Safemoon is migrating from its older version (V1) to the newest version (V2). There are many Safemoon holders who are confused about this Safemoon V2 migration process. Here is an answer to the most frequently asked questions with regards to the Safemoon V2 migration.
What will happen after Safemoon V2 migration?
Basically, there will be only 2 things after Safemoon V2 migration.
- Your Safemoon Token Quantity will decrease
- The prices of Safemoon Token will increase
Let’s keep it more simple:
As Safemoon reduced the number of tokens, the same applies to its holders. If you’re holding 1 Billion SafeMoon tokens, you will have 1 Million Safemoon after V2 migration.
However, your existing SafeMoon net value will remain exactly the same only the number of tokens will be reduced.
After Safemoon V2 migration, your Safemoon holding will be divided by the factor of 1000 and the price will be multiplied by x1000.
An easy math example for 1 billion Safemoon: Currently you have 1 billion Safemoon tokens at the price of $0.000004.
But after the V2 upgrade, you will have 1 million Safemoon tokens at the price of $0.004.
Why does SafeMoon migrate from V1 to V2?
As data gathered from the official Safemoon website, the main reason for V2 migration is Security upgrades and improvements on the smart contract.
With V2 Safemoon is bringing new utility features like reducing the tax from 10% to 2% for the transactions and wallet-to-wallet transfer. However, the 10% tax that was applied during buying/selling will continue.
Before Safemoon had the 1 quadrillion supply and that was not easy to list Safemoon on premium exchanges like Binance or Coinbase. After V2 upgrade SafeMoon can be easily listed by the crypto exchanges.
The Safemoon V2 upgrade will also help in pairing Safemoon tokens with other cryptos. like BTC and BNB. For example, if we pair Safemoon with BTC it will be SafeMoon/BTC = 0.00000000000 BTC.
How do I migrate Safemoon V1 to V2?
It depends on your holding method which means if you’re holding Safemoon token in a crypto exchange you don’t need to worry. Everything will be handled by your crypto exchange and your Safemoon holding will be automatically migrated to V2.
But, if you’re holding Safemoon token in a wallet like Trust Wallet or Metamask you need to connect your wallet to the Safemoonswap (website) and migrate your tokens from there. By this method, you need to pay gas fees just like you need it when you buy/sell Safemoon.
If you’re using Safemoon Wallet for Safemoon trading, you can easily migrate Safemoon V1 to V2 by a 2-click process. You would only need to accept the pop-up mentioning if you want to migrate to V2.
What happens if I don’t migrate to V2?
As Safemoon is already going one step ahead, you also must migrate. If you don’t migrate from V1 to V2, you are basically losing your complete Safemoon holding. The old Safemoon prices and volumes will drop over time automatically.
As Safemoon team is stopping the support of Safemoon V1 after moving to a new smart contract address. However, the Safemoon portal of migration to V2 will remain open for those who didn’t migrate but it’s best to migrate as soon as possible.
Will Safemoon V2 Migration increase the price of Safemoon?
If you’re thinking that the Safemoon token value will increase just after the V2 migration that’s not true anymore. As the Safemoon is going to allot you the tokens parallel to your token value, not the quantity.
However, there is a strong possibility that the Safemoon prices will surely increase after new exchange listings and community support. The Safemoon Army is also working towards this mission, so in the upcoming time, you can see the price increase.
The long-term holding of Safemoon crypto can be profitable. As per some crypto analysts, after V2 migration, the Safemoon can hit a new all-time high in the mid-month of 2022. You can also check the Safemoon V2 price predictions year by year.