In this article, you will learn how to swap Safemoon to BNB. Safemoon is a cryptocurrency that exists solely online and used as a medium of exchange. If you want to sell Safemoon, you will need to swap Safemoon to BNB first. Once you swap Safemoon for BNB, you can exchange it for USD.
What is Safemoon?
Safemoon is a cryptocurrency that launched in March 2021 and attracted attention after its price skyrocketed in April of that year. It has since lost essentially all of its value, falling nearly 99 percent since its April 2021 peak. a 10 percent fee, with part of that fee going back to existing holders.
Like more popular cryptocurrencies such as Bitcoin and Ethereum, Safemoon is powered by the distributed ledger technology known as blockchain. Safemoon was created on the Binance Smart Chain blockchain and has a market cap of only about $88.4 million (as of July 7. 2022 compared) to about $396 billion for Bitcoin.
How to Swap Safemoon to BNB?
1. Open the Trust Wallet app and tap on "Browser" ("dApps" for Android users).
2. Tap on "PancakeSwap."
3. In the "From" section, tap on the BNB symbol. Type the word "SafeMoon in the search bar.
4. "Tap on "SafeMoon." You'll get a notice that SafeMoon tackles on a 10% transaction fee; 5% is distributed to token holders and the rest is added to liquidity. Tap on "I understand" and hit "Continue "
5. Tap on the aquamarine icon next to the clock symbol. Set your slippage to 12% and hit "X."
6. Tap on "Select a currency" and hit "BNB."
7. In the “From” section, tap on “Max” to sell all of your SafeMoon tokens (if you want to sell a portion, you can type in the amount you'd like to sell).
8. Tap on “Swap” and hit “Confirm Swap.”
9. You'll be taken to a page that will inform you of BNB network fee. If you're satisfied with it, hit “Send.”
10. You'll then get a “Transaction submitted” message. If you click on the BscScan link, you can check the status of the transaction. Once it’s processed, it will go from “Pending” to “Success.”
Convert Smart Chain to BNB
1. On Trust Wallet's main page, you should see that your SafeMoon is converted into BNB Smart Chain currency. To swap it to Binance Coin, tap on “Smart Chain,” hit “More,” and tap on “Swap to Binance Chain. "
2. Tap anywhere within the “You Pay” space and tap on “100%.”
3. A confirm page will appear informing you of a network fee. Tap on “Send.”
4. Head back to Trust Wallet's main page and you should see your BNB.
How does Safemoon Work?
Safemoon was designed in a way to encourage long-term investment and discourage selling, but it has failed to catch on after its initial spike. It does this by charging sellers a 10 percent fee, with half of the fee going to Safemoon's existing holders and The other half to be used in a liquid pool, in an effort to better maintain price stability.
Safemoon's developers also manually reduce the amount of Safemoon in circulation regularly in an effort to reduce supply and increase the price. The price did soar shortly after being introduced in March, reaching an all-time high of $0.000014 on April 20. 10 Coordinating to . It has since fallen nearly 99 percent from its peak.
Bottom Line
Safemoon is a cryptocurrency that was designed to encourage long-term investment and discourage selling. But if you want to sell Safemoon, here is how to swap Safemoon to BNB.
