Connect with us

Blockchain

What is Safemoon Protocol? $SAFEMOON

SafeMoon is a DeFi protocol that eliminates the shortcomings in yield farming. In the decentralized finance (DeFi) world, the annual percentage yield (APY) expected on deposited funds mostly determines whether or not liquidity providers (LPs) render their service to a given platform. Consequently, DeFi protocols lure LPs by flashing hard-to-resist APY values. Unfortunately, the scheme […]

The post What is Safemoon Protocol? $SAFEMOON appeared first on Asia Crypto Today.

Avatar

Published

on

SafeMoon is a DeFi protocol that eliminates the shortcomings in yield farming.

In the decentralized finance (DeFi) world, the annual percentage yield (APY) expected on deposited funds mostly determines whether or not liquidity providers (LPs) render their service to a given platform. Consequently, DeFi protocols lure LPs by flashing hard-to-resist APY values.

Unfortunately, the scheme benefits early entrants since the incentives decrease as liquidity increases. Apart from LPs, a platform’s base asset is highly valued, but only temporarily. When the hype is out, the token’s price tumbles, spelling doom for everyone involved, except those that alighted the train early enough.

The SafeMoon protocol approaches the equation from a different angle to ensure equitable sharing of trading rewards. As such, it eliminates the line between new and old LPs on the network. Below we take a closer look at the platform and how it achieves the effect.

Table of Contents

Who is behind SafeMoon Protocol?

The SafeMoon core team comprises respected individuals led by John Karony, Thomas Smith, Henry Wyatt, and Trevor Church. Karony takes the wheel as the CEO while Smith is the network’s chief technology officer (CTO). On the other hand, Wyatt is the vice president of research and development.

Notably, the core team has extensive experience in different fields and worked for leading firms prior to joining SafeMoon. For example, before joining the platform, the CEO founded TANO and was an all-source analyst with the United States Department of Defense.

On the other hand, Smith worked for Goldsmith Blockchain consulting, was the CTO at Geometric Gaming Corporation, and director of software engineering at Geometric Medical Corporation.

Wyatt has a Bachelor’s degree in computer software engineering from the Shippensburg University of Pennsylvania. His work experience includes working in the software engineering department at TEOCO. Also, he founded HLWGroup, a video game entertainment firm.

What is SafeMoon protocol?

SafeMoon is a DeFi protocol that eliminates the shortcomings in yield farming. Its white paper defines it as “a community-driven, fairly launched DeFi Token.” While the definition looks somewhat confusing, it implies that the protocol doesn’t lure users by swinging temporally-flavored APYs close to their noses. Instead, it provides a safe landing on the moon during the reward farming process.

The protocol achieves its vision through three core principles:

Static Rewards

SafeMoon also calls this reflection, which solves yield hunting problems. Static rewards achieve this by first enacting conditional rewards guided by the token trading volume. By connecting rewards to the volume, SafeMoon drives down the token liquidation pressure. Mostly, early investors ignite the selling pressure and leave the project after the initial high APY rates are diluted by more participation from new users.

Secondly, the static rewards encourage holders of the base asset to keep their faith in the protocol in anticipation of earning higher rewards tied to the token balance.

Manual Burns

Token burns have been employed in the cryptocurrency sector to reduce supply and prop up value. However, they aren’t 100% effective. For instance, during a project’s early days, token burns can bring the desired effect. Unfortunately, the process removes control from the project’s team.

Team-controlled burns are advantageous since they keep a project’s community informed and rewarded. For example, the rules to be followed during a manual burn can be advertised.

SafeMoon follows this approach to provide benefits and incentives to community members in the project for the long haul. Additionally, the project’s team members increase the transparency of the process by publishing the number of tokens burnt on the project’s webpage. Consequently, it helps show the actual amount of circulating SAFEMOON tokens.

Automatic Liquidity Pool

This is the third ingredient in SafeMoon’s formula to bring sanity to the yield farming scene. Note that the liquidity provision engine is driven by a smart contract. The contract performs different functions to provide a smooth and streamlined outcome.

