The new token aims to consolidate the original version at a ratio of 1 to 1000, and significantly lower transaction costs. In December 2021, SafeMoon launched an updated version of the token called SafeMoon V2. It doesn’t facilitate any automated contracts or decentralized applications, like Ethereum. SafeMoon does not have any other special use case besides being a store of value. SafeMoon takes the proceeds of all sales fees and gives 50% to current token holders in a distribution that is called a “reflection.” The other half of the fee goes into a liquidity pool that SafeMoon uses to maintain price stability. “The developers of SafeMoon say that this is done to encourage long-term holding, by both discouraging selling and rewarding holders of the coin,” says Shaun Heng, vice president of growth and operations at CoinMarketCap, a price tracking website for cryptocurrencies. This is in addition to any fees you may owe a crypto exchange for facilitating the sale. In other words, if you sold $1000 of SafeMoon, you would pay a $100 fee on the sale. The most distinctive feature of SafeMoon is that it charges a 10% fee whenever you sell the token. This helped quickly drive up SafeMoon’s value, although as of writing its price has fallen nearly 90% from its peak. Throughout 2021, SafeMoon received celebrity endorsements from the likes of sports blogger David Portnoy, rapper Lil Yachty and YouTuber Jake Paul. SafeMoon is a cryptocurrency token that launched in early 2021, using blockchain technology developed by Binance. Forbes Advisor Australia accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in our stories or any other information made available to a person, nor any obligation to furnish the person with any further information. However, Forbes Advisor Australia cannot guarantee the accuracy, completeness or timeliness of this website. We make every effort to provide accurate and up-to-date information. While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed. In comparing various financial products and services, we are unable to compare every provider in the market so our rankings do not constitute a comprehensive review of a particular sector. Providing access to our stories should not be construed as investment advice or a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction by Forbes Advisor Australia. Readers of our stories should not act on any recommendation without first takingĪppropriate steps to verify the information in the stories consulting their independent financial adviser in order to ascertain whether the recommendation (if any) is appropriate, having regard to their investment objectives, financial situation and particular needs. As such, any recommendations or statements do not take into account the financial circumstances, investment objectives, tax implications, or any specific requirements of readers. To the extent any recommendations or statements of opinion or fact made in a story may constitute financial advice, they constitute general information and not personal financial advice in any form. While we may highlight certain positives of a financial product or asset class, there is no guarantee that readers will benefit from the product or investment approach and may, in fact, make a loss if they acquire the product or adopt the approach. When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes. The journalists on the editorial team at Forbes Advisor Australia base their research and opinions on objective, independent information-gathering.
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