SafeMoon upgraded from V1 to V2 on December 13, 2021 and consolidated its tokens to a 1000:1 ratio. The V2 upgrade reduced SafeMoon’s circulating supply without affecting the overall balances of its users.
It’s been two weeks since the V2 launch and the migration will not be processed automatically. Users need to manually transfer their SafeMoon tokens from V1 to the V2 platform.
The transition process is simple and easy. We’ve covered a step-by-step guide on how to transfer your tokens to the V2 platform. The process includes all forms of SafeMoon tokens stored on various platforms and wallets.
Here’s How To Migrate Your SafeMoon Tokens To V2
Follow the below detailed step-by-step guide on how to migrate your SafeMoon V1 tokens to the V2 newly launched V2 platform.
For SafeMoon Wallet users: You must update to the latest version of the app on your mobile phone and follow the consolidation process in the wallet. The steps would display on the screen once you click on the ‘consolidate’ tab and follow the instructions until ‘finished’.
For Non SafeMoon Wallet users: (Users with another wallet) – You need to go to swap.safemoon.net and connect your wallet to consolidate. Firstly, you need to click on the tab in green that reads ‘Consolidate to V2 SafeMoon!’ and follow the instructions to complete the process.
This is only applicable for SafeMoon holders with another wallet. They include MetaMask, Binance Chain Wallet, Trust Wallet, Math Wallet or have access to WalletConnect dApp on your wallets.
If your tokens are on an exchange: There’s no need to worry and no need to manually setup the transition. The exchanges will handle the migration process themselves and notify you through email when the process is complete.
If your tokens are stored in a Hard Wallet: You need to import your wallet into the SafeMoon Wallet app using your private key feature. It is important to not share your private keys to anyone, be it on social media or email.
There are several fake accounts on social media asking users for their private keys posing as ‘helpdesk’ to scam users.
In addition, if none of the above wallets, apps, exchanges applies to you and own SafeMoon in another format altogether: You need to contact the SafeMoon support team for guidance and they will help you with the steps to migrate to V2.
The official email address solely dedicated for this feature is the SafeMoon support team at [email protected]
What is SafeMoon V2?
For the uninitiated, SafeMoon launched V2 to its users on the BEP-20 Binance Smart Chain platform. The V2 platform is now fully implemented and users can swap their V1 tokens to V2.
V2 has upgraded contracts that has the capacity to change the coin’s consolidation formula. The upgraded contract entails a 1000:1 consolidation formula that reduces the supply of circulation by a factor. The upgradation occurs without affecting the overall portfolio balance of the users.
In addition, consolidation is a DeFi feature that SafeMoon refers to as ‘reverse stock splits’. The stock market has ‘consolidation’ in place since decades and allows companies to engage in reverse stock splits.
The same ‘reverse stock splits’ in the form of consolidation is used by SafeMoon V2. In a way, consolidation cleans up the numbers without changing the ownership rights of the investors.
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