Hello friend! If you‘re a SafeMoon holder, you‘ve likely heard about the highly anticipated V2 token upgrade. Migrating from V1 to V2 is crucial to optimize your investment in this exciting crypto project.
In this detailed guide, I‘ll be walking you step-by-step through the full process of migrating your V1 tokens to V2 using Trust Wallet.
As an experienced cryptocurrency enthusiast, I want to make sure you fully understand the benefits of upgrading to V2. I‘ll also provide tips to avoid any mistakes, so you can smoothly transition to the new contract.
Let‘s get started!
Why Migrate to SafeMoon V2?
Before jumping into the tutorial, it‘s important to understand why migrating to V2 matters in the first place.
The SafeMoon team launched V2 in late 2021 to implement upgraded tokenomics and unlock new possibilities like integrating with the Ethereum network.
Here are some of the key benefits V2 provides over V1:
Consolidated Supply – The total supply was condensed from quadrillions down to billions, making the price appear higher. This results in better perception and trading psychology.
Burn on Transfer – Now when the 10% fee is charged on transfers, tokens are burned directly rather than sending to the burn wallet. This makes the burn process more efficient.
Liquidity Access – V2 gives the dev team access to the V1 PancakeSwap liquidity pool, unlocking additional value for the project.
Upgraded Tokenomics – The new contract implements improved tokenomics like reflections and burns. More benefits are planned for the future.
Exchange Listings – V2 meets compliance standards needed for top-tier exchange listing like Binance. This will improve accessibility and trading volume.
According to the SafeMoon team, V2 lays the foundation for launching exciting new products and integrations they have in development.
While migrating is optional, it‘s highly recommended to fully utilize the future SafeMoon ecosystem. Let‘s get your tokens consolidated!
Overview of Migration Process
Here is a quick overview of what‘s involved in migrating your V1 to V2:
Use the SafeMoon Swap tool to migrate. Do not send V1 tokens directly to the V2 contract address.
You‘ll need some BNB for gas fees. Have around $3-$5 worth.
Add the new V2 token contract in Trust Wallet to see your balance.
Don‘t worry if V2 price/chart data seems inaccurate at first. It will stabilize over time.
Exchanges have not opened migrations yet. You‘ll need to self-migrate any wallet holdings for now.
And don‘t worry – there are no extra taxes or fees for migrating! Just the usual BNB gas fee. You‘ll receive 1:1 V2 tokens compared to the V1 amount you convert.
Okay, let‘s get started with migrating your tokens!
Step 1 – Navigate to SafeMoon Swap
First, we need to access the SafeMoon Swap migration tool. This is the only way to securely migrate V1 to V2.
On your phone, open the Trust Wallet app and tap the DApps tab on the bottom. This will bring up the DApp browser.
In the URL bar, type in swap.safemoon.net. Tap Go.
Alternatively, you can access it directly from your mobile browser. But make sure you are visiting the legitimate SafeMoon Swap site.
Double check that the URL is correct before proceeding. Scammers often create fake versions to steal crypto from unsuspecting users.
When you land on the Swap page, let‘s move on to connecting your wallet next.
Step 2 – Connect Trust Wallet to SafeMoon Swap
In the top right corner, tap "Connect".
A dropdown will show different wallet connectors. Select "TrustWallet" since that is what you‘ll be migrating from.
The WalletConnect pairing process will begin. A session request pop-up will appear – tap Approve to continue.
You‘ll get a confirmation prompt in Trust Wallet to allow SafeMoon Swap access. Tap Connect to proceed.
Finally, ensure Smart Chain is set as the network. Tap Approve and your wallet will finish connecting.
If you run into any connection issues, try force quitting and reopening both the Trust Wallet and browser apps. This usually resolves any errors.
Step 3 – Select V1 as the "From" Token
Now your wallet address should show connected in the top right.
Under the "From" field, select SafeMoon V1 from the dropdown token list.
Your V1 balance will appear. If you don‘t see it, tap the refresh icon.
Double check that your V1 balance showing is correct. This is the amount that will be migrated over to V2.
Step 4 – Select V2 as the "To" Token
Under the "To" field, choose SafeMoon V2 (SFM) from the token dropdown.
We are migrating from V1 in the From field to V2 in the To field.
Now we‘re ready to initiate the token swap!
Step 5 – Migrate V1 Balance to V2
With V1 and V2 set as the tokens, tap MAX under the From field to migrate your entire balance.
A summary will show the amount of V2 reflection tokens you will receive. Verify it matches your current V1 total.
Once confirmed, tap the Migrate button to initiate the V1 to V2 swap!
