What Is SafeMoon Inu (SMI)?

SafeMoon Inu is a community-driven cryptocurrency project for gaming that allows users to participate in the ecosystem of SafeMoon Inu. According to the website of the asset, the ecosystem is made up of three different products:

• SMI Play: It is an online gaming metaverse platform that comprises games in which users can participate to earn cryptocurrency in reward. The platform comprises two sets of items, token items and standard items, which participants can use to play the games. The standard items are generic items of the game that facilitate gameplay and are not developed on the blockchain and cannot be used for trading purposes. On the other hand, token items are non-fungible and fungible tokens stored on Enjin’s Ethereum-based JumpNet blockchain. Enjin is an organization that powers the SMI play platform and develops virtual economies using blockchain technology, and JumpNet is their blockchain technology that facilitates the transaction of NFTs. These NFTs or so-called tokenized items of SMI Play can be used by the participant to play the game, trade on the marketplace, or melt them to earn cryptocurrencies. The melting process signifies destroying an asset developed on the blockchain to retrieve the underlying crypto value.

• MEMES: This is an entertainment galaxy of SafeMoon Inu’s ecosystem developed to provide laughter to the participants, where everyone can work together as a community to explore the galaxy. Thus, SMI is a meme-based token.

• NFTs: These are digital artworks that participants can trade, earn, collect, and melt within the ecosystem of SafeMoon Inu. These NFTs are available on Enjin’s marketplace. The platform claims that these products allow users to generate income, entertainment value, and NFT collection while participating within the SafeMoon Inu ecosystem. To support these participating activities, the SafeMoon Inu (SMI) token was introduced as a medium of operation for the ecosystem.

SMI is a deflationary token developed from the combination of Doge and SafeMoon cryptocurrencies as per the smart contract audit of the asset. The term deflationary token signifies a mechanism that highlights decreases in the token’s total supply with every token transfer. According to the whitepaper of the asset, SMI is an ERC20 token developed on Ethereum blockchain and serves many different utilities on the platform:

• The tokens are used to reward token holders for holding the tokens in their wallets.

• SMI is used to pay a 2% bonus to token holders against transactions that take place on the platform

• The token is used to participate in the games available on the SMI Play platform.

• SMI tokens can be used for trading and purchasing NFTs

• The token provides the provision of winning rare token items and also acquiring statuses like whale, dolphin, and fish depending on the number of tokens held by the token holders. Further, these statuses provide the provision of getting additional rewards, items, etc. Along with this, a portion of the token has been locked in liquidity for a span of six years to vest confidence to token holders. These usages of the token aim to ensure the maintenance of a smooth operating structure within SafeMoon Inu’s ecosystem.

History of SafeMoon Inu (SMI)

The SafeMoon Inu is a community-driven cryptocurrency project with its own gaming platform. This cryptocurrency project was launched on May 13, 2021, while the gaming platform of the project was launched in the third quarter of 2021. The project also released the whitepaper in 2021. According to this whitepaper, the project’s token has a total supply of 1,000,000,000,000.