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On the Swap, there’s a 2% fee. Will we be paying gas from the originating side? Will we be paying fees if we start on ETH and Binance fees if we start on Binance for the cross-chain swap? (Question by Don Bailey)
That’s correct. So basically, what will happen is anytime you do a cross-chain swap, you are subject to those ETH fees. Right now, we have ETH to BSC and BSC to ETH. In the future, we have plans for adding other swaps as well. Whenever you’re doing swaps and trades for those chains, then you’re obviously subject to whatever the network fees are for those. I know that right out of the gate, a lot of people are like, “Oh well, you know, there’s going to be high fees.” Of course, you’re going to have that with Ethereum. There’s really no way of getting around that as of now, but we’re always looking at improving. As we develop more bridges and as we have more options for trades, we’ll be using SFM as the middleware just as we are with Ethereum and BSC because that’s going to add utility to our token. As we open up, for example, 4, 5, 6 bridges, what that’s going to do is increase volume and increase even more utility for SafeMoon. So we wanted to make sure to add that in there that way, as you’re holding the SafeMoon token, you're still getting the benefit of those reflections in that burn.
Any plans for a multi-chain liquidity pool? (Question by Don Bailey)
That has been brought up, and we are exploring it.
Are you guys exploring an ETH-SFM pairing so that on the ETH side, there will be a direct pairing with ETH-SFM in a separate liquidity pool? (Question by Don Bailey)
Yes, we are exploring that. Before I even started working with SafeMoon, we had the pSafeMoon, and that was done in a very different way than I think I would’ve done it after I came on. So now, we’re basically starting to create a new V2 ETH SafeMoon. We’re working on that right now, but the very first thing we need to do is upgrade our router, get the foundation set, then we’re going to be introducing a new Ethereum V2, and people will be able to migrate their initial V1 to that the new Ethereum V2. Right now, we’re looking at two options. One would be through a cross-chain swap, and one would be directly from Ethereum to Ethereum V2. We’re trying to do these two options so that way if people want to do a cross-chain, they just want to get rid of their Ethereum and migrate it over to a BSC V2, they’ll be able to do that. We’re also going to have an option where they can keep it, but they just migrate it over from V1 to V2 Ethereum.
With Swap and Liquify, when you would purchase SafeMoon, 10% of the tokens would be taken, and 7% of that would go towards the burn, reflections, and ecosystem, and then 3% would go into a liquidity pool - if you will - and eventually that would hit a certain number, and then that would trigger the mechanism of S&L, and then it would sell off half of the SFM to pair it with BNB and BUSD. Are reflections going to operate the same way under Swap and Evolve? [Will we] get reflections all the time, or are they only going to happen when it’s triggered? The way that it’s [presented on SafeMoon.Education] it appears that it’s only going to be triggered when the S&E is triggered. Or is it 7% that will immediately go to the burn, reflections, and ecosystem, and it will be building a bag of BNB and BUSD before it does the S&E? (Question by Darkmoon Tim)
What will happen is it’s going to be triggered at 250 million tokens, so once that’s triggered, that’s when the reflections will become due, and then we’re still going to have all the other tiers for the different buys and sells but specifically for the Swap & [Evolve] once it’s triggered.
So [holders] still gain reflections like [we have been], but [we’ll] also gain reflections when the S&E is triggered, right? (Question by Darkmoon Tim)
[Does the team] have any plans in the future to take ETH and buy anything on SafeMoon Swap like Affinity? Do you think it’s going to be possible to just take ETH and buy something on the BSC chain, or do you have to take it, swap ETH for BNB, and then go into Affinity? (Question by Darkmoon Tim)
Right now, we are looking at different ways in how we can improve and be creative with it. As of now, when you swap, you would just be swapping any Ethereum token for any BSC token. If you want to swap regular ETH for Affinity, you can do that.
And that’s going to be when you release the cross-chain router? (Question by Darkmoon Tim)
On March 4th, there was a tweet you put out saying that there would be 0% MoonPay fees from March 5th to the 19th, which of course, is happening now. You’ve also said big moves - March is going to be a big month. Lastly, you said, “ask not WHEN, ask WHY we are dropping it when we are. Load up!” No one from SafeMoon has ever talked about price or given out a buy signal. Cross-chain swap is happening on the 23rd of this month, which is great, which is big. Was this why you were saying load up? Is it something bigger even than that? Is that the reason for loading up? Or is it coming out after the 19th? (Question by Rocky Man)
Well, I'll never give financial advice, obviously, so just load up on some information. Load up on what we're working on. Load up on all the the tweets and the announcements that we have coming down the pipe.
