The decentralized finance, or DeFi, movement in crypto has grown explosively over the past several months. You have probably heard all the hype about DeFi and decentralized finance protocols. DeFi generally refers to blockchain-based services, protocols and technologies comprised in the decentralized finance network. The main components of this fastest-growing sector of the cryptocurrency industry include things like digital assets and financial smart contracts, protocols, and Decentralized Applications or DApps built on networks such as Ethereum and Binance Smart Chain.
DeFi is exploding for many reasons. One of the more impressive factors behind this exponential growth is the development of the concept of liquidity pools, be it for lending or exchange trading. Liquidity pools rendered the complicated task of order matching obsolete. Liquidity providers offer their liquidity to pools and earn interest in return for their staked assets. This concept is a perfect match for decentralized systems and works so seamlessly it is giving centralized exchanges a run for their money.
DeFi brings many more benefits compared to traditional financial services. With the use of distributed systems and smart contracts, the implementation of a financial application or product becomes much easier and quite a bit more secure. DApps being built on the blockchain are providing quantifiably reduced operating costs and much lower cost entry barriers. DApps are eliminating all types of intermediaries that would usually be involved, slashing the high operating costs, with the major benefits being passed on to the end-user. The user has full control over their money without a potentially unreliable third party involved, all within a trustless and safe environment. This is guaranteed by the fact that smart contracts are like programming code. Once written they always execute the same way and without the need or possibility of intervention.
Due to its decentralized nature, it is not possible for governments or large corporations to censor or shut down the DeFi system. On the contrary, it improves confidentiality and security because there is no centralized single data source whose hacking would allow a security breach to occur. DeFi will have a huge impact on the traditional financial system and the way we manage our wealth in the future. It is impossible to ignore this compelling technology. With the cost savings and legacy system improvements, DeFi is the inevitable next step in the evolution of our financial world.
With all this talk about DeFi, you might be wondering where does Safe Ethereum (SafeETH) fit into all this. Well, let me explain. SafeETH is part of this DeFi ecosystem. SafeETH was created on March 23rd of 2021 to be a community-driven project, a socio-financial experiment if you will, and it has captured the hearts and minds of over 4500 people at the time of this writing. Where does that number come from? That is straight from BSC Scan where a quick look will show we have over 4500 holders and this is before we have even been listed on CoinMarketCap or CoinGecko. All holders of SafeETH used the previously discussed concept of a liquidity pool to obtain SafeETH on the Binance Smart Chain. The price of SafeETH is automatically recalculated with every new buy/sell transaction based on a mathematical algorithm that tracks the amount of SafeETH and BNB within the liquidity pool.
SafeETH is a deflationary autonomous yield and liquidly generation protocol. SafeETH generates yield by applying a tax of 4% on every buy/sell transaction while splitting that fee instantly among token holders and the liquidity pool. The protocol rewards its token holders by splitting 2% of each transaction proportionally across existing holders. This means the number of tokens in the holders' wallet will increase indefinitely when people buy and sell, as long as tokens are held. In addition, 2% goes automatically to the liquidity pool.
The purpose of SafeETH is to provide a SAFE store of value and a way to earn yield from holding tokens without having to stake or farm. This revolutionary idea could possibly do away with the need to stake or farm coins by locking up token value where it is not easily accessed and/or having to deal with impermanent loss (something most stakers and LP providers understand too well!). SafeETH provides the upside of staking and farming without the hassles.
We also believe that this mechanism provides investors with a golden opportunity and incentive to help SafeETH grow. Due to the fact that higher transaction volume leads to increased fees and rewards for holders. In this way, SafeETHs success is the investors' success, as it should be.
SafeETH was fair launched with no large portions of the project being held by devs. This helped to create a wide coin spread across holders with no major whales to dump large quantities of coins and hurt the value. Additionally, SafeETH's ownership was renounced, meaning the contract owner is a dead address and the liquidity is locked. The source code is a smart contract, and it cannot be changed by anyone, not even the original devs. This contract was audited and found clean of any backdoors or ways to alter the code. SafeETH is public domain. It belongs to everyone. What all this means is that SafeETH belongs to its HODLers completely. No one can take individual action to remove value from SafeETH or sabotage the coin in any way.
SafeETH started with the initial supply of 1,000,000,000,000,000 tokens. At launch 60% of the total supply of SafeETH was sent to a blackhole/burn address (0x000000000000000000000000000000000000dead) permanently reducing the supply. This blackhole address is considered the largest holder of SafeETH so it also receives a share of each transaction fee. As this share is "burned" it leads to a continuing reduction in the supply of SafeETH.
When SafeETH was launched an initial supply of liquidity was deposited which formed BNB/SafeETH LP Tokens. Ownership of these LP tokens was renounced by sending them to the same blackhole/burn address (0x0000000000000000000000000000000000000000dead). This action was performed to protect investors from the possibility of a rug pull via liquidity removal. In addition, the 2% fee that goes to liquidity is going there with the owner listed as the burn address thereby perpetually adding to the overall liquidity and the general price floor of SafeETH. I am sure you can agree, these are amazing features for future potential.
Overall, our community wants to make a real difference in the lives of people all over the world. We will do that by following our roadmap.
Q2 2021 - Smart contract audit
Q2 2021 - Burn 60% of supply and seed the blackhole address
Q2 2021 - Renounce ownership and turn over to community
Q2 2021 - Full Rebranding and Website redesign
Q2 2021 - Listing on CoinGecko and CoinMarketCap
Q2 2021 - Marketing Push
Q2 2021 - Listing on CoinGecko and CoinMarketCap
Q3 2021 - Partnerships
Q3 2021 - Charitable donations (Charity chosen by community vote)
Q3 2021 - NFT incentives to holders
Q3 2021 - More exchange listings
Q3 2021 - Further development of the roadmap and ecosystem by community consensus
SafeETH is 100% community-owned and community-driven, with everyone pitching in for the greater good. Our leadership team is made up of a group of talented hard-working volunteers from all over the globe with a mix of sought-after skills and technical backgrounds. We truly believe in the "All For One and One For All" concept.
If you would like to join our community or the leadership team, we would love to have you! Please find us on our telegram community channel at https://t.me/SAFEETHCommunity and say hello!