Safemoon

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SafeMoon is a cryptocurrency token created in March 2021 on the Binance Smart Chain blockchain.

The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holdersand 5% directed to wallets in a different currency,Binance Token (BNB), controlled by the coin’s authors, described as a liquidity pool to create a “solid price floor and cushion for holders”.

Features of Safemoon

  • Rewards in coin
  • Regular coin burning
  • Mineable
  • Available on DApps

Advantages of Safemoon

  • Safemoon tokenomics design rewards holders for simply holding the token in their wallets. Every time coins are sold, a 10% fee is charged. 50% of that fee is distributed among the holders depending upon their stake.
  • Safemoon is available to trade on many DApps and exchanges. You can easily buy it on PancakeSwap and enjoy getting tokens automatically in your wallets like Metamask or Trustwallet.
  • Safemoon’s developers burned all the Dev Wallet Tokens (223 Trillion) before the launch on DxSale. The Liquidity Pool is locked on DxLocker for four years and LP generated with every trade will be locked on Pancake Swap to solve the liquidity problem.

Disadvantages of Safemoon

  • As holding Safemoon is an advantage because of rewards, it’s also a disadvantage because of 10% fee that you have to pay
  • Even though Safemoon has became one of the popular coin out there, still there’s no clear roadmap yet
  • It’s pretty much centralized and owner address will have sufficient amount of coin over the time. It poses a huge risk to investors if owner runs with all money. It’s not safe

Conclusion

When it comes to the world of crypto there will always be some people who think that certain coin’s a scam. There is a total of 13 issues that Certik found out in its Safemoon Audit report. Out of which one major risk being the centralized nature. But no one can say what’s going to happen to such coins in future. All you can do is do as much research as you can and go with gut instinct.

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