Safemars is a self-directed liquidity and yield generation protocol. Safemars rewards its users for holding onto their crypto, which helps in creating demand in the market.
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Read on to learn everything you need to know about the Safemars project and the SAFEMARS (SMARS) token.
What Is Safemars
Safemars is an autonomous yield and liquidity generation protocol.
It was launched on March 13, 2021, on Binance Smart Chain. The protocol has a native token SAFEMARS (SMARS), corresponding to the BEP 20 token standard.
Safemars applies 4% tax to all user transactions. 2% of that is promptly distributed to the Safemars holders. The remaining 2% is added back into the liquidity pool. When a transaction takes place across the platform, smart contracts automatically burn some fee percentages and distribute rewards to Safemars holders.
Safemars offers an excellent reward system within the DeFi ecosystem by enabling users to earn without exposure to the risk of Impermanent Loss (IL). It allows getting rewards without farming, staking, and depositing tokens and allows users to get more tokens by simply holding Safemars in their wallets.
The protocol automatically locks the liquidity forever.
Kenneth Churchill is Safemars's creator and CEO. He has extensive experience as Managing Director.
How Does Safemars Work
Safemars protocol works by applying a 4% tax to every transaction. 2% of fees are used to reward holders. The system automatically adds liquidity with 1%, and 1% goes to holders via prizes and rewards.
SAFEMARS tokens have a total supply of one quadrillion (1,000,000,000,000,000). SAFEMARS is a deflationary token, meaning the protocol removes tokens from supply by burning.
After launch, over 50% of supply burned hodlers are rewarded.
Safemars uses a proportional transaction rewards model, where the rewards are based on the locked liquidity.
The white paper of the protocol states: effectively burned tokens make the token unruggable (liquidity locked forever).
Here are key features of Safemars:
- Automated Yield and Liquidity Generation Protocol
- Auto-lock Liquidity Forever
- RFI Mechanics
- Deflationary
Liquidity Pool
At the time of launch, SAFEMARS had an initial supply of liquidity formed by the pair of Binance Coin (BNB) and Safemars liquidity protocol tokens. Token ownership was renounced by sending them to a burn address, a wallet with no access key. This way, liquidity is locked forever.
By renouncing ownership, the cryptocurrency development team doesn't hold large amounts of tokens. This prevents the possibility of a rug pull.
Where Can You Buy Safemars
Safemars intends to get listed on more crypto exchanges. Currently, trading the token is available on the following exchanges:
-MarsSwap
-Gate.io
-PancakeSwap
-BKEX
-Hoo
-BitMart
-BitForex
-LATOKEN
The Safemars project was launched in 2021, having a specific roadmap. The network now intends to expand the team, get listed on new exchanges, and develop the ecosystem.
Safemoon and Safemars: The Same
Safemars has been gaining a lot of attention online after the success of SafeMoon, a very similar cryptocurrency that saw a massive jump in its prices recently. One can think that the crypto projects SafeMoon and Safemars are somehow related because of the similarity in names. However, note that these two are separate tokens.