Get ready because I'll tell you these upgrades are really big for us, really big. We're already adding utility in a lot of different ways in the backend and for other products that we're going to be releasing that you guys haven't seen yet. So this will be actually one of the first products that you guys will see, where SafeMoon is really integrated with utility. So that's really important for us to note that this is a huge change. It's a huge upgrade. It's a completely new product. It's not just the same router that we had before. What we're doing is we're working with all of our swap partners [and] they're going to be removing liquidity. So come the 22nd, they have to go in and remove all of their liquidity. So for about two days (24-48 hours), we're going to be halting trading so that we can integrate and shift in this whole new router and this upgrade. So it's a very big move, there's a lot of moving parts. That means it affects our apps, our web swap, all the trading, and obviously all of our partners. So we're working with our partners to make sure that we get the information out there. Sales is doing a fantastic job reaching back out to them, making sure that they're prepared. And then obviously to you guys, making sure that you guys know what's going on. So this is a brand new product that we're going to be releasing. It's going to have a lot of the same features that we've had before, but some really cool improvements as well. And we'll announce a lot of those other improvements later on through the month of March. But yeah, this is a very big upgrade for us, and it's one of our first biggest upgrades to really add SafeMoon as a utility token now because it's going to be the middleware between all of those cross-chain swaps, which is huge. As more people come into our SafeMoon ecosystem, and start using our swap as their cross-chain swapper, then what that's going to do, is it's just going to make the SafeMoon token even more valuable and have that utility for every single trade.
Is it going to require another wallet update? (Question by Rocky Man)
It will, it will definitely require a new wallet update. You better believe it, that and the swap.
We have moved over to .com, which is a United States domain. When I type in SFM exchange.com in my browser, it sends me to our SafeMoon website. Is there a reason why this address is sending me to the SafeMoon website any comment? Or is it just something further set up down the road? (Question by Rocky Man)
I don't think it has anything to do with us. I'll give you an example: when I first started, before I was acquired by SafeMoon, the previous SafeMoon Connect that I was working on had a website that was live. That website was live for a short period of time. Other people found out and basically used the domain and built their own product, and they redirected to our product for some reason or another. I'm not exactly sure the reasoning behind it and why these people do that. There are third-party companies third-party actors that do this. Some of them do it as they offer services on their website to gain credibility, and then they redirect to an official website. Others do it in a way to possibly try to gain information that they can, and they'll try to insert themselves - *Ryan cut out temporarily*
So I just got three quick questions. The first one, I put a tweet up regarding the [0% fee for] MoonPay and [that] it's only on for 14 days. And I asked, there's obviously a reason why it's only 14 days, and you sent me two eyes. Can you elaborate on that? (Question by Randolf)
I would say just look at the timeframes. So, for the 14 days, we're going to be announcing some other things. Obviously, the 23rd is our projected 'go live' for the new swap, but we will be preparing for that before then. That's all I can tell you, at least.
We got lots of new tokens on the Swap now - Immortal, Glow, and so on. Then one today - Reflex, and there was one a few days ago called Dox. Those two have specific [utilities.] So, for example, Reflex, you're looking at a rug-free launch pad to protect in Defi, even with pre-sales, they're looking to ensure against rug pulls, and then you've got Dox who are looking to dox everybody; that's their utility. How are we, as a company going to be using them in the SafeMoon process? (Question by Randolf)
Great question. So I can comment a little bit on Reflex. I've been able to meet with the founders of Reflex. I feel like I have a great relationship with them. I feel where they're coming from, and what they've started, is definitely true to who they are - as far as honor goes. I feel like they're trying to do good things in the space. I feel like they definitely want to help out a lot of tokens that start and launch yet get veered in the wrong direction. There are a lot of tokens out there that might have solutions to launch first, and they get taken advantage of. It's just not a great process, and it's expensive and things of that sort. So after speaking to Reflex, I love their plans; I love what they're doing. And I'll leave it at that. They're definitely a company to watch. We'll see how that how that relationship pans out.