For instance, it first accepts coins from traders (buyers and traders) and directs them into a liquidity pool. Notably, this function provides a reference point for token prices.

The second function of the contract is to maintain the base asset’s volume in the pool by introducing a penalty for those looking to withdraw their assets. The protocol considers this to be an “arbitrage-resistant mechanism.”

The network’s white paper clarifies this point by noting that the penalty comes in the form of tax added to the total liquidity. In doing so, it galvanizes the token’s price floor. Notably, the practice hinges away from the token burn function used by other tokens in the DeFi world that have proven to target short term viability.

For SafeMoon, an increase in liquidity providers using the platform’s native token doesn’t affect holders due to a concrete price floor.

Additionally, an automatic liquidity pool cushions token holders from suffering huge losses emanating from price dips caused by whales who decide to liquidate their token holdings. In the cryptocurrency space, huge price fluctuations are mostly tied to whales buying or selling a notable amount of crypto in the open market.

SafeMoon Tokenomics

SafeMoon has a base asset known as SAFEMOON. The project launched with a total supply of 1,000,000,000,000,000 tokens. 

However, prior to activation, the dev team burnt their share, 223,000,000,000,000, leaving a fair community supply of 777,000,000,000,000 tokens.

Trading the tokens takes into account three features; static rewards, liquidity pool acquisition, and burn functionalities. The platform introduces a 10% charge on every trade.

Half of the fees find its way into the wallets of active SAFEMOON holders. The other half is further subdivided into two. One half goes into purchasing Binance Coin (BNB). The other 50% combines with the purchased BNB to form a SAFEMOON/BNB trading pair on Pancake Swap, a decentralized exchange on Binance Smart Chain (BSC).

What’s in Store for the SafeMoon Community in The Future?

The dev team has a lot in store for the platform’s community. From the look of it, they’re just getting started. For instance, it’s working to integrate Whitebit tokens and putting the final touches on an app, wallet, and game.

Interestingly, SafeMoon has its eyes fixed on the non-fungible tokens (NFTs) world. As such, the team is designing an exchange specifically for NFTs. Other notable products in the production line include a standard exchange for crypto trading targeting the African market, a charity drive, an app holding crypto and blockchain educational content.

In its expansion plan, the protocol targets to increase its core team by over 40%. Also, it aims at establishing offices in strategic places such as Africa, Ireland, and the United Kingdom. SafeMoon scholarships are next in the line. Notably, for easier community engagement, the platform engages with its community through conventional social apps such as Facebook, Twitter, Instagram, Reddit, Telegram, and Discord.

Conclusion

With such notable features, SafeMoon targets one of the most significant pain points in a yield farmer’s journey to financial freedom. For the longest time, whales have been taking advantage of their deep pockets to bend the market in their favor. Once they exit, newcomers and shallow-pocketed investors are left counting losses when the price dips.

Further, SafeMoon addresses other critical areas such as cryptocurrency and blockchain education. Its impact pierces through the entire virtual currency industry than just the SafeMoon ecosystem. Setting offices in strategic countries across the globe brings the project closer to its community. On the other hand, its token distribution model enhances fairness among participants.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.asiacryptotoday.com/safemoon/

Blockchain

Binance Coin, Polkadot, MATIC Price Analysis: 12 May

While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot.

The post Binance Coin, Polkadot, MATIC Price Analysis: 12 May appeared first on AMBCrypto.

Avatar

Published

on

While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot. Others like MATIC, however, were quick to take ETH’s lead, with the former recording significant gains of its own over the last week.

Binance Coin [BNB]

Source: BNB/USD on TradingView

The crypto-market’s premier exchange token, Binance Coin has been one of the year’s best performers with YTD returns of 1675%, at press time. The last 10 days or so, however, have seen the altcoin’s uptrend stall somewhat, with the crypto continuing to trade around the $650-price level. In fact, at the time of writing, BNB was just less than 5% away from its ATH on the charts.

Despite BNB choosing to consolidate its position instead of hiking, the altcoin’s technical indicators were continuing to flash bullish cues.

