What are SafeMoon bridges?
This article focuses on SafeMoon Bridges, their origin and their utilization while shedding some light on its usability and popularity among the crypto community.
The SafeMoon team announced the launching of “Bridges” on 29th June 2021, creating a history in the Defi space by enabling SafeMoon holders on Binance to transfer it to various other networks like EOS, ETH, and WAX. SafeMoon is currently available on nin markets, including PancakeSwap.
As SafeMoon Bridges were announced via a Tweet by the Chief Blockchain Officer, Thomas Smith, where he was quoted as saying, “New people, new blood, new ideas… new opportunities,” with a picture on which “SafeMoon Bridges” were highlighted. The tweet received massive reactions from the Twitter community, where users were posting memes of bridges, funny images and more.
What are Bridges?
In blockchain technology, bridges are built for interoperability.
SafeMoon “Bridges” have been created in partnership with pTOKENS, who connected SafeMoon clone as “pSafemoon” or pSFM.” The SafeMoon one initially swaps is always locked inside a vault that then on Swap function starts minting the connected pSFM. If one has 100 SFM and they decide to Swap that to ETH, they would get 90 pSFM which becomes so after a transactional fee of 10 per cent. Now that one has pSFM on the ETH stream, one can simply use UniSwap to convert it to any other token similar to the way one would be Swapping BNB to SFM on Pancakeswap.
Will SafeMoon be successful?
A Twitter announcement and its reactions for SafeMoon has been moving in the right direction so far. One can see SafeMoon’s developers have aimed at shaking its infamous nickname of a “scam.” A lot of criticism had been pouring in against SafeMoon since day one as crypto miners, crypto developers, and blockchain analysts started raising questions and flagging points of concern.
One of the most striking and easily explainable facts has been SafeMoon’s lack of “reality” or “real-worldness”. Its inherent lack of any real-world value has bothered potential investors, and it garnered a lot of negative publicity for the same reason. Word got around that SafeMoon is instead a yield-farming token that is conditional in usage in that more coins would be bought, and one would hold on to them for earning even more tokens.
However, this new announcement of SafeMoon “Bridges” looks extremely promising. In addition, crypto developers behind SafeMoon would be able to defend their case and adoption of these bridges by new traders would enhance its usability.