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#Safemoon wallet upgrade

However, despite its promises, it’s important to note that there are currently accusations of fraud against safemoon.

1% of the trade goes to a growth fund designed to help the safemoon ecosystem growĪs a result, holding safemoon provides you more rewards the more people use the blockchain for various applications and transactions.

2% of the trade is burned to reduce the impact of inflation.

3% of the trade is added back to a liquidity pool to ensure that there is always enough safemoons.

4% of the trade goes to all existing safemoon holders.

Safemoon uses four main events that happen with each trade to keep the cryptocurrency stable through a 10% tax: One of the unique features of safemoon is that it’s supposed to have a more stable value that should, in theory, make it a sustainable investment. The upgraded version of the currency also aims to develop decentralized finance (DeFi) applications, which operate on a peer-to-peer network without a central authority.

#Safemoon wallet upgrade

This upgrade focused on blockchain technology expansion through metaverse development and non-fungible tokens (NFTs) production. Safemoon previously had the SAFEMOON ticker, but it began using the SFM ticker in December 2021 following an upgrade to safemoon V2. However, a recent exposé video by popular YouTuber Coffeezilla, known for uncovering crypto scams, claims that the cryptocurrency was created by Kyle Nagy, who copied the original code from a cryptocurrency called bee token (BEE). SafeMoon’s CEO is John Karony, a former analyst for the U.S.

Safemoon was founded in March 2021 by SafeMoon US LLC, a private company currently headquartered in Pleasant Grove, Utah. Safemoon is a cryptocurrency or digital token built on the BNB chain - previously known as the Binance Smart Chain (BSC) - a blockchain created by the Binance exchange. Safemoon V2 isn’t for you? Here are some alternatives.