This week is seeing a big upgrade for altcoins, and SafeMoon (CCC:SAFEMOON-USD) is no different. It appears that the yield-farming token is being upgraded with blockchain bridges. Could this SafeMoon crypto news be a catalyst for further gains? How might this affect investors’ complaints of impracticality? The development team took to streaming platform Twitch to answer some of these questions.
SafeMoon, known for its Twitter savviness, is trending once again with the hashtag #SafeMoonBridges. The hashtag has thousands of posts from investors who are happy to see the token up its utility a bit with blockchain bridges.
Joining the investor hype is a promo video from the development team:
— SafeMoon (@safemoon) June 29, 2021
Blockchain bridges are a common way for cryptocurrency developers to offer interoperability. Through SafeMoon’s bridges, investors will be able 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 variety of different use cases.
This announcement shows SafeMoon branching out to other applications like liquidity staking, NFTs and more. Users can access these bridges right now, as they were launched at 12:00 p.m. Eastern.
Can the SafeMoon Crypto News Insulate the Token?
The announcement is a step in the right direction for SafeMoon as developers seek to shake its infamous status as a scam. Criticism has been being levied against SafeMoon since day one, as crypto influencers and blockchain analysts expose points of concern.
One of the most glaring, and easily the most demonstrable, is the token’s inherent lack of a real use. Billed as a yield-farming token, the whole draw is in buying tokens and just holding onto them to earn more tokens. There is nothing to do with them except arbitrage them, hopefully for profit. This new bridging will allow developers to present some sort of use case, and with the crypto’s rabid following on Twitter, one can be sure that many will utilize these bridges.
On the whole, SafeMoon has been treading water. However, this afternoon the token is trending upward, seeing an 11% gain as the developers implement bridging.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.