Step 6 – Confirm Transaction in Trust Wallet
A Trust Wallet prompt will pop up to sign the transaction.
You‘ll see the network fee cost in BNB. Make sure you have enough BNB balance to cover this miner fee. Around $3-$5 is sufficient.
If you get an insufficient balance error, you‘ll need to get more BNB before migrating. I recommend using Binance or another exchange to get BNB if needed.
Otherwise, tap Confirm to process the V1 to V2 migration!
This will send your V1 tokens to the burn address and credit your wallet with the new V2 tokens.
Step 7 – Add V2 Token Contract in Trust Wallet
Although your V1 is now migrated, one final step remains!
You need to manually add the new V2 token contract address in Trust Wallet to see your updated balance.
Here is the new V2 contract address:
In Trust Wallet, tap the + icon to add a new token. Search for it or scroll down and select Add Custom Token.
Paste the V2 contract address into the form. The details should autopopulate. Tap Save to finish adding it.
Close and reopen the Trust Wallet app if you don‘t see your new V2 balance.
You did it! You should now see your SafeMoon V2 balance reflecting correctly. Welcome to the future!
V2 Tokenomics and Future Plans
Now that your migration is complete, let‘s discuss some of the details behind V2 and what‘s in store for the future.
The new tokenomics implemented in V2 optimize stability and growth opportunities for SafeMoon. Here are some of the improvements:
Consolidated Supply – V2 reduced the supply from 585 trillion down to 573 billion. This increased the price from ~0.000005 to ~0.01 (at migration launch).
Reflections – The reflection rate was increased from 2.5% to 3.9% of each transaction. This rewards holders with more frequent tokens.
LP Acquisition – The SafeMoon team can now acquire the V1 PancakeSwap LP, valued at around $2 million. This provides more liquidity.
Exchange Listings – V2 complies with requirements needed for top exchanges like Binance. The team is actively pursuing major listings.
Burn Efficiency – Now burn wallet transfers are no longer needed. Tokens are burned directly on transactions.
According to CEO John Karony, the team has an aggressive 2022 roadmap to fuel the next phase of adoption. Their goal is to become a top 10 crypto project within 2 years.
Some products in development include the SafeMoon Exchange, Cross-Chain Bridge, Hardware Wallet, and Operation Pheonix which is shaping up to be a jaw-dropping innovation combining crypto, science, and aerospace tech.
As you can see, SafeMoon V2 opens the doors to an incredibly exciting future!
Common V2 Migration Questions
Let‘s go over some frequent questions that often come up regarding the migration process:
Is there a deadline to migrate my tokens to V2?
No specific deadline has been set yet. But at some point V1 liquidity and support will be removed as the focus shifts to V2. Migrate sooner rather than later.
Will I lose any tokens or incur fees when migrating from V1 to V2?
You will receive 1:1 V2 tokens compared to your V1 amount. The only cost is the BNB gas fee to process the transaction. No 10% taxes are charged.
Is migrating to V2 required?
While optional, it is highly recommended to migrate for the best experience. In the future, V1 liquidity and support will be phased out as adoption moves to V2.
Why is my V2 value different than V1 after migrating?
Price and chart data will be unstable in the early days after migrating. As more volume shifts to V2, the pricing and market cap will equalize. Check SafeMoon.net for accurate V2 metrics.
Can I migrate V1 from an exchange like BitMart or Gate.io?
Unfortunately no – exchanges have not opened migrations yet. For now, you‘ll need to self-migrate any V1 held in wallets by following this guide.
How long does the migration take to complete?
The V1 to V2 swap process only takes a few minutes. However, reflecting the new V2 balance in Trust Wallet may take an hour or more after adding the token. Be patient!
Let me know if you have any other questions! I‘m always happy to help fellow crypto enthusiasts.
Closing Thoughts on SafeMoon‘s Bright Future
Migrating your SafeMoon from V1 to V2 is an important step to optimize your investment in this innovative crypto project.
The V2 upgrade positions SafeMoon to launch incredible new products that combine bleeding-edge technology with crypto.
Their upcoming exchange, hardware wallet, P2E gaming integrations, and mysterious Project Pheonix make this an extremely exciting time for holders.
SafeMoon has crushed every roadmap milestone so far in their short history. With V2 now powering the next evolution, I firmly believe SafeMoon will enter the top 10 crypto leaderboard within 2-3 years.
I appreciate you taking the time to read this guide! Let me know if you have any other topics you want explained related to crypto or blockchain technology.
Remember – only invest what you can afford to lose, and never share your seed phrase or wallet details with anyone. Be safe out there!
To the moon! 🚀