There are many different ways to invest in cryptocurrency, and two of the most popular options are SafeMoon vs SafeMars. Both options have pros and cons, so it’s essential to do your research before deciding which one is right for you.
In this blog post, Covemarkets will take a closer look at safemoon and safemars and compare the two options in terms of investment potential and risk.
What is SafeMoon?
On the Binance Smart Chain (BEP20), a new altcoin called SafeMoon projects was developed. The developers burnt all of their tokens in a fair launch on March 8, 2021, and took part in the coin offering as everyone else. Over its brief existence, SafeMoon has added roughly 2.5 million new users to its network while burning more than 40% of the total token supply.
To alleviate the problem of temporary loss, SafeMoon was developed. Additionally, it encourages purchasing and retaining its token rather than engaging in price-fixing speculation. This is accomplished by imposing a tax on all sales of SAFEMOON tokens.
The current price of SafeMoon is $0.000000354 with a 24h trading volume is $25,430 and market cap is $198,886,000, rank #229.
Bitcoin and other cryptocurrencies have been criticized for deviating from their original intent. Bitcoin and several other cryptocurrencies were initially designed as an alternative to the centralized fiat currencies managed by central bankers, but they have since devolved into nothing more than commodities that traders, investors, and speculators use as investments and tradable assets.
SafeMoon has come under fire from certain detractors who claim the token is a Ponzi scheme, a scam, and a shitcoin. This article will go into more depth about the severe accusation later on.
Read more: Litecoin Vs Bitcoin Comparison: Which Should You Invest 2023?
The Origin of SafeMoon
CEO John Karony founded SafeMoon, which officially debuted on March 8th, 2021. Along with Thomas Smith, Hank Wyatt, Jack Haines, Jacob Smith, and Trevor Church, the original development team also comprised them. However, the project website no longer makes mention of them.
The expression to the moon is used by cryptocurrency traders and investors who are particularly bullish about the price of a certain cryptocurrency, and it is referenced in the name SafeMoon.
Features of SafeMoon
The Proof-of-Authority (PoA) consensus process is used by the token because it is based on the Binance Smart Chain. Blocks are produced using this technique by so-called validators, who are chosen and approved by Binance. With such a consensus method, it is evident that the project cannot be referred to as being decentralized.
The network’s 10 percent fee on each token trade is a key distinction for SafeMoon. The amount collected is divided as follows:
- Reflections. The current holders each receive 4 percent. As a result, Reflections in the project network serve as a mechanism for token owners to generate passive revenue.
- The liquidity pool, which is intended, among other things, to support the token price in the case of a large-scale coin sale, is increased by 3% due to the LP acquisition.
- Burn a token. The token price is anticipated to rise as 2 percent of the total is burned.
- Investment fund. There is a 1% increase in the Ecosystem Growth Fund.
By punishing its sale with the cost and rewarding holders at the expense of the same fee, the project developers hope to promote the long-term holding of the token with the aid of a transaction fee.
The SafeMoon ecosystem, according to its creators, would include an exchange, a hardware wallet for storing cryptocurrency in the cold, and a mobile app for a crypto wallet. As of right now, developers have only succeeded in finishing one product, a cryptocurrency wallet.
The transition of the ecosystem to SafeMoon V2 is already underway. SafeMoon V1 transfers are subject to a 100% cost as support for it has been officially discontinued. It is recommended that all SafeMoon network users switch to SafeMoon V2.
What is SafeMars
SafeMars is an altcoin built on the Binance Smart Chain blockchain as an autonomous yield and liquidity generation system. Each transaction carries a fee that is used to reward the holders and boost liquidity.
The History of SafeMars
Launched on March 13, 2021, SafeMars. A developer who went by the alias The Martian founded the project. Five marketers and three developers make up the project team. Only two of these are known: Community Liaison Brian Dooley and CEO Kenneth Churchill. The other members of the team would instead not be identified.
Following the start of the project, 53.5 percent of the issued tokens were burned, 40.5 percent went toward the pre-sale supply, and 6 percent ended up in the wallet of the SafeMars team.
Features of SafeMars
A few days after SafeMoon, SafeMars was launched differs little. A long-term holding of this cryptocurrency is encouraged by the way it was created. Each transaction in the SafeMars smart contract carries a 4 percent fee. The amount collected is divided as follows:
- Holders of tokens receive a 2 percent reward. One of the primary aspects of the token that ought to draw users is this.
To continuously increase the token’s liquidity, 1 percent is automatically locked in the pool of liquidity. - One percent goes toward holders’ awards.
- A staking dApp and the ability to stake and mine NFT are both outlined in the project roadmap. Although the implementation of those plans was announced as early as the third quarter of 2021, nothing is known regarding its execution as of the end of February 2023.
SafeMoon vs SafeMars: Are They The Same?
The SafeMoon and SafeMars tokens are distinct from one another. These two tokens were both released on the BSC. These tokens only have this similarity. They have no connection to one another except for this.
While Safemars is launched alongside the Mars project, SafeMoon is launched alongside the Moon project. New projects with safe names are constantly entering the market. Since Elon Musk accepted Dogecoin, several people have developed other coins with space-related endeavors.
The time of SafeMoon’s launch coincides with a similar initiative. Many users use social media to promote this. Most cryptocurrency investors attempt to swap this coin. Swaping on Uniswap is definitely the cheapest way to buy SafeMoon at the moment.
Similarly, our response is that SafeMoon and Mars are not the same coins. There are two separate owners of them. Their philosophy, purpose, and vision are all distinct from one another.
The Swap exchange initiative is the backer of the SafeMars cryptocurrency. On the Marsswap, you can purchase SafeMars coins. It resembles the Pancake Swap.
Read more: What are Difference of Pancake Swap vs Uniswap: Which Is Better 2023?
Exchange Rate Overview
You receive 0 SafeMoon safemoon for selling 1 SAFEMARS.
The greatest price was for Safemars on May 11, 2021, when it traded at its all-time high of $0.000001439.
Since then, 444 days have passed, and the price is currently 0.94 percent of the maximum and Market capitalism is around $4,957,403, rank #$1156.
The SAFEMARS vs. SAFEMOON exchange volume is 0 based on the data in the table.
You can calculate the necessary amounts using a pair of Safemars/SafeMoon by using the calculator/converter on this website.
FAQs
What is the current exchange rate between SafeMars and SafeMoon?
The SAFEMARS/SAFEMOON exchange rate is now 0.
What was the trading volume from Safemars to SafeMoon over the past day?
According to the table data, there is no exchange volume between SMARS and SafeMoon.
How can I convert my Safemars to SafeMoon, and how can I compute the quantity of SafeMoon?
From the Safemars to SafeMoon converter, you can calculate or convert SAFEMOON. Additionally, you can choose different currencies from the drop-down menu.
Maybe you also are interested in other articles:
- Safemoon Vs Shiba Inu Comparison: Which Is The Better For You To Investment 2023?
- Webull Vs Coinbase 2023: Which One Is The Better Cryptocurrency Exchange?
- Difference Between Maker vs Taker: Top Full Guide 2023.
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Conclusion
There are a few critical differences between Safemoon and Safemars. Safemoon is geared more towards short-term gains, while Safemars is more concerned with long-term growth. Safemoon also has a higher supply, while Safemars has a lower supply. Ultimately, it is up to the individual investor to decide which coin, Safe Moon or Safemars, is right for them.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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