SafeMoon, a once-promising cryptocurrency project, has announced the launch of a new memecoin on the Solana blockchain after burning nearly its entire token supply across various networks. This move marks a significant shift in the project’s history, offering SFM holders a chance to exchange their tokens for the new SafeMoon memecoin.
The SafeMoon team has announced plans to launch a new memecoin on the Solana (SOL) blockchain, marking a significant development in the project’s history.
This move comes after the team burned a substantial portion of the SFM supply across various networks.
Solana is a fast, decentralized, and scalable blockchain platform that enables developers to build scalable applications.
It uses a proof-of-stake (PoS) consensus algorithm called Proof of History (PoH), which allows for high transaction throughput and low latency.
Anatoly Yakovenko founded Solana in 2017, which has gained popularity among DeFi and NFT enthusiasts due to its ability to support complex smart contracts and decentralized finance applications.
The VGX Foundation revealed that 2.2 trillion SFM tokens have been eliminated from circulation on Ethereum, Polygon, and Binance Smart Chain networks.
This represents almost the entirety of the Ethereum and Polygon supplies, as well as roughly 60% of the Binance Smart Chain supply.
With a global presence, the VGX Foundation collaborates with experts from various industries to develop open-source solutions for real-world problems.
The foundation’s work includes developing frameworks for secure data storage and management on blockchain networks.
” tern=”VGX Foundation” ]
SFM holders will be given the chance to exchange their tokens for the new SafeMoon memecoin through the VGX wallet.
According to the VGX Foundation, this move aims to allow community members to ‘swap their tokens so people can get out of their positions.’
The hope is that the new token will be listed on exchanges again, increasing liquidity and enabling community members to recuperate some of their funds.
SafeMoon is a decentralized finance (DeFi) token created in March 2021.
It was designed to reward holders through a 10% tax on each transaction, with 5% being redistributed to existing holders and the other 5% locked in a liquidity pool.
“moon-bound” is how SafeMoon's unique mechanism aims to incentivize long-term holding by penalizing frequent selling.
The token gained significant attention due to its unusual characteristics and claims of being '“moon-bound”'.
However, it has been subject to controversy and criticism regarding its potential for market manipulation.
SafeMoon was once one of the most popular projects in the 2021 crypto bull market, with its token reaching a $17 billion market capitalization at its peak.
However, it has since struggled, with its current market cap hovering around $41 million and being delisted from almost every exchange.
The project’s old executive team faced charges from the Department of Justice for perpetrating fraud on investors in 2023.
They were accused of withdrawing more than $200 million from supposedly locked funds to purchase luxury items.
The company declared bankruptcy in December 2023 and was subsequently acquired by the VGX Foundation.
- coindesk.com | SafeMoon to Launch Memecoin on Solana After Burning Most of SFM Supply
- businessinsider.com | SafeMoon to Launch Memecoin on Solana After Burning Most of ...
