Safemoon pivots a new phase with plans to launch a meme piece on the Solana blockchain.
The upcoming token aims to improve liquidity, giving SFM holders the possibility of exchanging their assets for the new asset once available.
Safemoon same corner on Solana
On February 14, Safemoon announced a change of direction, declaring that the project is now entirely controlled by its community.
As part of this transition, the team revealed its plans to introduce a piece of memes based in Solana. The objective is to adopt a light approach and led by the community with no case of predefined use, focusing solely on engagement.
“This Valentine’s Day, we prove our love for the community in the best possible way – by putting you on Safemoon. No teams. No roadmaps. No false promises. Just energy of pure, not filtered and community -focused memes, “said the team.
Many expected the contract to be published immediately. However, the team then specified that it kept it private due to internal technical adjustments.
Safemoon said delay would rationalize the automated swap process for SFM V2 carriers. The team stressed that this step is necessary for a smooth transition.
In addition, they warned users not to buy SAFEMOON on Solana’s version before the official contract is live to prevent scams.
“Let’s be clearly clear: the contract is not yet public. If you buy a “safemoon” on Solana (or anywhere else) at the moment, you are scammed. Wait for we abandon the official address of the contract. Don’t be Rekt, ”warned Safemoon.
After launching the same room, Safemoon will allow existing SFM holders to exchange their tokens through the VGX wallet. This decision will inject liquidity into the ecosystem and create a new use case for the community.
Safemoon burns 2.2 Billions of tokens
The change from Safemoon to Solana occurs after the project burned 2.2 billions of SFM tokens on the intelligent chain Ethereum, Polygon and Binance.
Yesterday, the project announced that it had deleted almost all the tokens on Ethereum and Polygon and around 60% of the Binance Smart Chain Supply.
Meanwhile, these efforts follow a worrying story marked by allegations of fraud and bankruptcy. In 2023, the CEO and the CTO of the project were arrested by the United States MJ on the allegations for the use of investor funds for personal expenses.
At its peak, Safemoon’s market capitalization has increased more than a billion dollars, which has now dropped below $ 20 million.
US authorities have accused SAFEMOON’s management of poorly using investor funds, alleging that more than $ 200 million in locked funds have been removed to buy personal luxury cars and goods. This led to the project bankruptcy deposit in December.
Following these setbacks, the VGX foundation acquired Safemoon through a decision of the bankruptcy court.
“The VGX Foundation has bought Safemoon assets independently through bankruptcy courts – nothing of what is happening right now is a renewal of the former actors. The VGX Foundation spent millions of people by securing Safemoon because they believe in the power of the community. They believe in the power of you, ”said the VGX Foundation.
The new strategy seeks to put controversies behind us and place the future of the project entirely in the hands of the community.
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