Here’s What Safemoon is Doing Right that Needs to Be Appreciated

Vinod Dsouza
Safemoon Swap Wallet V2
Source: Pixabay

Safemoon launched ‘Safemoon Swap’ making it easier for holders to swap and pool their holdings in the newly released platform. It’s now in direct competition with the likes of PancakeSwap, UniSwap among others, but has not reached its fame and numbers yet.

However, for tokens to get listed on Safemoon Swap, the new tokens need to pass a stringent check to make it to the platform. Tokens need to sign a contract, pass vetting and also meet the Safemoon team in person for an interview. The to-be-listed tokens’ developers need to dox themselves in front of the SFM team and reveal their identity.

Only after these steps are completed, Safemoon Swap will consider listing the token on its platform. This gives no room for potential scams or rug pulls, as only trusted tokens will be allowed on the platform.

The development stands at a stark opposite of PancakeSwap among others, who blindly list hundreds of tokens each day. Many of them end up being rug pulled weeks after their launch leaving investors high and dry. Stories of investors losing money through rug pulls are aplenty and are likely to continue for years to come.

The Safemoon Swap is doing everything to prevent rug pulls from happening before listing it on their platform. Despite being less than a year old in the crypto market, the team has taken up ethical ways to protect its users. Safemoon Swap should be appreciated for taking their due time to verify the new tokens before getting them on board.

Safemoon Swap Vs Well-known Swaps

If the well-known swaps continue to blindly list tokens that end up being rug pulled, its days could be numbered. Newer swaps are popping up in the market that’s providing more security to its users. Once they build trust among users showcasing there’s no room for rug pull tokens, a flip might occur sooner than we imagine.

Before that truly happens, the famous swaps need to pull their socks together and work towards protecting their users. At the end of the day, investors’ hard-earned money should not be swept away from scamsters.

Also, here’s a snippet from PancakeSawp about getting tokens listed on their platform. “Anybody can list any BEP-20 network token on PancakeSwap. You don’t need to contact us or ask permission. You just need to add liquidity to a liquidity pool – that’s it. Traders can then trade your token by entering your token’s contract address.”