A Review and Guide to the new SafeMoon Wallet: Is it worth it?

A Review and Guide to the new SafeMoon Wallet: Is it worth it?

By Aakasha | AakashaBlogs | 15 Sep 2021


 

SafeMoon Wallet Review

After weeks of anticipation, anxiety, and suspense, SafeMoon has finally come out with its wallet. For the uninitiated, they are a relatively new token. Starting in March 2021, they quickly went viral with their static reflection feature that rewarded users for holding their token. Since then, it has grown to become one of the most popular tokens this summer. Their popularity aside, they have achieved many milestones in less than six months. They were listed on major exchanges, had their contract audited by Certik, and bridged to the Ethereum blockchain. The community is an army of passionate supporters who have been waiting with bated breath as beta testers analyzed and helped the devs iron out issues. So, the question is – does the wallet deliver on its promise?

First Impressions

I was amazed when I noticed that the wallet had already been downloaded by more than 8000 users, achieving a rating of 4.9 on the Google play store. It has roughly been only 48 hours since its release! Once you launch the wallet, you have the choice of either importing your existing wallet or creating a new one. Existing users who already have tokens on Metamask or Trustwallet can import their wallets without incurring any fee. Alternatively, you create a new wallet that follows the steps of saving the passphrase and setting a password, as is the norm. Keep in mind, however, that transferring the tokens from another wallet will incur network fees.

Wallet Highlights

The wallet is minimalist and easy to use. Here are the top features that stand out.

UI/UX

The first thing that catches the eye is the fluid UI with SafeMoons' signature green and white colors. It is a clean and professional look with straightforward navigation. The wallet loaded quickly without any lag. BSC is the default network although, you can easily change it to Ethereum. You can add more tokens similar to how you do it on Trust Wallet or MetaMask. It also shows top gainers and losers from CoinMarketCap and token price charts, which is a personal favorite since it gives me a quick snapshot of the market as I have my morning cuppa and take stock of my assets.

Buying Safemoon

Whether you are a new user or a long-time hodler, you will love the buy feature within the app. You can purchase ETH and swap it on the Ethereum chain for pSafeMoon. That is a huge step forward from the multi-app and multi-token swap of yore. It will surely help onboard many new users. Wallet purchases are facilitated by Wyre and work the same way as on MetaMask. Here's a pro tip if you have imported your wallet from Trust Wallet. Buy BNB/BUSD on Trust Wallet and use the swap feature to get the tokens directly.

Swap

It is another feature that adds convenience and ease to SafeMoon purchases. Currently, swapping pairs are limited on both the Binance Smart Chain and Ethereum networks. However, with the exchange in the works, we can expect more tokens pairs to be available in the future. The swap feature has another advantage for the SafeMoon ecosystem, as detailed in an official Twitch stream. Every swap will have a 0.25% fee, from which 0.17% will go to the liquidity pool, 0.05% to the ecosystem, and 0.03% to buyback and burn. That is a unique way of utilizing the transaction fee to bolster growth.

 

Calculator

On the top screen of the wallet, you see a Calculate tab that takes you to the SafeMoon calculator. It is a spiffy little tool that helps you to calculate your earning. The eye-catching SafeMoon logo is the magic key that gives you the current rate, saving you the trouble of looking for the most accurate price.

Security

The wallet security has 2FA (Google Authenticator) and biometric/Device passcode, which is activated by going to the Security section and turning it on.

SafeMoon Wallet Pros and Cons

In conclusion

The SafeMoon wallet functions effortlessly, and it is easy to forget this is just the first version of the product. There are limited features presently, but what's offered works seamlessly. They have a stable product that did not crash even once during use. That is a lot to say for a new entrant in the market when wallets like MetaMask still struggle to provide a stable experience on mobile. Using the wallet is a reminder of the attention given to the feedback from early adopters and the challenges faced in onboarding users. They have faced some bumps on the road to deliver this product, but the effort shines through. 

SafeMoon has various key moments coming up this year. From token listings for their exchange to the exchange launch, contract upgrade, additional cross-chain development, and launch of the SafeMoon blockchain, among others. The team has faced some controversy around certain members leaving and speculation on commitment towards the project. The wallet, however, negates all doubts with the attention to detail and thought put around it. It has piqued market interest, and rightly so, as the product is promising. There has been an effect on the price too, which moved up in the last 48 hours. The iOS wallet is scheduled for release next and looks likely to add to an ever-growing group of enthusiasts to the moon.

 

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Aakasha
Aakasha

Avid reader, movie buff and crypto enthusiast.


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