In this post we are going to see how you can buy safemoon without paying high commissions. Currently, it is not listed in any exchange, but you can get it through the DEFI pancakeswap exchange. If you don’t know how, let’s see it here.
If you want to know more about this cryptocurrency, below we are going to see what Safemoon is so you can learn more about this cryptocurrency before you buy it.
Where to buy Safemoon
To buy Safemoon, we are going to use Binance and the Metamask wallet, for me it is the best option, but you can also use other wallets if you don’t use Metamask. Binance will be useful to buy BNB and USDT or the cryptocurrency you want, to exchange it for the safemoon token.
If you already have in your Binance Coin metamask wallet to pay for commissions, less than a dollar, you are simply going to have to go to pancakeswap, and copy the safemoon contract in order to find the token. You can find this on Coingecko by searching for safemoon or you can copy the contract from the Binance network just below:
With this contract, you will be able to find the token, in from to exchange it for the cryptocurrency you want in Pancakeswap. You can also add the token in metamask and be able to see the amount you have once purchased.
Step by step
Let’s see in more detail how you can buy safemooon. The first thing is to login to Binance, if you don’t have an account you can create one here. With your account, you must make a deposit to have funds and be able to buy BNB. You can deposit funds with your credit card, to have the balance directly and without having to wait.
With your first deposit, whether it is euros, dollars or another currency, you must go to markets, and look for your currency with respect to Binance coin (BNB). In my case, EUR/BNB. Here go to the red sell button, and exchange your currency, in my case euros, for BNB. We use BNB because the commissions on the Binance network are paid with this cryptocurrency, as happens with the Ethereum network with ETH. You can also buy USDT (Tether), but you must have a small amount of BNB in your metamask wallet to pay for commissions, less than $1. 10-15$ of BNB is enough.
Once you have BNB, you must click on the cryptocurrency, and click on withdraw. Go to your metamask, and click on the address, you will see that an address is copied when you click on it. You must enter this address in Binance to withdraw your BNB from Binance to Metmask. It is very important to enter the BEP20 network, and the amount you want to withdraw. The commission is 0,80$. Confirm that everything is correct and confirm the transaction.
Open your metamask wallet, and if you have the Binance network configured, the amount of BNB you have transferred should appear in a few minutes. If you don’t have the Binance network configured, I recommend you look up how to configure the Binance smart chain network in Metamask, so you can use it, without it, you won’t be able to buy Safemoon.
With this done, we must go to pancakeswap. Here in from, we indicate BNB and to, the Safemoon token. If you look for it, you will not find it. In order to use it, you must copy the address of the contract and paste it. You can search for it in coingecko to see it, or you can copy it just below:
With this, the safemoon token should appear so that you can exchange.
Before clicking on swap, you are going to have to go to the settings wheel, Slippage tolerance and put 11%. This is because this cryptocurrency charges a 10% commission, 5% is burned and 5% goes to people who have safemoon. So if you buy safemoon, you are going to see how the amount you have just by having it in metamask increases.
With the 11% marked, simply click on swap, and confirm in your metamask the transaction. Now, you can go to your metamask, and add the token with the contract that you can find in coingecko or just above safemoon to see the amount of cryptocurrencies reflected in your wallet. With this, you will be able to have safemoon and accumulate this cryptocurrency without doing anything. If you don’t have an account with binance, you can create one just below.
What is Safemoon?
Static rewards, LP acquisition, manual burning
A common misconception with the average heavy APY is the subjectivity of the impermanent loss of betting an LP (liquidity provider) on a farming reward generator. With the DeFi explosion we’ve seen too many new cryptocurrency prospectors get sucked into a high APY LP farming trap, feeling desperate being pushed out by previous buyers with higher stake rewards. We’ve all been there, seeing those shiny 6-digit figures can be very tempting to jump in. However, almost always the token suffers the inevitable valuation bubble, which is followed by the burst and imminent price collapse. This is why we have seen the mass adoption of static rewards, also known as reflection rewards, a different concept that seeks to eliminate the problems caused by growing rewards.
Static rewards solve a number of problems. First, the amount of the reward is conditional on the volume of the token being traded. This mechanism is intended to alleviate some of the downward selling pressure on the token caused by early adopters selling their tokens after farming out very high APYs. Second, the reflection mechanism encourages holders to hold onto their tokens for higher rebates, which are based on realized percentages and depend on the total number of tokens held by the owner.
Sometimes the burns are significant; sometimes they are not. A continuous burn in any protocol may be enjoyable in the early days, however, this means that the burn cannot be finite or controlled in any way. The fact that burns are controlled by the team and promoted based on achievement helps keep the community rewarded and informed. Manual burning conditions and quantities can be posted and tracked. SafeMoon aims to implement a burning strategy that is beneficial and rewarding for those who commit in the long term. In addition, the total number of SAFEMOON burned is displayed on our readout located on the website, allowing for greater transparency in identifying the current supply in circulation at any given time.
Automatic liquidity fund (LP)
Automatic LP is the secret sauce of SAFEMOON. Here we have a feature that acts as a doubly beneficial implementation for holders. First, the contract absorbs tokens from sellers and buyers alike, and adds them to the LP creating a solid price floor. Second, the penalty acts as an arbitrage-resistant mechanism that secures SAFEMOON volume as a reward for holders. In theory, the added LP creates stability of the supplied LP by adding the tax to the overall liquidity of the token, thus increasing the overall LP of the tokens and supporting the minimum price of the token. This is different from the burn function of other reflective tokens, which is only beneficial in the short term because of the granted reduction in supply. As the LP of the SAFEMOON token increases, the price stability mirrors this function with the benefit of a solid price floor and cushion for holders. The goal is to avoid the large drops that occur when whales decide to sell their tokens later in the game, which keeps the price from fluctuating as much as it would if there were no automatic LP feature. All of this is an effort to alleviate some of the problems we have seen with the current DeFi reflection tokens. We are confident that this model and protocol will win out over the outdated reflection tokens for the following reasons.
How to stake Safemoon
Staking and accumulating safemoon is easier than ever. Simply, as we have said, every time a person uses safemoon, buys or sells, he/she must pay a 10% commission, where 5% is burned to increase the price, and the other 5% is distributed among the safemoon owners. But it is not necessary to have your safemoon in a pool or staking in any exchange.
You simply keep your safemoon in your wallet, and you will see how the number of safemoon you have increases every time someone buys or sells safemoon. So you will have more cryptocurrencies without doing anything.