SafeMoon has the potential to be bigger than Bitcoin. Imperium Group’s CEO Shazir Mucklai had the chance to chat with SafeMoon CEO John Karony, who shared his light on all things crypto.
It’s founded by veteran John Karony with a goal to make the cryptocurrency market more democratic.
SafeMoon is a community-driven, fair-launched DeFi token. It aims to implement a burn strategy that is beneficial and rewarding for those engaged for the long term. Every trade contributes towards automatically generating liquidity locked inside PancakeSwap LP. Holders earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely. The company focuses on three simple functions during each trade: reflection, LP acquisition, and burn.
SafeMoon has prioritized transparency, as evidenced by the readout on the company’s website. The total number of SafeMoon burned is featured, which allows for users to identify the current circulating supply at any given point of time. Currently, there are 1,028,046 holders, USD$232,830,123 in liquidity, and 410.001 burned. Automatic LP is the secret sauce of SafeMoon. It is a function that acts as a two-fold beneficial implementation for holders. First, the contract sucks up tokens from sellers and buyers alike and adds them to the LP, creating a solid price floor. Second, the penalty acts as an arbitrage-resistant mechanism that secures the volume of SAFEMOON as a reward for the holders. In theory, the added LP creates a stability from the supplied LP by adding the tax to the overall liquidity of the token, thus increasing the tokens’ overall LP and supporting the price floor of the token.
SafeMoon’s burn function is different from that of other reflection tokens, which is only beneficial in the short term from the granted reduction of supply. As the SafeMoon token LP increases, the price stability mirrors this function with the benefit of a solid price floor and cushion for holders. The goal is to prevent the larger dips when whales decide to sell their tokens later in the game, which keeps the price from fluctuating as much as if there was no automatic LP function. SafeMoon’s approach alleviates some of the troubles that have been seen with the current DeFi reflection tokens. The company is confident that this model and protocol will prevail over the outdated reflection tokens for these reasons.
SafeMoon’s employees experienced a productive first quarter. They successfully onboarded and confirmed a DogeCoin trading pair with Bibipom. They then began the integration process with WhiteBit (imminent) and started the legal paperwork with Bitmart. The company’s team size doubled, and the employees started the marketing campaign. In the second quarter of 2021, the company will complete the WhiteBit tokenomics integration along with the SafeMoon app, Wallet, and game(s). The Bitmart integration with tokenomics will also be completed. SafeMoon will begin architecting the NFT exchange as well as video game integrations. It will also integrate SafeMoon with African markets in addition to setting up a charity drive and charity vote. The company will explore other exchanges (ie., Binance) and begin architecting the SafeMoon Exchange. The company’s team will be expanded by 35% and establish a UK/Ireland office. It will finish the quarter by architecting a crypto educational app as well as onboarding new partners.
For the third quarter, SafeMoon will establish a SafeMoon scholarship and work to open an African-based SafeMoon office. The company will finish its crypto educational app and begin its own charity project. It will begin a community listing donation raise for several exchanges (ie, Coinbase, Binance, and Kraken). It will finish its NFT exchange and release its first video game with SafeMoon integrated. SafeMoon will expand its team by 25% and do a community meetup (pending COVID restrictions). It will also integrate with other large exchanges (ie., Binance). Fourth quarter plans include finishing the SafeMoon Exchange and its charity project. SafeMoon will finish integrations with the African market and create an African-based SafeMoon office, then begin hiring for it. It will take donations for its next charity project and establish a SafeMoon scholarship.
As the company’s founder says, “We are ambitious and determined to create jobs for as many people as possible and to utilize a burn strategy that is fair for everyone. We are the new face of this industry, and you will be seeing big things happen with SafeMoon around the world.”
Imperium Group was compensated by a third party who has a position in SafeMoon, and may initiate long positions or sell its stake in SafeMoon over the next 72 hours. We wrote this article, and it expresses opinions. Imperium Group is receiving compensation for this article.