While Parabolic SAR’s dotted markers were under the price candles and underlined the bullish nature of the BNB market, the Relative Strength Index was skirting the overbought zone. With room available towards the north, RSI can be expected to head towards the overbought zone once the price of the crypto climbs once again.

Here, it’s worth noting that BNB’s price action this year has fueled expectations that the alt might touch $1000 before the end of the year.

Polkadot [DOT]

Source: DOT/USD on TradingView

Thanks to Polkadot’s inconsistent movement over the past few months, DOT’s position on CoinMarketCap had been usurped somewhat, at press time, with the likes of Dogecoin and ICP trading well ahead of it. Over the said period, DOT’s movement has followed the crest and trough pattern, with the alt being unable to register a sustained trend in any direction.

In the last week alone, DOT fell by over 12% in 3 days, with the crypto climbing the charts again soon after.

The mouth of Bollinger Bands was widening to highlight the likelihood of incoming price volatility. MACD line was hovering above the Signal line, but only just, suggesting that the possibility of a bearish crossover in the near term was high.

The aforementioned findings were in line with those underlined by a recent analysis, with the same predicting that the MACD can also be projected to fall below the histogram soon.

MATIC

Source: MATIC/USD on TradingView

MATIC was one of the few alts to hike in correspondence with Ethereum’s own hike, with the crypto climbing by over 50% in just 5 days. In fact, at press time, the crypto had climbed to yet another ATH on the charts, with the alt’s bullish momentum looking set to continue for a longer while, at least until ETH’s surge loses momentum.

Interestingly, MATIC’s latest uptick, in opposition to its late-April surge, wasn’t accompanied by a consistent spike in trading volume.

While the Awesome Oscillator’s histogram pictured the market momentum rising across the board, the Chaikin Money Flow was heading towards 0.20 on the back of growing capital inflows.

With MATIC’s supply nearly wiped off of exchanges, it’s worth noting what a retail trader might expect from the crypto in the near future.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-polkadot-matic-price-analysis-12-may

Continue Reading

Blockchain

Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’

Elon Musk tweeted out a statement on Wednesday night explaining why the electric carmaker has stopped taking bitcoin as payment for its cars.

The post Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’ appeared first on The Block.

Avatar

Published

on

Tesla CEO Elon Musk posted a tweet Wednesday evening announcing that Tesla will suspend vehicle purchases using bitcoin due to concerns over the environmental impact of the cryptocurrency.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the statement.

The electric car maker began taking bitcoin for payment in March, just over a month after it disclosed in an SEC filing that revealed a purchase of $1.5 billion worth of bitcoin. Last month, its earnings report for the first quarter of 2021 revealed that Tesla had sold $272 million worth of its bitcoin holdings.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” the new statement reads. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Related Reading

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.theblockcrypto.com/linked/104720/tesla-stops-taking-bitcoin-payments?utm_source=rss&utm_medium=rss

Continue Reading

Blockchain

Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

After getting approval by the Business and Property Courts of the High Court in London, Wright will go after Bitcoin developers over stolen BTC worth $4B.

Avatar

Published

on

Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his computer last year.

CSW Granted Permission to Go After Bitcoin Developers

CryptoPotato reported in late February when Wright and ONTIER announced plans to pursue legal action against the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC).

The firm acted on behalf of Tulip Trading Limited (TTL) – a Seychelles-based entity with Wright being the primary beneficial owner. In the statement, both parties claimed that Wright’s computer was hacked in 2020, and the perpetrators somehow stole his private keys to two addresses, which held over $4 billion in bitcoin.

Consequently, the law firm requested that the developers “enable TTL to regain access to and control of its bitcoins on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.”

Although their claims seemed a bit controversial, to say the least, the firm has been allowed to go forward and serve the developers, according to a statement made by ONTIER on May 12th.


ADVERTISEMENT

It reads that the firm has “commenced the process of serving legal proceedings on 16 Bitcoin developers.” The company was granted permission to serve them out of the jurisdiction by the Business and Property Courts of the High Court in London after 145-page application submission.

The statement highlighted once again that “Dr. Wright is the inventor of Bitcoin” and described TTL as the real victim in this case.

