A step by step guide to bridging your SafeMoon assets from BSC to Ethereum.
SafeMoon on Ethereum
The incredibly popular memecoin, SafeMoon, is now up and ready for trading on the Ethereum network. The recent news of SafeMoon’s expansion into the Ethereum network described how they have partnered with pNetwork in a successful attempt to expand their network and outreach. Now, users can buy, sell, transfer and hold their SafeMoon on the Ethereum network.
SafeMoon Tweeted to their community the benefits they expect this new network bridge to bring to their user base, including the ability to purchase SafeMoon on Ethereum and hold SafeMoon in Ethereum wallets/protocols.
It is worth noting that Binance Smart Chain (BSC), the native network chain to SafeMoon, is still the cheapest network to buy SafeMoon. If an investor is buying SafeMoon, BSC is at the moment the best place to do it.
How to Use the SafeMoon Bridge on Trust Wallet (With Pictures)
Using the SafeMoon bridge is very easy to do. SafeMoon charges a 10% reflection fee for transferring SafeMoon across chains, which is the only roadblock before users can hit the final frontier safely. Below are step-by-step instructions on using the bridge via Trust Wallet:
Step 1: Open your Trust Wallet and go to the ‘Search’ function, found in the top right when on the ‘Wallet” tab
Step 2: Search this address: <0x16631e53c20fd2670027c6d53efe2642929b285c> in the search box.
Step 3: Hit ‘Add Custom Token’
Step 4: Fill out the sections as shown in the image below. For ‘Contract Address’ input the same token address as before. Once complete, hit ‘Save’ and switch on the token so it is showing in your Trust Wallet
Step 5: Go to the pTokens platform and connect your ‘Trust Wallet’
Step 6: Then, search and select ‘SAFEMOON’ and you’re ready to swap your SafeMoon tokens to and from the BSC network to the Ethereum network!
Extra Details: The exchange time is reportedly around 1-5 minutes. Hitting the up and down arrows shown in the image below lets users choose which network they wish to transfer their tokens to.
What is SafeMoon?
The SafeMoon protocol is a community driven, fairly launched Decentralized Finance (DeFi) token. Three simple functions occur during each trade: Reflection, LP Acquisition, and Burn. SafeMoon is an altcoin: a blockchain-based digital currency similar to Bitcoin, but with distinctions. It launched in March 2021 and has already racked up over 2 million users. SafeMoon’s unique feature is that it charges a 10% fee to anyone who sells their tokens; 5% of this fee is then redistributed to all other SafeMoon owners, essentially rewarding those who hang onto their tokens and disincentivizing selling.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
