This week is seeing an enormous improve for altcoins, and SafeMoon (CCC:SAFEMOON-USD) is not any completely different. It seems that the yield-farming token is being upgraded with blockchain bridges. Could this SafeMoon crypto information be a catalyst for additional good points? How may this have an effect on traders’ complaints of impracticality? The improvement staff took to streaming platform Twitch to reply some of these questions.
SafeMoon, identified for its Twitter savviness, is trending as soon as once more with the hashtag #SafeMoonBridges. The hashtag has hundreds of posts from traders who’re completely satisfied to see the token up its utility a bit with blockchain bridges.
Joining the investor hype is a promo video from the event staff:
— SafeMoon (@safemoon) June 29, 2021
Blockchain bridges are a typical manner for cryptocurrency builders to supply interoperability. Through SafeMoon’s bridges, traders will be capable to take their tokens from the Binance (CCC:BNB-USD) Smart Chain to chains like Ethereum (CCC:ETH-USD) and EOS (CCC:EOS-USD) for a spread of completely different use circumstances.
This announcement exhibits SafeMoon branching out to different functions like liquidity staking, NFTs and extra. Users can entry these bridges proper now, as they have been launched at 12:00 p.m. Eastern.
Can the SafeMoon Crypto News Insulate the Token?
The announcement is a step in the proper course for SafeMoon as builders search to shake its notorious standing as a rip-off. Criticism has been being levied in opposition to SafeMoon since day one, as crypto influencers and blockchain analysts expose factors of concern.
One of probably the most obvious, and simply probably the most demonstrable, is the token’s inherent lack of an actual use. Billed as a yield-farming token, the entire draw is in shopping for tokens and simply holding onto them to earn extra tokens. There is nothing to do with them besides arbitrage them, hopefully for revenue. This new bridging will permit builders to current some kind of use case, and with the crypto’s rabid following on Twitter, one can make sure that many will make the most of these bridges.
On the entire, SafeMoon has been treading water. However, this afternoon the token is trending upward, seeing an 11% achieve because the builders implement bridging.
On the date of publication, Brenden Rearick didn’t have (both instantly or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.