SafeMoon links Ethereum and BSC through new cross-chain swap feature

Saif Naqvi
Source: Pixabay

SafeMoon’s birthday month continues to gift community members with new surprises. As per the latest announcement, SafeMoon is launching a cross-chain swap functionality for Ethereum and the Binance Smart Chain which will be made available on 23 March.

The recent development allows SafeMoon users to transfer their Ethereum tokens to the Binance Smart Chain and vice verse, with SFM token functioning as the middleware. Details of the same were highlighted in a release video.

The SafeMoon Army welcomed the move and post gained traction on Twitter.

Source Twitter

Pesudeoanonympus user @FabiosMe highlighted key points mentioned in the released video. Notably, users can earn back 1% on every transaction fee back, known as ‘reflections, and users will be charged 2% for every swap transaction made.

Source: Twitter

User @TURBiiNE suggested how the cross-chain swap could be implemented. The user also mentioned that the ETH mainnet would have to upgrade to V2 and the same could come via another announcement.

Source: Twitter

Commenting on the feature, Ryan Arriage, Global Head Of Products at SafeMoon, said, “Our new cross-chain ETH/BSC router is just the beginning in our mission to build bridges to other ecosystems in the cryptocurrency space”, suggesting more pairs would be added going forward.

A major talking point among community members was whether users would be able to circumvent high ETH gas fees while swapping to SafeMoon. Although complete details would only be made available on the launch date, different swap fees would likely be levied to attract more users to the platform.

SafeMoon V2 Price

Source: TradingView

Unfortunately, sentiment arising from the above-mentioned announcement was offset by a weak broader market. As a result, SafeMoon V2’s price was down by 8% at press time, with Bitcoin struggling to stay afloat at $38K. However, a minor recovery was already underway as a few green candles formed on the hourly chart at $0.001250 support.