Cool, cool. And the last one. Pretty much the only fud that we're fighting at the moment is with the V1 contract. Are there any people buying still on V1? And the second part of the question is regarding V1 to V2, if anybody is still trying to migrate and they're transferring. You know, they're not looking at any of the educational sites or anything that we're saying, and they are transferring rather than migrating and losing money. Is there any way of them getting it back? (Question from Randolf)
Yeah, actually, we're already working on it. We haven't made an announcement yet. We're working on scripts on our end, so we can go back and find out who those people were and then give them refunds. So we're already working on that on our end. And with the V1, this kind of goes back to the initial thing that I think we've just really beat over the head over and over again, of locking liquidity. Unfortunately, there's a double-edged sword there. Locking liquidity in the industry is typically more traditionally, more safe for a lot of people, at least they say, but then what happens is when you start doing upgrades and updates to your contract, if you have a third party locker on that liquidity, you're very limited to how you can interact with that contract again, and you're very limited. So what will happen is that as you grow and as you evolve as a company. You start adding more features, lie we've done with our V2; what will happen is if you have the liquidity that's locked, it's up to the third-party company to come in and do any type of work on that contract for you. So you're limited on what you can do and what fees you can set on that contract.
For us. What was happening was we couldn't move it. We couldn't touch that LP. So it's kind of out there, and it's still sitting out there, and that's been one thing that we've been very cognizant of. And there's only so much we can do with it. So the precautions that we took in making sure that we brought up the tax solved a lot of issues with other bad actors coming in and basically siphoning the LP, so that fixed those problems, but then by doing that, it presented other problems. You'll see some people online that have their own theories on how you can fix it and how you won't have that problem. But I assure you, we've gone through every way possible with our third-party company, and how we can mitigate this to the max, all the steps that we took, we've mitigated everything to the max.
We're still working with them, but at this point in time, we do have plans. Obviously, we're writing scripts to make sure that we can go back and make right for the people who may be still bought after it was already locked, or after we increased the tax, but we're still at the point right now where we're like, okay, we can't touch it. Unfortunately, it's locked by a third party. And we've done everything we could to mitigate that risk. Now we're going to go back and make it right for a lot of the people that are still trying to go in and purchase it. And then once we close that migration, because right now we still have the migration open, so people that have V1 can still migrate over to V2. We have to also be very careful about that because there are still people that hold,V 1 and they're going to want to migrate to V2. And if we start messing with that contract, that will also ruin it for the people who want to migrate because then they won't be able to do that, and then the contract will be broken. So we have to be very careful in how we approach this.
I just want to make it clear we've done everything we possibly can to ensure that we have mitigated as much risk as we can in that process. There are things you don't realize as a company; when you start growing, you're going to start needing to do updates [and] people are going to be asking for more features, and like I mentioned, it's a double-edged sword. When you lock your LP for four years, and you can't touch it, you're at the mercy of a third party. It can really affect your innovation. It can stifle your innovation, your flexibility, and your ability to grow. So we've learned this, I personally have learned this, I've personally been on calls with this third party, and we're doing everything we possibly can, the best way we can for the SafeMoon Army. We do plan on helping everybody out as much as we possibly can, just like we did before. I don't know if people remember, but when we launched V2, we had some people that got into the Swap before it was propagated and went live, and then we went back and built scripts to pay back and AirDrop the tokens that were lost in that process as well. We always try to make it right; we're always trying to do what's right for everybody. And we're gonna do it for this as well.
I just have two infrastructure questions. So the first one is about with Mandala and the implementation of global tokenomics. Once that's completed and working, will other token projects be able to leverage SafeMoon's connections with these centralized exchanges that use tokenomics as a service? (Question by Leet)
So I can't comment on everything that's going on with Mandala and the global tokenomics. I can say that would be our path. That's what we're heading towards, yes, but I can't comment on Mandala in the global tokenomics and what's going on there, unfortunately.
Question two is about pSafeMoon. The community sentiment is that it's kind of like an afterthought. When it was originally set up, I thought it was such a great onboarding path. ETH kind of started DeFi with smart contracts. It would be a great onramp to pull some of the ETH money into SafeMoon, whether it's the SafeMoon blockchain or just on BSC, or even keep it in pSafeMoon. What are you guys doing to onboard our users? While we have like 600,000, obviously, we want to get back up to a million, right? (Question by Leet)
Yeah, definitely. So, like I mentioned before with ETH, what we're going to do is in ETH V2, and that will also have the ability for reflections as well. So we're trying to do it not just for ETH, like the pSafeMoon as it was before because it's very limited; we're trying to do it in a way that you can get reflections just as you could with BSC.
