavailable on major centralized exchanges like Coinbase or Binance. This lack of liquidity could make it difficult for investors to buy or sell large amounts of SafeMoon without significantly impacting the price.
3. SafeMoon imposes a 10% fee on all transactions: 5% for existing holders and 5% for the liquidity pool. It deters potential investors who can’t bear high transaction costs.
4. SafeMoon has received criticism from crypto community members. It has faced allegations of being a Ponzi scheme and a pump-and-dump project. These controversies have impacted investor confidence. Also, it has harmed the reputation of the SafeMoon project.
Purchasing SafeMoon V2
You cannot purchase SafeMoon V2 tokens using fiat currencies as they are not yet available on centralized exchanges. A crypto investor can buy SAFEMOON tokens from decentralized exchanges such as PancakeSwap. Below, you can check details for purchasing this token:
- Set Up A Cryptocurrency Wallet
You must choose an Ethereum-based crypto wallet like Trust Wallet or SafeMoon Wallet. Now, you can download and install the wallet app from its official website. After creating your new wallet, securely store your recovery phrase.
- Purchase Ethereum (ETH)
Now, visit a crypto exchange like Binance to purchase ETH tokens. Then, deposit fiat currency (USD or EUR) into your exchange account to purchase ETH tokens.
- Transfer ETH to Your Wallet
Now, visit the Binance wallet section and look for the ETH you purchased. Set the network to Ethereum. After that, provide your wallet address and the amount you want to transfer.
As a next step, click the withdraw button and wait for your ETH to appear in your Trust Wallet.
- Connect Your Wallet to PancakeSwap
Now, you can visit PancakeSwap’s website using a web browser. Click on “Connect Wallet” and select Trust Wallet. Follow the prompts to connect your wallet to PancakeSwap.
- Swap ETH for SafeMoon
In PancakeSwap, select ETH as the currency you want to swap. Remember, you may need to add SafeMoon V2 manually by entering the SafeMoon contract address if it is not listed. You can find the contract address on SafeMoon’s official website.
Now, you must enter the BNB amount you want to swap for SafeMoon. Then, confirm the transaction. Your SafeMoon tokens will be transferred to your wallet once the transaction is complete.
Disclaimer
This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their own research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.