The V2 upgradation of SafeMoon will be launched anytime soon. The migration will go into effect soon and the countdown for the V2 upgradation has already started on social media.
Reports state the migration process might not happen automatically and investors need to manually set up their tokens for transition. The DeFi project’s V2 formula involves getting upgraded contracts. They have the ability to change its consolidation formula. For the uninitiated, consolidation is a DeFi feature that SafeMoon refers to as ‘reverse stock splits’
The traditional stock market allows firms to make reverse stock splits as it would benefit the shareholders. Therefore the same reverse stock splits in the form of consolidation is used by SafeMoon for the benefit of its investors.
In conclusion, consolidation is a way to clean up the numbers by not changing the ownership rights of the investors.
How To Migrate SafeMoon Tokens To V2?
Here’s the step-by-step guide on how to migrate your SafeMoon tokens to V2.
For SafeMoon Wallet users: Make sure you update to the latest version of the app and follow the consolidation process in the wallet.
For Non SafeMoon Wallet users: (Users with another wallet: Trust Wallet, MetaMask, Binance Chain Wallet, Math Wallet, or have access to the WalletConnect dApp from your wallets. You need to go to swap.safemoon.net and after that connect your wallet to consolidate.
If your tokens are on an exchange: No need to worry. Your exchange will handle the migration, or you can transfer your tokens to the SafeMoon Wallet and do it yourself (fees will apply).
Above all, if your tokens are stored in a Hard Wallet: Import your wallet into the SafeMoon Wallet app using the private key feature.
In addition, if none of the above applies to you and own SafeMoon in different formats: You need to contact the SafeMoon support team for guidance and steps on how to migrate to V2. Similarly, you need to email the help and support team at [email protected].
“The #SafeMoonV2 evolution starts here! Get ready – learn how to migrate your tokens to V2 #SAFEMOONARMY,” tweeted SafeMoon.
SafeMoon revealed the upcoming features of the V2 upgradation and stressed that the development is safe and secure. ”3 reasons why #SAFEMOON V2 is the Evolution. Upgraded contract implementing a 1000:1 consolidation. Increased quality, security, and accessibility of SafeMoon. Preparing us for a warp-speed future.”
At the time of publishing, SafeMoon was trading at $0.00000308 and is down -4% in the 24-hours day trade.