Important considerations for those of you looking to make sure your tokens are safe.
Web3 Project SafeMoon Migrates
In anticipation of SafeMoon’s V2 pivot, users will be looking to migrate their tokens from the initial version to the new one. The following steps will help you achieve successful migration.
Last week’s SafeMoon update acknowledged that V2 was in full swing with just a new user interface (UI) and testing remaining to ensure the app will be completely ready.
For many, this then signaled that it was time to get their tokens ready to migrate. The guidance is fairly simplistic in this regard, the tokens do remain the same, but improvements to the contract mean the blockchain is different:
“Will #SAFEMOONV2 be the same as blockchain or will they be deployed separately?
– V1 to V2 is the same token whereas the blockchain is a different animal
– Consolidate and improve current contract first
– Upgrade to blockchain when we’re ready
Running on binance smart chain means you should have a lil bnb before migrating,” an official tweet on November 28th confirmed.
Viable Routes for Token Migration
The initial question that will decide the easiest route for you to take is where your original tokens are kept.
The process should be fairly seamless if they are kept on the SafeMoon Wallet app. All you will effectively be required to do is make sure your app is updated before triggering the consolidation of the tokens via a readymade button.
Suppose you store your tokens on another wallet like MetaMask or Binance Smart Chain. In that case, you can activate the SafeMoon Swap and begin the process of transferring your tokens, therefore, confirming the consolidation. Click here to begin.
Alternatively, you may have your tokens stored in an exchange. This will require you to begin the process of acquiring a SafeMoon Wallet and initiate the eventual transfer of tokens.
Finally, if you are ultra-safe and have been keeping your tokens on a hard wallet then the process is again not too problematic. You will simply import your wallet into the SafeMoon Wallet app using your Private Key and again carry out the consolidation seamlessly.
What is SafeMoon?
SafeMoon is a new altcoin launched in March 2021. It runs on the Binance Smart Chain and is a Decentralized Finance (DeFi) community-driven protocol. This protocol slightly differs from other protocols when a transaction takes place. Three functions will occur, reflection, liquidity pool (LP) acquisition, and burn. It also charges 10% fees to anyone that sells their tokens, and other owners get 5% of the fees. This is SafeMoon’s method of encouraging holders to hodl and disincentivizing sellers from selling.
To find out more about SafeMoon, the following links are available:
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.