The name safemoon is a reference to the phrase “to the moon” used on social media by cryptocurrency traders who are bullish about the price of dogecoin.

The cryptocurrency is a yield-farming DeFi token that runs the SafeMoon protocol on the Binance Smart Chain (BSC). Yield farming is a process by which crypto investors are rewarded with interest payments in the form of extra tokens, in much the same way as a bank pays interest or a stock pays dividends. DeFi tokens make use of smart contracts that run on blockchains to provide decentralised services.

The protocol is based on three functions, which it refers to as reflection, liquidity pool (LP) acquisition and burn, according to the official website. The reward mechanism for holding safemoon tokens reflects the volume traded to encourage holders to keep their tokens, known as ‘hodling’ in the cryptocurrency market.

What makes safemoon unique? Purchases and sales of the coin incur a 10% fee, which is redistributed as follows...

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