SafeMoon Successfully Deploys V2, Users Await Further Updates

Version 2's main goal is to reduce the total supply of SafeMoon which will then improve the protocol's prospects for the future.

Ahamdi Abarikwu
December 1, 2021
BSC News

SafeMoon V1 Going ... V2 Here.

Community-driven DeFi project, SafeMoon, has successfully deployed Version 2 of its protocol in preparation for full launch. The migration to V2 became necessary because V1 had limited features which gave the team little room for future development of the protocol.

"The #SafeMoonV2 evolution starts here! Get ready – learn how to migrate your tokens to V2", the platform announced to its community on November 28.

According to the platform's previous tweet, the main idea behind V2 is the 1000:1 redenomination of SafeMoon's supply. That is, holders will get 1 token in V2 for every 1000 tokens held in V1. However, the total worth of their holdings will remain the same.

SafeMoon's circulating supply is around 585 trillion. The V2 redenomination will shrink the massive supply to 585 Billion which perhaps is a more manageable size.

"3 reasons why #SAFEMOON V2 is the Evolution: Upgraded contract implementing a 1000:1 consolidation, Increased quality, security and accessibility of SafeMoon, Preparing us for a warp speed future", the protocol wrote on its Twitter handle. 

SafeMoon users eagerly anticipate the full launch of V2. The team is fine-tuning V2's user-interface to ensure that users will not have difficulties moving from V1 to V2.

The Safemoon army - as the protocol's followers are fondly called, and indeed all crypto watchers would be curious to see how the meme-token will perform after migration. Apart from the general perception that meme-tokens are all hype and have no real substance, there has been a lot of fear, uncertainty, and doubt (FUD) on social media about the future of the SafeMoon. However, the token is BSC's most held token with a record number of 2,926,912 holders. More people seem to be for it than against it, after all.

What is SafeMoon?

SafeMoon is a meme-token that was launched in March 2021. It runs on the Binance Smart Chain and is a Decentralized Finance (DeFi) protocol. 

SafeMoon has a very strong community behind it. Current statistics show that the protocol's token is held by almost 3million people. On Twitter, SafeMoon has over 1.2 million followers. 

SafeMoon token is deflationary. It slightly differs from other deflationary tokens in the sense that three functions happen with each transaction: reflection, liquidity pool (LP) acquisition, and burn.

For more about SafeMoon, visit the protocol on the following links:

Website | Whitepaper | Twitter | LinkedIn | Discord 

Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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