What we're also doing to get more users are these bridges. They are going to be huge for that because now people that hold other tokens and other ecosystems can start using our bridge and then go back and forth through SafeMoon, through the middleware that we've had set for the 2% and then arrive at whatever BSE token they want. So, we're just starting right now with these bridges. The two: BSC to Ethereum and Ethereum to BSC, but later on, we're going to be releasing even more. And that's where a lot of the connection of more volume comes in. And obviously, it helps SafeMoon because it's acts as a utility. So our goal is to continue building those bridges, and that's going to help guys with our ecosystem as well. So a lot of the partners that we bring on the SafeMoon Swap and the partners that we bring on within our ecosystem that are selling products.
So now you have a whole other layer of basically a path, if you will, from other ecosystems coming in and then connecting with sellers or with companies that are selling merchandise or products on our ecosystem. So this is all foundation. I know it seems sometimes it seems like it's going a little slow, but we also have to remember we're only a year old, and we're building a very solid foundation.
I always tell people we're building a foundation for the swaps; we're building a foundation for a swap portal. Everyone was like, "Oh, well, that's okay. That's fine". Now, some people loved it; some people didn't care for it. But now we're able to add Swap partners so quickly, because we built that portal. We built that foundation. And we're doing the exact same thing now for the ecosystem. So, as we build this, soon, we'll start getting in more partners on our ecosystem that are selling products, that are selling goods and things of that sort. And then you guys are gonna be like, "Wow, how do you guys onboard these people so fast?" It's because we're building the right foundation from the beginning.
So right now, it looks like you're just kind of watching the building phase. And sometimes, it's hard to watch the building phase because a lot of stuff is happening under the hood. The exciting stuff is the listings and the announcements. And, you know, that's the exciting stuff. But in order to get to the exciting stuff, you have to make sure you build a great infrastructure that's scalable, and that's what we've been focused on from day one, ever since we've launched our first product.
Is there going to be an option for a bridge and router or just a router? On the swap, are you going to be able to differentiate between just bridging from one blockchain to another versus swapping from one blockchain to another? For example, from what I've seen on Anyswap, they broke it down into two different fee classes. So, if you're doing a bridge, it's a different fee than doing a router fee. I'm not sure why they did it that way, but it is something I noticed. (Question by Leet)
Yeah because they set up pools, so that's something we'll be exploring as well in the future. Absolutely. So you basically, what you would do is you'd set up a pool of, say, Ethereum. And then your fees can be a lot lower whenever you're going between one chain to another. That's something that will be explored maybe a little bit later, but, as of now, the way that we operate is already a really, really big change, and it's very tedious. So we want to make sure that for this MVP, we do it right, and we do it securely. We've had to really go through the contract and make sure we're doing everything right because after we launched this and we deploy this, all the other updates and everything else that we add to this router is going to be a lot easier, and we're going to be a lot more flexible.
So, that's the whole point is that everything that we make now, we are deploying in such a way that when things like this like your idea comes up, we can say, "Hey, great, we want to add this nice feature. We want to make it cheaper or, we want to add other chains" or whatever it might be, we can do that. So, this whole new router upgrade is that first step of making sure that we can be scalable and flexible in the near future. So once that's done on the 23rd, everything else that we add is going to be a lot more streamlined.
The question that I have is kind of related to Mandala, but it's not, so if you can't answer it, I understand what you guys and Mandala worked up together to be able to provide global tokenomics. Is this something that is specific between you and them? Or is this something that can be repeated with other exchanges should that arise with other centralized exchanges? (Question by Apollo)
Oh, I wish I could answer. I can't answer this. Just because of the people involved and the teams involved, and what I'm privy to, but I will tell you that the goal is obviously to have global tokenomics in such a way that any other exchange that partakes would be able to easily have reflections and basically implement the tokenomics that SafeMoon V2 has. That's the goal, but I can't really comment on anything else as far as timeframes or as far as exact mechanisms, how that would work, parties involved, that kind of thing - unfortunately.
Ryan, did you see the post from Watcher Guru today? SafeMoon emerges as the second most loved crypto in the United States. (Question by Rocky Man)
I think I'd seen it maybe in a thread for a second, but I didn't actually read it.
Oh, that's beautiful. That's crazy. That's awesome!
Transcribed by Arie and MomoKombat