“Tulip Trading is, purely and simply, a victim of theft. The hacking was first reported to the police in February last year. TTL has not been granted permission to seek recovery of its access to and control of its digital assets from those in a position to remedy its loss. The fact that someone has stolen TTL’s digitally-held, encrypted private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”

To Help the Masses

As with the first statement in February, ONTIER and Wright asserted that if this case succeeds, it could help numerous others victims that have been hacked in the past.

“In what may prove to be a huge relief to many, a ruling in Tulip Trading’s favor would have considerable implications for those who have lost access to their Bitcoin or had coins stolen.”

This is far from being Wright’s first controversial legal endeavor related to the cryptocurrency industry. After claiming, without conclusive evidence, though, that he is indeed Satoshi Nakamoto, his lawyers recently warned two bitcoin-related websites to remove the asset’s whitepaper as he supposedly owns legal rights to the document and the Bitcoin name.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/craig-wright-allowed-to-serve-16-bitcoin-developers-over-4b-of-stolen-btc/

Continue Reading

Blockchain

Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

[Press Release – Los Angeles, California, 12th May, 2021] Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours. Hawk recently performed what he insists will be HIS last ever […]

Avatar

Published

on

[Press Release – Los Angeles, California, 12th May, 2021]

Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours.

Hawk recently performed what he insists will be HIS last ever “540” skate trick, and the moment in time will be preserved for eternity as an authenticated NFT (aNFT). The winning bidder will also receive the actual skateboard and shoes used in the final trick.

The legendary skater’s last ever 540 constitutes just part of a coveted collection co-created by influential digital artist Ondrej Zunka, a boyhood fan of Hawk.

“Birdman” will also provide one of his own skateboards, modeled after the inverted handstand and represented as an aNFT. Ethernity plans to raffle the skateboard randomly to a buyer of the aNFT.

The collection is completed by Graffiti Wall, a colorful artwork featuring contributions from skating enthusiasts in the form of messages, drawings and slogans etched on a blank canvas.

“I spend a lot of time around skateparks and there’s always a lot of graffiti everywhere, so I made this public Graffiti Wall inviting friends, family and the public to add a note to Tony,” said Zunka.

“I’ve created a texture from all of these messages and projected them onto the ramps, so whoever participated is now part of these two NFTs.”

Ethernity, which is committed to bringing legendary figures, real world collectibles, and fan engagement to blockchain, recently released aNFTs of Muhammad Ali, Pelé and baseball star Fernando Tatlis Jr. As with Hawk’s collection, each auction also included physical collectibles such as custom baseball bats and gloves worn by the boxer.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethernity-chain-immortalizes-tony-hawks-last-540-skate-trick-with-nft/

Continue Reading
AI17 mins ago

HyperRec: Efficient Recommender Systems with Hyperdimensional Computing

Cleantech29 mins ago

Tips and Tricks to Avoid Clogged Drains

Cleantech29 mins ago

Tips and Tricks to Avoid Clogged Drains

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

SaaS29 mins ago

Globe NewsWire33 mins ago

Grupo Aeroportuario del Pacifico Announces Payment Date for Capital Stock Reduction Approved at the General Extraordinary Shareholders’ Meeting

Cleantech37 mins ago

The 6 Uses of Green Technology

Cleantech37 mins ago

The 6 Uses of Green Technology

Blockchain37 mins ago

Binance Coin, Polkadot, MATIC Price Analysis: 12 May

Fintech39 mins ago

Melbourne F&B tech eyes SE Asia expansion

Fintech39 mins ago

Melbourne F&B tech eyes SE Asia expansion

PR Newswire58 mins ago

310 Units growth expected in Luxury Yacht Market | 10.23% YOY growth in 2020 amid COVID-19 Spread | Europe to Notice Maximum Growth | Technavio

PR Newswire58 mins ago

310 Units growth expected in Luxury Yacht Market | 10.23% YOY growth in 2020 amid COVID-19 Spread | Europe to Notice Maximum Growth | Technavio

PR Newswire1 hour ago

Sony Sued Over Overcharges For PlayStation Games

Blockchain1 hour ago

Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’

Blockchain1 hour ago

Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

Blockchain1 hour ago

Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

Trending