The Binance Smart Chain (BSC) is making great strides to become the next mainstream cryptocurrency market based on the chain, but security with this project has always been an issue.
Binance Smart Chain Expansion
The number of unique BSC addresses which can roughly correspond to the number of investors increased from approximately 1.4 million to 57 million from February to March 2021. Daily trading volume rose from 650,000 in February to over 9 million in May.
With this growth, the number of projects has increased dramatically. One such project, called SafeMoon, promised investors a safe return and increased SafeMoon’s market cap to over $4.5 billion in April 2021. However, due to reports that SafeMoon is not secure enough, its market cap has lost half of its users.
Disadvantages of this Project on BSC
Twitter user, WarOnRugs, who pays special attention to the security and durability of various crypto projects, commented: “[The SafeMoon creator] could pull LP and sell tokens, creating a rug pull.” This lets some users know what they are using. How safe is SafeMoon? BSC’s rapid growth has opened the door to countless scams. Investors are eager to grow their portfolios and bad people are eager to take advantage of it. Whenever a project is manipulated by its creator, it damages the entire BSC ecosystem.
Given SafeMoon’s shortcomings and the risks across the BSC ecosystem, a group of long-term cryptocurrency investors and developers have jointly initiated a new token to find a safe path for other projects to follow. So SAFERmoon stepped in with the slogan: “it’s like SafeMoon, but actually safe.”
The main developer of SAFERmoon said: “We decided to launch SAFERmoon as a direct response to SafeMoon’s fatal shortcomings,” Out of concern for his personal safety, the SAFERmoon developer decided to remain anonymous. “More than that, we want to define the roadmap for securely launching a project. This means helping creators audit their code and launch their projects with honest marketing while ensuring investor safety by teaching the BSC community what questions to ask of new projects.”
SAFERmoon Token has the same advantages as SafeMoon, but with less risk. For example, developers have put in smart contracts to ensure that all of the liquidity generated by a 5% transaction fee is sent to an invalid wallet. Nobody can access or delete it. All contract functions that can be used to change contract status variables are time-locked so that no one can make changes without warning and the maximum limit can prevent transaction fees from increasing.