This means that if anyone does anything with a v1 SAFEMOON token besides upgrade to v2, it gets taxed away. The Safemoon team discussed solutions in public, settling on a plan to lock out old wallets.On December 29, Safemoon imposed a 100% tax on v1 transactions with just hours of notice before changes went into effect. This means that as more wallets transitioned to v2, the reflections grow larger for remaining v1 holders.Īs of December 29, ~10% of Safemoon wallets had transitioned to v2 (not counting dust wallets). When wallets transitioned from v1 to v2, they paid the 10% tax, but the reflections for the transfers were paid to v1 holders. When the Safemoon team announced the v2 upgrade two weeks ago, they took an unusual approach to the transition. The project's v2 upgrade is unpopular among SAFEMOON holders because it is not fully audited, and currently it can be difficult to sell the v2 SFM token. It is believed that the Safemoon team is taking this money. According to DoxxLocker, "a deep flaw in the automatic liquidity system built into the contract allows the developers to withdraw the generated liquidity into other wallets." DoxxLocker believes that by August 2021, $68M in reflections had been mis-distributed from the v1 tax pool. Safemoon has been characterized as a scam coin due to its limited utility and sketchy smart contracts. Half of that tax is redistributed to SAFEMOON holders as "reflections," and the other half is sent to liquidity providers like PancakeSwap and exchanged for Binance coin (BNB) to increase liquidity. The project is unique in its transaction "tax" structure, where all SAFEMOON transactions are taxed at a 10% rate. Safemoon exploded in popularity in mid-2021, reaching a $6B market cap, before settling around $1B. Meme coin Safemoon (SAFEMOON) ( $800M market cap) is encouraging users to upgrade to its v2 SFE token by setting a 100% tax on v1 SAFEMOON transactions. Whether they have suggestions for giveaways, or who they would like to see the brand partnered with, having a say in the token will develop the relationship between the team and the community. The best way for the community to be involved firsthand, is to include them in some aspects of the decision-making process. Therefore, a tier-based system will also be implemented in the creation of the contract, that will reward those who are holding more $SAFEMOONA tokens, with better initial DEX offering (IDO) rates.Īlthough the team has developed a vision, and a plan for the growth of SafeMoon-AVAX, it will still be a community-friendly token, which places the values of the community at the forefront of its helm. Within the first week of the token being live, the team went above and beyond to deliver the community the beta front-end design for the Launchpad.īesides being able to participate in exclusive IDOs, the team wanted to ensure that those who were bigger SafeMoon-AVAX holders would get an additional benefit, as a tribute to their loyalty to the token. SafeMoon-AVAX has teamed up with a group of highly knowledgeable full-stack developers to ensure the success of this vision. The second and more enticing opportunity for holders of the token will be the exclusive access to upcoming projects on the SafeMoon-AVAX Launchpad. This way, holders will be able to generate passive income in the native token, and watch their investment grow from the sidelines with no effort. The first is the frictionless yield redistribution system that automatically rewards holders of the token a percentage of every transaction in $SAFEMOONA, the native token of SafeMoon-AVAX. Investors are incentivized to hold through a couple of major draw-ins.
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