The digital currency market currently records an existing number of more than 9,000 cryptocurrencies with a global market cap of $1.80 trillion. Between all these digital assets lie different types of coins, categorized based on the underlying technology, such as Proof of Work coins or Proof of Stake coins.
Digital tokens, for instance, are mainly issued by companies looking forward to raising capital in exchange for providing access to certain products or services. Another category of digital currencies is stablecoins that preserve an asset's stability rate, hence mitigating its price volatility.
SafeToken, however, brings you a community-driven cryptocurrency operating on a decentralized architecture. The next-gen crypto integrates three aspects into one platform, including token burning, auto liquidity procedures, and an earning mechanism.
Earn with SafeToken
SafeToken will allow users to receive adequate passive income in a secure and frictionless manner. From every transaction, SafeToken deducts a rate of 5% and allocates the amount to SafeToken holders. This earning mechanism makes it convenient for both novice and experienced traders to earn without going through any difficulties.
Token Burning
In the crypto-verse, token burning activities refer to the permanent clearance of cryptocurrencies from the existing supply. This deliberate action by platforms can be accomplished in different ways.
One-time burn is the most common way of eliminating coins from the market, which usually occurs during an ICO. Essentially, developers burn any unsold tokens from the fundraising exercise.
Other platforms may prefer to burn periodically depending on the stipulated intervals, which may be fixed or variable. Burning tokens aim at improving the value of the asset as they become more scarce in the market. SafeToken applied the same concept after its introduction, whereby it burnt 50% of its tokens.
Liquidity Provision
SafeToken transfers and locks 5% from any transactions to liquidity pools. Liquidity mining seeks to solve various issues depending on the platform's goal. For instance, decentralized protocols offer rewards for participants who lend their digital currencies to the ecosystems.
In this case, SafeTokens contributes liquidity to boost its financial access. The auto-liquidity feature also builds SafeToken's security in the long run.
A Protocol for the Community
As mentioned earlier, SafeToken is entirely a community-based platform. Involving the community in the project empowers users to implement critical decisions that move the platform forward. Delegating powers to the community ensures holders at SafeToken engage in a safe investment with zero risks ahead even as it expands.
Tokenomics
Today, SafeToken's value stands at $0.00000001 with a market cap of $12.6 million. The cryptocurrency has a tremendous supply of 420 trillion SafeTokens in the market and more than 29,000 holders. Initially, the platform had approximately 800 holders and that was four hours after its launch.
Security Features
SafeToken managed to undergo various security audits with top crypto auditing protocols. This dedication emerges from the community's trust to invest in the platform.
Rug Detectives
Rug Detectives operates as a community-based initiative that flags out any scammer and displays profitable or legitimate crypto gems. The details are visible on a Rug Checklist which ensures investors do not fall into the duping trap. A scam wallet address is also available to uncover the scamming perpetrators.
According to the report concluded on SafeToken, Rug Detectives ruled out that their smart contract is well secured. The auditing protocol scanned for major vulnerabilities in the smart contract, such as ERC-20 violations, gas limits, reentrancy, and many more.
War on Rugs
Like Rug Detectives, the community runs War on Rugs to expose any rug pulls or illegitimate projects. In the crypto space context, Rug pulls involve an exit scam scheme that consumes liquidity pools crippling the token holder's ability to trade. War on Rugs accomplishes its mission by examining smart contracts and the backdoors developed by the malicious party.
Going by the auditing platform's findings, SafeToken was found to have a fixed transaction charge of 10% with no chance of a denial of service attack. The results also guaranteed that SafeToken has successfully restored ownership to the community.
Captain Jack
Captain Jack is the third security auditing group that successfully evaluated SafeTokens. As per their findings, SafeToken remains rug proof with a tamper-proof contract and the inability to remove or alter with the pool.
Future Plans
SafeToken has fulfilled several plans since its inception in March 2021, including:
- Development of smart contracts ahead of its launch
- Burning 50% of SafeTokens
- Granting power back to the community, introducing SafeTokens website and social media handles
- The completion of security audits by Rug Detectives, War on Rugs, and Captain Jack
Moving forward, SafeToken plans on hitting specific targets between Q2 and Q3 of 2021, such as:
- A SafeToken NFT marketplace
- Listing on CoinGecko and CoinMarketCap (the most popular crypto price trackers)
- Community competitions, votes, and events
- Released an NFT farm in collaboration with PIG Finance
- An overall website upgrade
- Listing on Small-Medium Exchange platforms
- Partnering with other entities
- Whitepaper release
- Third-party yield farming solution
Conclusion
Despite being a new ecosystem, SafeToken has worthwhile plans to ensure investors get the most out of their investments. To meet this plan, it renounced its ownership to create a vast community of users. An earning mechanism is in place as SafeToken takes 5% from each transaction and allocates the amount to holders as a reward, hence creating an incentivized ecosystem. In essence, the next-gen cryptocurrency has a vision for the community as it scales to benefit an ordinary investor.
Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site.
