Safemoon (SAFEMOON), one of the more popular meme coins, has released an update known as SAFEMOON v2 (version 2). The update went live on December 12, 2021, and it has several changes and new features that could make SAFEMOON transactions easier.
The three main features affected include SAFEMOON transaction fees, earnings, and the token’s value. Let’s dive in!
SAFEMOON v2 Features
1. Increased Security and Accessibility
Whenever anyone makes a SAFEMOON transaction, a 10% transaction fee is charged. 5% of this fee is shared among all SAFEMON holders, and it’s called a “reflection”. The other 5% goes to liquidity pools that help people buy and sell SAFEMOON on decentralized exchanges.
Many SAFEMOON investors have praised this feature. But, some exchanges don’t have the structure to allow SAFEMOON holders to get their share of the ”reflection”. SAFEMOON v2 will hope to make it easier for SAFEMOON holders to get their reflection share.
2. Increase in Token Value
Another important SAFEMOON v2 feature is the introduction of a 1000:1 consolidation of SAFEMOON tokens.
In crypto, consolidation happens when a project decides to increase the value of its tokens.
Imagine 1 SAFEMOON = $1. To buy 5,000 SAFEMOON, you’d need $5,000. Given the coin’s structure, this doesn’t make SAFEMOON so valuable. This is where consolidation comes in.
To raise its value, Safemoon’s developers are introducing a 1000: 1 consolidation. This means that every 1,000 SAFEMOON you had before on v1 will now be counted as 1 SAFEMOON on v2.
If you had 5,000 SAFEMOON before, just divide 5,000 by 1,000. This means you now have 5 SAFEMOON at a value of $5,000. In this case, consolidation will raise the value of 1 SAFEMOON to $1,000. It changes the number of tokens you have without changing their actual worth.
In general, your money won’t increase or reduce. The only change will be in the number of tokens you own.
How SAFMOON v2 Affects You
- Market Delisting
We have delisted Safemoon to make sure everything is in place for SAFEMOON v2. With this, all pending trades for the market have been cancelled and funds returned to your wallet.
- Safemoon Deposits
With the delisting, you will be unable to deposit SAFEMOON. But, have no fear; you will still have access to the Safemoon in your wallet, and you’d still be able to send it to external wallets.
- Swapping your Safemoon
Since the structure of Safemoon tokens has changed, you’ll have to migrate your tokens from v1 to v2. This way, you’ll be able to use them on Quidax when we list SAFEMOON v2 in January.
How to Migrate from Safemoon V1 to V2 on Trust Wallet:
- Download and set up Trust Wallet
- Go to swap.safemoon.net and tap on “Connect to a wallet” to connect to your Trust Wallet
- Change the network to “Smart Chain” and click on swap to swap your SafeMoon to SFM
- Agree and tap on “Continue”
- Tap on “Migrate” and Tap on “Confirm”
- Copy the SafeMoon V2 Contract (0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5)
- Open Trust Wallet and tap on the filter icon then scroll down and tap on “Add Custom Token”
- Paste the SafeMoon V2 contract and save it
- Check your SafeMoon V2 balance
How to Migrate from Safemoon V1 to V2 on SafemoonWallet
- Download the latest version of Safemoon Wallet from the App Store or Google Play Store
- Send your Safemoon from Quidax to Safemoon Wallet
- Go to your Safemoon wallet on Quidax and click on send
- Get your wallet address from the Safemoon Wallet and enter it on Quidax as the address you want to send to
- Open your Safemoon wallet and click on “Consolidate”
- The Safemoon V2 contract address will appear. Approve it and swap.
- Your old Safemoon tokens will be converted to V2.