In this article, I’m going to be showing you why SafeMoon Wallet and the ecosystem the SafeMoon devs team is building is going to present a more attractive crypto trading option for users in the near future.
So make sure you stick around to the end of this article to find out everything.
Binance is the largest exchange in the world but its constant battle with regulation in many countries around the world has been a real challenge in recent times.
Why SAFEMOON Wallet Is X100 Better Than BINANCE?
The hottest topic today in the SafeMoon community is the SafeMoon Wallet, its delay, what caused it, and when we can expect it to be re-launched.
The SafeMoon Wallet was supposed to be launched on August 28th. However, due to unforeseen technical difficulties, the wallet couldn’t be launched.
Apparently, the technical issues affected three of the wallet’s products: the buy and swap function, the Android wallet, and the iOS wallet.
Deeper research revealed that SafeMoon is partnering with Wyre to provide the backend for the buy button.
If you recall, Simplex was to do this before but Wyre which stylizes itself as the best fiat-to-crypto gateway will now be replacing Simplex.
The SafeMoon and Wyre teams are still working on perfecting the integration and that has not been completed just yet which is why the launch had to be postponed last minute.
For now, we can’t be sure of when the wallet will be launched as the integration has to be perfected and stress-tested multiple times before the wallet can be launched again.
The release of the SafeMoon Wallet is one of the ways SafeMoon is going to be further pushing the concept of tokenomics in the crypto market.
If it isn’t already obvious to you, cryptonomics is the now, and not just the future. It is the way most crypto projects are going to be operating going forward because it just makes sense.
Tokenomics introduces an incentive to buying a token that not many crypto projects can offer. This is why tokens that have tokenomics at the core of how they operate would prove to be more likely to succeed than other tokens.
Tokenomics not only brings about more profitability for the investors, it also brings about an increase in value of the token itself, thanks to the automatic burning that comes with the concept.
SafeMoon realizes this and that is why it is working to build an ecosystem that makes this concept easy to translate from paper to real life transactions.
Right now, many platforms are not exactly able to list SafeMoon and part of the reason is possibly because of the tokenomics aspect of SafeMoon.
For those who have listed SafeMoon, it is something of a challenge especially when it comes to calculating and distributing reflections to investors.
But through the ecosystem SafeMoon is looking to build, these issues are going to be addressed once for all, especially with the SafeMoon Exchange which, by the way, will be integrated into the SafeMoon Wallet by the time it is ready.
There is already a tab for it on the SafeMoon Wallet. What makes tokenomics such an attractive feature of any crypto project is how it incentivizes people to invest in the project.
Tokenomics provides a viable way for investors to get their crypto to work for them even without active trading. That said, let’s do some comparison with Binance.
Binance is top dog when it comes to crypto exchanges in the market. It is the biggest exchange in the world by trading volume.
However, large as Binance is, it lacks the tokenomics integration. This is why I’m convinced that by the time the SafeMoon Exchange is launched, you can expect to see more people exiting Binance and investing in SafeMoon.
Who wouldn’t want passive income?
Besides, Binance has been under a lot of fire recently with regulatory bodies in different countries around the world.
We all know Binance to be the biggest exchange in the world, recording trading volumes of about $455 million as of July this year.
Interestingly, this staggering amount of nearly half a billion dollars represents a fall of about 30% from the trading volume recorded on Binance just the month before.
Headed by Changpeng Zhao, also known as CZ, Binance offers crypto spot and derivatives trading, loans and NFTs.
Its own crypto, the Binance Coin, also currently holds the number three spot in the list of biggest crypto in the world. And even more impressively, Binance Coin has a circulation of about $68 billion.
Now, for all its wonderful accomplishments, Binance is facing pretty tough challenges which might spell the end for this company if they aren’t addressed.
In nearly every part of the world, Binance is being heavily scrutinized by regulatory bodies. There are strings of financial watchdogs in different countries of the world all looking to clamp down on Binance’s activities in their country.
Sometime in July, Binance was given two weeks to stop its operations in Malaysia as its activities do not comply with the country’s stipulations for such platforms.
Other countries that have red flagged this platform besides Malaysia includes Italy, the U.K., Germany, Poland, Japan, Thailand, Singapore, and the United States.
The ban on Binance in the United Kingdom is limited compared to other countries. In the United Kingdom, offering access to the U.K. isn’t a regulated activity so it is allowed.
Still, the exchange is now required to place a notice on its apps and websites explaining that it is not allowed to undertake any regulated activity in the United Kingdom.
But as if to add fuel to fire, recently, Singapore and South Africa also joined the ranks of countries warning their residents about Binance, making things considerable tougher for the company.
Because of this pressure from regulators, Binance has been forced to make some changes if it wants to continue to have its place at the top.
First, Binance has enforced a strict verification process for users. Also, CZ has mentioned that his company is willing to work with regulators to ensure that its services comply with local regulations. Still, many experts are skeptical.
On the one hand, we have those who feel like Binance’s compliance moves, for all they are worth, still won’t convince regulators. Others say that Binance is just trying to play smart.
Whatever the case, it’s going to take more than a few give-ins for Binance to be able to resolve all the multiple bans and restrictions it faces in many different countries.
On the other hand, even though SafeMoon hasn’t exactly launched its exchange yet or its wallet for that matter, the company is already making plans.
A few days ago, the SafeMoon team decided to be proactive in its approach to regulation and compliance. The team moved its contract ownership to a wallet belonging to SafeMoon’s mysterious CFO.
Hank has explained that this move is simply to make it easier for the team to be organized. Plus, it is going to help SafeMoon reduce liability while complying with governmental requirements from countries across the globe.
If SafeMoon is able to achieve global compliance like I believe it is trying to, this isn’t just going to bring profit for SafeMoon investors, it is also going to make it much easier to trade with SafeMoon anywhere in the world.
Right now, trading on Binance in many parts of the world carries some level of risk, or is, at least, very difficult considering all the bans and warnings coming from different countries about the company.
It’s only a matter of time before this begins to affect Binance’s trading volume very significantly. We already observed the 30% drop in trading volume between June and July.
Conclusion – SafeMoon Wallet
The SafeMoon Wallet, on the other hand, does not suffer all such restrictions. Instead, it brings tokenomics to the table which is only going to encourage investors, especially first-timers, to give SafeMoon a try. If you enjoyed this article, then please leave a comment in the comment section.