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Safechaintoken ($SCT) is a hyper deflationary utility token for the forthcoming token swap platform, SafechainSwap.
The project is new but advancing fast. Besides token-swapping services, Safechaintoken also aims to evolve into a DeFi ecosystem for DApps and NFTs. In this future venue, users will be able to stake their tokens and practice token farming, all at minimal costs.
In this Safechaintoken review, we look closer at one of the most recent projects dealing in hyper deflationary tokens. Read on to discover if this project has what it takes to take the lion’s share in this sector!
What is SafechainSwap ($SCT)?
Safechaintoken proposes the development of a multifaceted suite of DeFi tools around a hyper deflationary utility token, $SCT.
Its developers call it the “first decentralized utility token with low total token supply.” And, they run it on a complex burning mechanism purposefully to reach its deflationary goal.
For instance, the protocol inflicts deflationary pressure on the token and burns it regularly. So far, it has burned more than 27 million $SCT. That’s more than 10% of the initial 250 million supply from before the token’s launch. Additionally, the team locked 25 million $SCT in a wallet. In time, they will burn these tokens steadily to reduce supply and increase value.
Eventually, the token will be at the center of the SafechainSwap project. The upcoming platform should develop into a versatile ecosystem that will host DApps, NFTs, and staking services.
The SafechainSwap team hopes that an increase in services and a decrease in supply will enhance the token’s value.
Safechaintoken ($SCT) Pre-Sale
The $SCT project is living its early days to the fullest. While still new on the market, the platform recently announced a public sale for October 23rd. The event will take place on the prominent DeFi launchpad platform, DxSale.
Before this public event, Safechaintoken held a private sale and gained $10,000 from 12,5 million tokens. The platform sent the tokens automatically to the participants’ wallets.
This time, the protocol will allow pre-sale participants to purchase the token at discount prices. For instance, it will offer 62,500,000 $SCT tokens available for a maxim of 5 BNB. Here, 1 BNB equals 250,000 $SCT.
While $SCT is not available on any exchange so far, the project announced its imminent listing on several crypto platforms. Among them will be PancakeSwap, Binance, CoinGecko, and CoinMarketCap.
What is SafechainSwap?
$SCT powers SafechainSwap, a multi-purpose platform for easy token swaps. For instance, the team will build decentralized applications (DApps) on top of it. There, users will be able to stake their Safechaintokens and earn additional tokens to increase their portfolios.
Additionally, the developers plan on launching multiple smart contracts for various use cases. Among them will be the platform’s proprietary NFT Marketplace. Here, users can buy special non-fungible tokens via $SCT.
Furthermore, the team will collaborate with famous NFT artists and purchase their art to make it available on the marketplace. According to their website, the first package of non-fungible tokens will relate to Pokémon.
Some of the benefits of using SafechainSwap include:
- Low transaction costs
- Minimal fees for token swaps
Safechaintoken will offer an easy way to use a decentralized exchange with hyper deflationary token backing. Users will be able to quickly swap tokens on the Binance Smart Chain for minimal costs. Therefore, the platform should appeal to both beginner and expert crypto traders.
Features and Applications
The team behind Safechaintoken has solid experience in crypto, blockchain, and Fintech. Its ambition is to create a rapidly expanding DeFi ecosystem with countless uses and applications. In this regard, they are looking to deploy several smart contracts in the coming months.
These smart contracts will take a 10% tax on every transaction users make on the platform. Additionally, 5% of this amount will go to $SCT holders. Lastly, the project’s liquidity pool will receive the remaining 5%. The project calls this feature Static Reflections.
At the moment, the project’s tokenomics look something like this:
- Liquidity: 40.909.050 $SCT
- Presale Tokens 62.500.000 $SCT
- Founder: 25.000.000 $SCT (locked)
- Partnerships & Marketing: 18.750.000 $SCT
- Community Giveaways: 6.250.000 $SCT
The project has already burned 27.233.266 $SCT, and it has 25 million more tokens to burn in the coming years.
The project will launch this feature in the fourth quarter of 2021. It will offer investors an independent platform for instant token swaps and NFT trades.
The Swap release is just one of the many milestones in Safechaintoken’s roadmap. The project surfaced in the news in the Q3 of 2021. Shortly after, it managed to launch its website and create media coverage. Now, the developers are working on the imminent smart contract integrations.
The Safechaintoken team has created a bounty wallet full of tokens for giveaways. This way, the community growing around the project has significant chances of earning rewards every week. Additionally, the tokens in this wallet will serve as prizes for trading competitions when popular exchanges list $SCT.
How Safe is Safechaintoken?
At the time of writing, Safechaintoken is working closely with leading blockchain auditor SolidProof. Soon, the German company should release an audit of the token swap platform. Additionally, it will provide the up-and-coming project with KYC standards.
These two procedures should help build trust and credibility for Safechaintoken. Also, it should increase its transparency to guarantee users that their funds are safe on the platform.
Safechaintoken is barely making its first steps in the cryptosphere. Nevertheless, its development team is working hard to build a positive image around it. Also, they announce plenty of promising features that should attract investors easily.
The prospect of a hyper-deflationary token is always appealing. Following the imminent public sale, we will understand how much the community will support the project. Then, in the long run, time will tell if Safechaintoken will reach its ambitious goals.
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