A Recap of “Safemoon Sunday”: An Outlook Given by the CEO & COO

Safemoon’s CEO John Karony and COO Jack Haines hopped on the twitch live stream Safemoon Sundays to provide further updates regarding the Safemoon protocol.

By
John Tunney
on
May 24, 2021
Category:
Blockchain News

Safemoon and Market Updates

On May 23rd, both John Karony and Jack Haines jumped on Twitch to address the recent crypto market volatility and where Safemoon currently sits in the market. For those who missed the stream, right away I’d like to point out that the graphics and CGI (computer generated imagery) looked visually spectacular. Safemoon really did a great job pulling the audience in and getting them excited for Safemoon Sunday. 

Once Karony and Haines were introduced and the presentation was underway, both jumped right in giving a general overview of what has been going on with Safemoon. There was a lot that was covered, so we’re going to go through it, piece by piece. To kick things off, Safemoon executives mentioned that Safemoon now has 2.25 million holders of the token. Karony and Haines were excited about Safemoon’s continued growth, and echoed the popular “love for diamond hands. It’s always better.” For those who do not know, “diamond hands'' refers to people who hold their crypto long term, rather than sell. 

Following that, Karony and Haines noted the high levels of toxicity that circles crypto when the markets go down. Yet the two emphasized, “we are all one community” and “that people forget the vision of crypto currency.”

Big News for Safemoon 

After Karony and Haines gave a brief introduction and expressed their views on the market, they then announced the big news: they have partnered with new decentralized exchanges, bringing the total number of exchanges Safemoon is partnered with to 15, with just under half supporting tokenomics. 

The Safemoon executives also announced that there have been huge team expansions, specifically in the marketing and media department. Safemoon has also partnered with Anonymous Key Technology and are in final negotiations with a marketing firm; expansion has been a big deal this week. There was also mention of current development tech being worked on.

What the FUD

Perhaps the most interesting part of the live stream occurred during Safemoon’s segment, “What the FUD '' where CEO Karony began aggressively calling out the disgust he had for a false narrative claiming Safemoon to be a scam, a narrative that was largely perpetuated by War on Rugs. Karony called out malicious articles, the narrative and the recent rug pull that was done by War on Rugs, saying: “what you did is despicable, we are disgusted.” 

For those who don’t know, War on Rugs was a watchdog group warning their base against rug pull attacks. The irony is that very recently, the watchdog group rug-pulled their own community, scamming their base out of just under a million dollars. A rug pull, according to CoinMarketCap, is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors' funds

Some tweets from the crypto community reaction to War on Rugs rug pulling their own base: 


Following Karony’s expression of disgust for War on Rugs, Karony and Haines announced that they plan to release a Safemoon wallet. 

Following the announcement, Safemoon CEO went on to reiterate that Safemoon and Gambia, a country along the African Coast, have been working together since 2018, and that there are big things coming. 

Questions From the Audience

Karony and Haines then switched gears, and fielded questions from investors and skeptics. They came prepared with popular questions they had been asked, rather than answering questions on the spot. One of the big questions they answered was “when will the burning stop?” The Safemoon team responded by saying they are working on finding out where “the math where it works best”, and will let the community know the second they do.

After that, Safemoon announced that they will have a Safemoon card. What is interesting is that there will not be a 10% fee on card transactions, but maybe smaller fees for normal transactions. For those unfamiliar, the Safemoon protocol uses a concept known as tokenomics. The Safemoon tokenomics require 10% of every Safemoon transaction to be taxed. 

Tokenomics is how cryptocurrencies work within the broader ecosystem, including such things as token distribution as well as how they can be used to incentivize positive behaviour in the network. Safemoon, when transacted, fines users 10% on every transaction, where 5% returns to the liquidity pool and 5% goes to those holding the token to encourage holders to hold and disincentive selling.

The next question was: when is the wallet being released? Safemoon’s current plan is to open up a beta test signup page on June 15th. 

For anyone looking to catch Safemoon’s upcoming Safemoon Sundays, the stream will be postponed, as Safemoon is traveling next weekend to meet with some new partnerships they need to meet them face to face 

The meeting ended with Karony and Haines expressing their excitement for the upcoming developments in the pipeline as well as the extreme growth of their team. Over 140,000 people watched the stream. The meeting concluded with “We are family. We are Safemoon. Thank you for watching.” 

Concluding Thoughts 

Safemoon was one of the earliest protocols to employ a strategy that incentivized users to hold the token. As of now, it seems that the platform has been ramping up big time, trying to establish themselves in the crypto world. Their base is loyal and supportive, and it feels as if the team is doing everything they can to reward the holders by bringing growth and development. Personally, this writer would have preferred more dates/specifics on what projects looked like and where things are headed; however, it seems the team is doing a lot to make Safemoon the next big thing. 


About Safemoon

The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, and Burn. SafeMoon is an altcoin: a blockchain-based digital currency similar to Bitcoin, but with distinctions. It launched in March 2021 and has already racked up over 2 million users. SafeMoon’s unique feature is that it charges a 10% fee to anyone who sells their tokens; 5% of this fee is then redistributed to all other SafeMoon owners, essentially rewarding those who hang onto their tokens and disincentivizing selling.

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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