What is it?
SafeMoon is an incredibly exciting DeFi project that was launched in March of 2021 as a fair-launched, community driven token. The initial protocol was built on the Binance Smart Chain, which is where the token currently resides. However, an Ethereum bridge is already operational, and more bridges are being created. Eventually, there will be a migration from the Binance Smart Chain to the SafeMoon Smart Chain (Name unknown, assumptive). The depth of the planned SafeMoon ecosystem is not fully disclosed, but pieces are beginning to come together. It appears they are positioning themselves to be a direct Binance competitor in the short-mid term, and potentially something far greater in the long term. The community has become one of SafeMoon’s most valuable assets, with over 2.7 million addresses.
The basic premise of the protocol is this: Transactions incur a 10% tax, which is then redistributed to the LP/Burn Wallet, and back to the SafeMoon holders themselves. This not only disincentivizes day trading/pump and dump schemes, it also creates a compounding interest that can be GREATLY increased as overall transaction volume increases. SafeMoon was able to successfully deploy tokenomics on multiple DEX’s, which was a first. Even shortly after SafeMoon was created, the space was FLOODED with projects mimicking either the name, or the protocol. This is very bullish in itself. They were also the first cryptocurrency to get twitter verified. V2 of the SafeMoon contract is expected any day now, which will consolidate 1000:1. If you have one billion V1 SafeMoon, you will instead have one million after the consolidation. However, the underlying fiat value does not change. The consolidation will allow for BTC pairing, and helps public perception drift away from the meme image.
SafeMoon is brilliantly built up from the community out. Quite frankly, the sheer size of the community almost ensures any products launched begin to trend. We saw this with the Google Play Store, where many reviews (including my original) were deleted because the sheer volume marked the majority as spam or bots. Now, the iOS wallet recently launched which has had minimal impact on the price, which was to be expected.
The recent high level departures really said a lot by how it’s been handled internally. The team has continued to push forward through a variety of events, any single one could have potentially destroyed any other project. The fact the team has adapted and pushed forward is telling. Also, these type of departures can be messy. After each one, there was no disdain towards the project or protocol itself. Sure, there are NDA’s, but those are difficult to enforce.
It has been a bumpy road so far. As with any new startup, ESPECIALLY one that has grown as quickly as SafeMoon, bumps are to be expected. This young team has had so much thrown at them over the last 6 months, and their handling of each new situation has been incredibly impressive.
There is plenty of information (formal and informal) about who John Karony is, his military background, and his ambitions.
I was EXTREMELY happy when I found out Ryan had joined the team. He has significant experience that is proving invaluable to this project. He did an excellent job of taking on the MANY fudsters that were calling this a rugpull in its early days (despite extensive efforts to prove otherwise). If you have yet to check out his LinkedIn profile (which is available through the SafeMoon website), it is VERY impressive.
I believe the monumental growth will occur with the release of the Exchange, Blockchain, and most importantly, Operation Pheonix. This will be due to the fact that SafeMoon will be the gas behind all of the Blockchain operations. We have real world examples of other companies following this same model, and realizing EXTRAORDINARY growth. We also have other real-world examples of countries (Ethiopia) integrating social systems akin to our SS being completely build on a blockchain. There have been small hints at what Operation Pheonix is, but so far, we do not know.
Another big factor that sets SafeMoon apart is the incorporation in the United States. SafeMoon is setting up for the long haul, and are ensuring regulatory compliance – something that other companies are dealing with at the moment. The DeFi realm is the wild west of Finance. Anyone that has spent any amount of time on these types of investments become very familiar with rug pulls, scams, and the (what can be) sketchy nature of this space. SafeMoon has made and is continuing to make significant progress not only in their products, but also their corporate structure. I personally view many of the earlier mishaps on the simple fact that this is a very young team trying to do extraordinary things. They have clearly been working on this project for years before the initial launch. The upcoming innovation is also something to be incredibly excited for. If you aren’t aware, SafeMoon’s CBO Thomas (Papa) Smith won the Binance Influencer of the Year award recently. This was especially powerful given that Binance refused to work with SafeMoon. He has extensive R&D development, and is operating in the background. He has become more public over the last month due to demand, along with releasing bits of new information.
These are only a few of the pieces that make SafeMoon such a promising image. I will be delving in to this further, but I wanted to give just a brief overview and my perspective on SafeMoon. If you liked this content, please follow me on YouTube and watch this space for more updates.