SafeMoon started its crypto journey back in March, during which month it got quite some attention. Despite the amount of attention and the extreme price increase of SafeMoon, many people called it a hype coin and a scam. They claimed that SafeMoon’s price will dip to extreme lows after the hype dies out, and they were partially correct. After the hype around SafeMoon died down, the price of SafeMoon went down. Yet, this dip was a consequence of the market correction that occurred in the cryptocurrency market back in June, meaning that the whole market dipped, not just SafeMoon.
On its more recent announcements, SafeMoon revealed plans of releasing a SafeMoon DEX, wallet, and a hardware wallet by the end of 2021. However, with the delay of the SafeMoon Wallet release date, the other products have been delayed too. But what do we know about the upcoming SafeMoon exchange and hardware wallet?
SafeMoon Exchange
The SafeMoon Exchange has been in the talks for quite a while, however, it was thought to be a rumor until the SafeMoon team confirmed it through a tweet on their official SafeMoon Twitter account. On the 28th of August, they released the SafeMoon Swap as part of their upcoming decentralized exchange. Through the SafeMoon Swap, you can swap your Binance Coins (BNB) or Ethereum (ETH) for SafeMoon tokens or vice versa. It is believed that it will support more cryptos as time goes by.
At the time of writing, the SafeMoon Swap only accepts Trust Wallet, Metamask, Binance Chain Wallet, and Math Wallet.
How to use the SafeMoon Swap?
SafeMoon is aiming for simplicity on its products, therefore, their swap is quite easy to use. To have a smooth time using the swap, follow the steps below.
- Go to swap.safemoon.net
- Press “Connect Wallet” on the top right side of the window
- Choose your wallet and connect it
- Enter the amount of SafeMoon you want to swap for BNB or ETH
- Set the Slippage Tolerance to 12% and swap your tokens
SafeMoon Hardware Wallet
Hardware Wallets have been around for quite a while, and they are considered the safest form of storing your cryptocurrencies. They are physical devices that have to be plugged into a computer or a phone to be used. At the moment, Trezor and Ledger are the leaders of this sector.
However, you are the only one who has access to your private keys, unlike the wallets that exchanges like Binance provide. The SafeMoon Hardware Wallet has been teased on the official SafeMoon website, hinting that the hardware wallet is set to launch after the exchange.
Even though we do not have an official date as to when the Hardware Wallet will launch, it is believed that the release of the SafeMoon hardware wallet will be done after SafeMoon migrates from the Binance Smart Chain (BSC) to its own blockchain.
Also Read: SafeMoon Price Prediction 2022 – Will It Skyrocket Once More?
Takeaways
- As the hype around SafeMoon died down, its price experienced a relatively small decrease.
- Lately, SafeMoon has announced that it is working on some new products for its users.
- These products include an exchange and two wallets, one being a hot wallet while the other being a cold hardware wallet.
- By the end of August, SafeMoon had launchedSafeMoon Swap which is considered to be the first part of the exchange launch.
- There are no official release dates for any of these products yet, but it is believed that they will be released in the following months.