TechFlow news, February 16 — According to BeInCrypto, DeFi protocol SafeMoon announced it will launch a meme coin on the Solana blockchain, aiming to enhance liquidity and offer SFM holders new opportunities to exchange tokens for other assets. The project will adopt a relaxed approach with no predetermined utility, focusing instead on community interaction and engagement. Additionally, SafeMoon recently burned 2.2 trillion SFM tokens and plans to support automatic swaps via the VGX wallet, injecting liquidity into the ecosystem. These moves aim to move past previous controversies and legal issues, placing the project’s future entirely in the hands of the community.
The team emphasized that the smart contract has not yet been released, and warns users against purchasing any non-official versions of SafeMoon tokens to avoid scams.
Previous report, the SEC and the U.S. Department of Justice accused DeFi protocol Safemoon and its executives of fraud.
