SAFERmoon Sets Itself Apart from Less-Safe Alternatives
ACCESS Newswire
5 min read
NEW YORK, NY / ACCESSWIRE / May 10, 2021 / SAFERmoon, a new project on the Binance Smart Chain (BSC), launched on April 28, 2021, and already investors are taking notice. SAFERmoon's market cap ballooned to over $20m within a matter of hours, which is not entirely uncommon. What is uncommon is its continued momentum past its first few days on the market, going as high as a $195m market cap in less than 10 days. So what is SAFERmoon, why is it succeeding where so many other projects have failed, and is it worthy of your attention? Let's investigate.
A string of bad publicity around the similarly-named SafeMoon token centered on its lack of fundamental security. BSC thrives on secure projects that protect investors from bad actors, while every failed project damages BSC by harming investor trust.
A group of longtime cryptocurrency investors and developers recognized SafeMoon's risks and came together to launch a competitor, which they named SAFERmoon - ostensibly because it promises to be a safer version of the token, offering similar benefits with fewer risks.
"We started SAFERmoon after realizing all the BS ruggable code that was in SafeMoon," said a SAFERmoon representative during a recent public Ask Me Anything (an interview where the community can ask questions). "We're very familiar with RFI forks and tech in general, and couldn't believe regular people (our families, friends) were putting so much money into things they didn't understand the first thing about... but to make it worse, with actual RUGGABLE code!"
A "ruggable" project is one in which the project owners can pull the rug from under their investors, walking off with all the money. There's another term for this that we've all heard of: a scam.
So What's Different?
When you purchase or sell SAFERmoon tokens, a 10% transaction fee is collected. Half is redistributed to existing holders as a reward for owning SAFERmoon tokens, while the other half is used to support SAFERmoon's price stability by buying liquidity. All of this is written into the smart contract, which governs all aspects of the token's operation. However, the smart contract can be manipulated by clever developers to allow a project's creators to unfairly benefit at others' expense. Investors must always be wary.
The stated goal of SAFERmoon is to create a project that cannot be rugged by the creators. SAFERmoon modified the smart contract so that the creators do not own or control the liquidity and cannot modify fees without notice. Investors can visit any number of token-monitoring websites (such as bscscan.com) to view the contract's operation in real-time. Already, these changes represent a marked improvement from similar projects, but the team took another key step towards establishing trust.
Crucially, the SAFERmoon team had their code reviewed by a respected auditor. The importance of this action cannot be overstated. An audit is an expensive proposal for a project that has not yet launched, yet it brings with it much-needed oversight to the smart contract.
In this case, the audit looked for security vulnerabilities and to ensure the contract's function matched SAFERmoon's marketing materials. You can review the full audit on SAFERmoon's website (https://safermoon.net/SaferMoon-Lite-Audit.pdf), where you will see that the auditor surfaced a number of issues. The audit includes thorough descriptions of each risk and what the SAFERmoon team did to address that risk.
What are the Barriers?
When asked about barriers to SAFERmoon's success, the team had this to say:
"I think the main risk we have is that people simply don't care about doing 'meme coins' safely or carefully, or that they don't care about the long-term visions and plans we mentioned earlier.
"That is the case in everything, though, right? There was a time when nobody thought that seatbelts were useful. People were dying all the time flying out their front window in car crashes. Then people realized you can put seatbelts on, and drive just as fast, and maybe not die at the end. So now people think driving without a seatbelt is absurd."
Does SAFERmoon Stand Out?
It's clear that the SAFERmoon team has done what it can to create a safer environment for its investors. However, their token is valuable only inasmuch as it continues to be traded. Token holders expect more utility in this area, which is something the SAFERmoon team plans to address in the near future: "We will be working with partners to bring on staking farms. So you can hodl your SAFERmoon, and get the nice RFI rewards, but you can also stake those for third-party token rewards, like a normal farm."
For those who aren't in the industry, this means that SAFERmoon's investors will be able to use their tokens to earn 3rd-party tokens. It's a strong first step towards providing utility, and it's clear there's a lot of room to grow.
It remains to be seen whether investors care about SAFERmoon's security or future functionality. Many projects have succeeded with little of either. However, SAFERmoon's commitment to the BSC community makes it an undeniably appealing opportunity, and the project is off to a notably strong start.
This isn't investment advice, and you should always do your own research. Read the SAFERmoon roadmap and its audit, and never invest more than you can afford in any project.
