DeFi: Power to the People and Away from the Banks – SafeMoon (SAFEMOON) and Seesaw Protocol (SSW)
by Analytics Insight
January 27, 2022
This article features the importance of new crypto projects like SafeMoon and Seesaw Protocol.
The idea of cryptocurrency is considered by many to be a noble one; an attempt to wrestle some of the power away from the existing financial institutions and into the hands of the majority of normal people. The majority of the services that provide this have been given the name DeFi (decentralised finance). There are many DeFicryptocurrencies, from major established projects like Terra (LUNA) and Chainlink (LINK) to newcomers SafeMoon (SAFEMOON) and Seesaw Protocol (SSW).
What is DeFi?
With DeFi assets, people can do almost any of the things that normal banks allow. DeFi is faster and more global, as well as being more accessible. This is because DeFi provides exchanges directly between two people, known as peer-to-peer, as opposed to being conducted by a centralised institution. Another advantage of DeFi solutions is that they can be anonymous and as a result are open to anyone with access to the internet. Pseudonymous transactions are highly desirable as they provide a huge amount of privacy.
Decentralised exchanges, Uniswap and Pancakeswap for example, are where these transactions take place. Most DeFi services are enabled thanks to the Ethereum (ETH) blockchain. The smart contracts on Ethereum’s platform offer a high level of flexibility and can be personalised. The upcoming launch of ETH 2.0 could provide an even bigger boost to DeFi projects.
SafeMoon launched in March of 2021. It was listed on CoinMarketCap on the 12th of March, at the price of $0.00000003 and with a total supply of 777 trillion tokens. It didn’t take much time for the price to increase significantly and in April 2021, a month after launch, the value of each SAFEMOON token was worth $0.00001399. The hype around SafeMoon was sufficient enough for it to rise almost 50,000%. A $1000 investment at its launch would have been worth approximately $14 million at its all-time high.
The creators of SafeMoon say it was designed to encourage long-term holding from its investors. To achieve this, there is what effectively amounts to a sale penalty. There is a 10% fee attached to each sale of SafeMoon, half of which is distributed amongst other existing SAFEMOON holders, with the other half going to a liquidity pool that aims to stabilise the price of SAFEMOON. Despite this, it has proved to be extremely volatile. The name of the protocol itself leans itself to the ever-growing meme culture of cryptocurrency, and its creators are leaning on the popularity of meme coins to help SafeMoon grow even further in 2022. As it stands, SAFEMOON is currently at $0.000001924, a drop of over 85% on its peak.
Seesaw Protocol (SSW)
Seesaw Protocol has just launched its presale, and looks to use the success of SafeMoon as a springboard, but with additional utility and without the extreme volatility in price. SSW’s platform will give users the opportunity to carry out cross-chain swaps. It will be multi-chain and help bridge the gap between Binance Smart Chain, Ethereum (ETH), and Polygon (POLY). This has the potential to be a game-changer for DeFi projects. The gas fees on blockchains, particularly Ethereum (ETH), can be notoriously high at busy times. Seesaw Protocol (SSW) can help holders find the lowest prices and most efficient transfers cross-chain.
The creators of Seesaw Protocol aim to build the best crypto community, and one way they have sought to achieve this is by adding a fee to each SSW transaction. There is a 3% fee for each purchase of SSW and 5% for each sale. This is beneficial to those who already have SSW, as the 3% is redistributed amongst existing holders. The 5% sell fee is added as a liquidity pair with Binance Coin (BNB) on PancakeSwap.
As has been proved by the near 50,000% increase in SafeMoon in its first month, investing in a project as early as possible can see huge profits on a comparatively small investment. New tokens can make, and have made millionaires of early adopters. The Seesaw Protocol (SSW) could be a unique opportunity to enter a cryptocurrency venture on the ground level.
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