I did it. I jumped on a trend. I have been seeing tweets about SafeMoon and hearing a ton about it everywhere I look online. I figured I would give it a little look and ended up buying $20 worth on Pancakeswap. It isn't a lot of money because I am not exactly sure about how I feel about the project, but if we see huge gains over the next year I'll be happy I gave it a small investment.
The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn. <
Essentially SafeMoon uses a static reward model to create value for holders based on the volume of token that is being actively traded. When someone sells SafeMoon they pay a 10% premium that is redistributed to those that are still holding the token. The system is built to pay users for their loyalty to the protocol by slowly growing their stake over time through this process.
They claim that the reason this type of process is necessary in DeFi is to protect against dumping from earlier liquidity providers that would force the price down. It is an interesting concept as there is very little incentive to sell until your target prices are reached, and even then you have to really be sure because of the 10% fee you have to fork over.
Additionally, they have just crowd funded 1 million USD to begin work on their exchange. I suppose that the exchange will include SafeMoon as a type of governance token, but this looks like be a DEX of some sort. It is still quite unclear, but there seems to be a large quantity of lofty goals.
I think that if this product turns out to be useful and legitimate, we could see the same type of explosive growth that Dogecoin saw earlier this month. If the team is stagnant and does not take advantage of their time in the spotlight, I expect we will see not much action at all. I'm interested in watching everything happen here, but wary that it could be a scam or it could be too ambitious.
Honestly probably not. It is more likely than not a complete shi*tcoin. However, if you have some extra funds and want to take a gamble on a brand new project you should do some research and give it a look. I only invested because it is garnering so much online attention that I think it could have a chance to make some gains in the bull run; I don't really know if it has much utility. I'm not sure it is worth your time to establish a large position, there are a ton of unknowns regarding the project. (NFA)
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