SAFEMOON announced from it's Twitter account yesterday that it has completed it's crowd fund of $1M to build it's own crypto exchange!
The SAFEMOON roadmap is pretty damn ambitious and one it's Q2 goals is to start building it's very own crypto exchange.
As of last night the Safemoon community has completed it's raise! From their roadmap:
Q2: We will be exploring other exchanges (i.e. Binance) and begin architecting the SafeMoon Exchange.
The raise was fairly quick and the coin trended certainly helps as they've managed to pick up nearly 1.3 Million holders. Strike while the iron is hot right? The development team has been accepting donations in BTC, ETH, BNB, BSC, USDT, DOT, ADA, LTC among others.
SAFEMOON Raises $1M for Crypto Exchange
What is SafeMoon Protocol?
"The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn."
- Reflection is where SAFEMOON holders receive a portion of the fee's collected every time the coin is traded. Holding this coin pays!
I initially purchased 27M SAFEMOON about a week ago, and since that time the userbase has continued to grow and the coin continues to be transacted earning me an additional 377,000 SAFEMOON as a result.
- LP Acquisition is the processes of automatically diverting a portion of fee's collected into a liquidity pool to ensure there is a constant state of liquidity with the main trading pair of SAFEMOON/BNB on the Pancakeswap platform.
The initial trading pair on PancakeSwap is a SAFEMOON/BNB pair, likely the easiest way for people to get their hands on the token until it's listed on more exchanges.
How Do The Fee's Work?
In each SafeMoon trade, the transaction is taxed a 10% fee, which is split 2 ways.
- 5% fee = redistributed to all existing holders.
- 5% fee is split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and added as a liquidity pair on Pancake Swap.
This is a new tokenomics model which was recently adopted by a brand new project known as GLASS token or OurGlass. In both cases the token starts out with an initial supply of 1,000,000,000,000,000 tokens and distributed in what is termed a "fair distribution".
Disclosure: I own a small bag of both SAFEMOON and GLASS token and consider both to be experimental and high risk.
CertiK Audit Inbound?
From todays Newsweek article:
David Gokhshtein, a prominent cryptocurrency investor, wrote in a tweet on Monday: "Talk to me about SafeMoon when the security audit is done". It is not clear which audit Gokhshtein meant but CertiK, a cryptocurrency security ranking platform, is in the process of assessing SafeMoon.
A complete contract audit would be an important step in building investor confidence and it looks like it's on the way.
Ciao for now,
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