NEW YORK CITY, NY / ACCESSWIRE / May 7, 2021 / Bitcoin led the charge in bringing cryptocurrency knowledge to the broader public. Ethereum followed, and now the Binance Smart Chain (BSC) is making significant strides towards becoming the chain around which the next mainstream cryptocurrency market will be based.
From February to March of 2021, unique BSC addresses (which can be very roughly equated with number of investors) jumped from ~1.4 million to 57 million. Daily transactions jumped from 650,000 in February to 9+ million in May.
With this growth came a dramatic increase in projects. One such project, called SafeMoon, promised safe rewards for investors, who drove SafeMoon's market cap (MC) over $4.5b in April 2021. However, SafeMoon's market cap has since lost half its value after reports related to its lack of security for its users and a poorly-received live-stream.
The Twitter user @WarOnRugs, who keeps an eye on the security and "ruggability" of different crypto projects, commented, "[The SafeMoon creator] could pull LP and sell tokens, creating a rug pull." This has led some users to wonder how safe they really are with SafeMoon. BSC's rapid growth has opened the doors for myriad scams. Investors are eager to grow their portfolios, and nefarious individuals are just as eager to take advantage. Every time a project is manipulated by its creator, it hurts the entire BSC ecosystem.
So now, recognizing SafeMoon's shortfalls and the risks in the BSC ecosystem as a whole, a group of longtime crypto investors and developers came together to launch a new token that aims to chart a secure path that other projects can follow. So enters SAFERmoon, the tagline of which is: "it's like SafeMoon, but actually safe."
"We decided to launch SAFERmoon as a direct response to SafeMoon's fatal shortcomings," said SAFERmoon's lead developer, who is choosing to remain anonymous out of concerns for their personal safety. "More than that, we want to define the roadmap for securely launching a project. This means helping creators audit their code and launch their projects with honest marketing while ensuring investor safety by teaching the BSC community what questions to ask of new projects.
The SAFERmoon token offers the same benefits of SafeMoon but with less risk. For example, the developers wrote the smart contract to ensure that all liquidity, which is generated via a 5% transaction fee, is sent to dead wallet. No one can access or remove it. All contract functions that can change the contract's state variables are timelocked so no one can make changes without warning, and max limits prevent transaction fees from being arbitrarily raised.
An audit, which can be found on SAFERmoon's website, discusses many more changes that increase SAFERmoon's security.
"Our goal isn't to compete with SafeMoon, but to offer a fundamentally different investment opportunity. Utility beyond quick gains for investors will benefit the BSC community over the coming months and years," said the lead developer.
The SAFERmoon contract allows for the addition of pools, which will enable SAFERmoon holders to stake their tokens to earn 3rd-party tokens. A launchpad feature will also allow other tokens to launch using the SAFERmoon team's security technology. These are expanded upon in the SAFERmoon Roadmap.
Another developer at SAFERmoon gave his opinion of the situation: "SafeMoon is a fad that will be a blip in the beginning of BSC's history. On the other hand, SAFERmoon will help evolve BSC by offering a more mature product that investors can trust. We can't wait to prove ourselves over the course of 2021, into 2022, and beyond."
SAFERmoon does not provide investment advice. Do your own research, and never invest more than you can afford into any project.
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