On reaching one million holders, Safemoon announced it on their website recently. It is also apposite to mention that Safemoon was launched by John Karony, CEO and Thomas Smith as CTO on March 8th, 2021.
Safemoon which has been reputed as a self-acclaimed DeFi token does the following”
- Automatically generates liquidity.
- The project is a community driven.
- Penalizes users that sells and rewards those that holds
- The Protocol executes three functions in each trade:
- Acquisition of LP.
- Reflection
- Burn
As regards to the aquisiotion of Liqiuidity Provider, the whitepaper shows that the trasanction is taxed at a 10% fee in each trade and which is divided into two:
- 5% fee is split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and added as a liquidity pair on Pancake Swap.
- 5% fee = redistributed to all existing holders
That 5% for the holders is what they call “Reflection.” It gets redistributed according to the weight of your holdings. This is suspicious but take into account that the company claims to have burned all of the initial team tokens. This is exactly what they mean by “fairly launched.”
There are one quadrillion SafeMoon available, and that’s the total cap. The project advertises “Manual Burns” as one of its defining characteristics. The team will control the specifics of each burn, and promises to advertise them for people to be able to track them. This seems suspicious, but let’s advance. The company promises:
SafeMoon aims to implement a burn strategy that is beneficial and rewarding for those engaged for the long term.