SafeMoon – What is this DeFi Token and Should You Be Investing?

During the first months of 2021, the cryptocurrency market boomed, breaking all kinds of records. With this growth, a lot of new cryptocurrency projects came into being. However, not all of them provided something new or unique to the blockchain industry, with some even being considered as scams and resulting in rug-pulls (a phenomenon that occurs when the majority of the supply is owned by only a few people. On the other hand, a portion of these new projects built up quite the reputation – and one of them is Safemoon.

What is SafeMoon?

The SafeMoon Protocol is a protocol launched on the Binance Smart Chain (BSC) that claims to be a fairly distributed, community-driven project. Moreover, the team behind SafeMoon considers their project to be of huge help to the DeFi ecosystem as a whole. The name, SafeMoon, was inspired by the famous phrase used when the price of a cryptocurrency is increasing rapidly, “To the Moon”. Furthermore, their slogan is “Safely to the Moon” indicating that their token is aiming for the moon… or in other words, the highest of highs.

SafeMoon - What is this DeFi token and Should You Be Investing?
SafeMoon Token Official Logo. Source: Safemoon

Even though this token was called useless by many people, the team behind SafeMoon has been working tirelessly to offer something more for their holders. Lately, SafeMoon has announced that the SafeMoon Wallet is just around the corner. Also, after the wallet goes live, they will continue their works on the two upcoming SafeMoon products – SafeMoon Exchange and SafeMoon Hardware Wallet. 

The Founders of SafeMoon

The team behind SafeMoon was not public until recently, and because of that, many people highlighted SafeMoon as a high-risk investment with a high potential of being a scam. However, its founders are now public and can be found on the official SafeMoon website. The current core team members behind SafeMoon are:

SafeMoon - What is this DeFi token and Should You Be Investing?
The Core Team Members of SafeMoon. Source: SafeMoon

Conclusion

All in all, SafeMoon has exceeded the expectations of everyone as of today. SafeMoon is accessible to everyone with a phone and an internet connection. Even though it is not listed in major centralized exchanges like Binance or Coinbase, you can buy SafeMoon on one of the biggest DEXs – PancakeSwap. With its wallet coming soon and the two other products on the way, SafeMoon has serious projects ahead. Moreover, who knows how a potential listing on one of the above-mentioned CEXs could affect the market performance of the token. That being said, investing what you can afford to lose might be a good decision when it comes to investing in SafeMoon.

Also Read: SafeMoon Price Prediction 2021 and Beyond – Is SAFEMOON a Good Investment?

Takeaways

  • SafeMoon is a token launched in the Binance Smart Chain (BSC) in March 2021.
  • The goal of SafeMoon is to support the Decentralized Finance (DeFi) ecosystem.
  • After the successes achieved throughout the past months, SafeMoon’s team announced their upcoming products. They are working on SafeMoon Wallet, SafeMoon Exchange, and SafeMoon Hardware Wallet.
  • The Core Team members of SafeMoon are John Karony, Thomas Smith, Hank Wyatt, Jacob Smith, Jack Haines, and Charles Karony.
  • Considering that SafeMoon has performed this good without being listed in major centralized exchanges, the future might be full of positive surprises for this token.

 

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