SafeMoon is set to launch widely anticipated V2 upgradation anytime soon. Investors’ community has already started the countdown on social media as they eagerly await V2 migration, which they believe will benefit them in the long run. With the launch of V2, SafeMoon is aiming at additional use-cases and adoption as it expands its sphere in the crypto space.
However, according to reports, the V2 migration process may not happen automatically, and investors must set their tokens for transition manually. The SafeMoon V2 project involves getting upgraded contracts able to change coins’ consolidated formula, which is a DeFi feature commonly referred to as “reverse stock splits.”
Reverse stock splits by companies are not new in the stock markets since they often benefit shareholders. SafeMoon is using similar reverse stock splits as a consolidated formula to benefit its investors. The team can clean up numbers through consolidation without changing investors’ ownership rights.
Step-by-step guide on how to transfer your SafeMoon tokens to V2
- SafeMoon wallet users: To transfer your tokens to V2, you must update your SafeMoon app to the latest version. Once updated, navigate the wallet and follow the consolidation process for a smooth migration.
- Non-SafeMoon wallet users: If you are using Math Wallet, Trust Wallet, Binance Chain Wallet or MetaMask Wallet, you are required to visit swap.safemoon.net, select tokens and connect the wallet to consolidate. In addition, you can use WalletConnect Dapps if you can access them from your wallet to transfer your tokens.
- For users whose tokens are on exchange: In case your tokens are on exchange, do not trouble yourself with the migration because your exchange will handle the transfer for you. Alternatively, transfer your tokens to a SafeMoon Wallet and follow the consolidation process for a successful migration.
- For users whose tokens are stored in a Hard Wallet: to migrate your tokens to V2, you will need first to import the tokens to SafeMoon Wallet using a private key feature on the app and follow the consolidation process on the wallet.
If you own SafeMoon in varying formats and none of the above steps applies, you must contact the SafeMoon support team. The support team will direct you to transfer your tokens to V2.
SafeMoon revealed on Twitter that the new upgrade would enhance security, accessibility and the quality of contracts on its network. Besides, the V2 upgradation will implement 1000:1 consolidation and the developments are preparing investors for a warp-speed future. In general, adding these new features to the SafeMoon network will increase the demand for tokens and hopefully help it continue rising as a top cryptocurrency in the market.