Cryptocurrencies have erupted into a $1.5 trillion industry, sparking a wave of global disruption.
At Bitcoin’s peak in April 2021, a single Bitcoin cost over $60,000. These dramatic price surges prompted creative explosions in the market as other investors sought to capitalize on the interest in digital currencies. Today, Bitcoin is one of only 4,000 cryptocurrencies. This number will continue growing as the world moves towards digitalization and retail investors seek to realize quick gains in a volatile market.
One such cryptocurrency is called SafeMoon. SafeMoon was created in March 2021 by John Karony and his team through forking an existing token (called BEE). The project is deployed and continues to run on the Binance Smart Chain.
All that Glitters isn’t Gold
While SafeMoon’s market cap ballooned to over $2 billion within two months, interest in SafeMoon, as described in a recent gitconnected article, seems driven by hype and FOMO, or fear of missing out. “Some get rich, many others lose money” by investing in SafeMoon, says the article’s author Toby Hazlewood. Influencers are taking to social media to share their investing stories, “Some share how they’ve made legitimate fortunes in short spaces of time by day-trading such tokens. They got lucky buying the coins when they were priced at tiny fractions of a cent, and sold when prices temporarily surged.” shares Hazlewood.
Furthermore, Vice News reported that evidence indicates Safemoon copied the code of BEE, a token whose creators would go on to scam their investors, as evidenced by the SafeMoon contract having unchanged comments from BEE’s contract. Not only do the comments not match the running code, but “the developers control the pool, and while it is locked right now, investors don’t in fact know how the funds are secured,” as reported by InvestorPlace.
As it stands today, investors’ money is automatically sent directly to the SafeMoon private wallet, and the SafeMoon owners can decide to unlock it or sell more at any time. Reporters at Protos discovered “insiders built the protocol to reward a single “owner” address with significant sums of SAFE tokens over time.”
SAFERmoon to Address the Shortcomings of SafeMoon
A group of semi-anonymous developers who recognized SafeMoon’s security shortcomings assembled to develop a more secure option for scrupulous investors: SAFERmoon.
Looking at the smart contract, it appears SAFERmoon borrows the foundations of a reflection token (of which SafeMoon is one example) and adds multiple layers of much-needed security. SAFERmoon, with its focus on utility and investor security, could not be more different from SafeMoon, which is built on hype and a string of arguably empty promises.
SAFERmoon made the following changes to improve investor security:
1) A renowned auditor reviewed SAFERmoon’s contract before it launched. This is crucial, because a smart contract cannot be changed once it is launched. Although SafeMoon received an audit months after launch that pointed to numerous security vulnerabilities, the SafeMoon smart contract could not be altered to address the concerns. The SAFERmoon audit report can be viewed on their website.
2) All SAFERmoon liquidity goes directly to a permanently-locked wallet address. This is written into the SAFERmoon contract and cannot be changed. No one, not even the SAFERmoon project owners, can touch this liquidity. Not ever.
3) Timelocks are written into SAFERmoon’s contract. While SafeMoon can modify specific contract functions (for example, they could prevent specific wallet addresses from receiving rewards), SAFERmoon’s owners must give 24 hours of notice before any change can occur.
4) Max fee limits are written into SAFERmoon’s contract, and any fee changes can only be made after 24 hours’ warning. SafeMoon could arbitrarily change their fee structure at any time, setting the fees to 100%. Because SafeMoon’s liquidity isn’t automatically locked, an increase in fees will result in more money being added directly to the private wallet address of one of the SafeMoon owners.
5) SAFERmoon can modify the liquidity-addition events to reduce their impact on the price chart.
SAFERmoon has taken many steps to garner a sense of trust among users and investors. While the native token gains value as it is traded, the team plans to bring additional utility in the near future. Already, the team has allowed token holders to stake SAFERmoon and earn additional rewards in the form of third party partner tokens. SAFERmoon is the first token on the Binance Smart Chain to allow its investors to collect these additional rewards in addition to the static rewards users receive just from holding the SAFERmoon token.
The future SAFERmoon launchpad will allow project owners with any level of technical ability to securely create and launch new tokens on BSC. Prospective investors will browse and track a selection of audited tokens, receiving alerts as soon as any project owner initiates a change in the contract that might affect their investment.
With each week seeing multiple new scams hit innocent crypto investors, it’s up to projects like SAFERmoon to provide secure alternatives.
SAFERmoon has gained decent traction since its launch in April 2021. Thanks to audited smart contracts, and community-governance protocol, SAFERmoon has become one of the most popular options for investors. Furthermore, the project uses Binance Smart Chain to reduce transaction fees on trades involving SAFERMOON tokens.
With a vision to add utility to the network, combined with plans to deploy a launchpad shortly, SAFERmoon looks set to compete with other providers of static reward tokens. Moreover, thanks to compelling rates, SAFERMOON tokens are observing a rapid increase in adoption.