Safuu

Last updated

Safuu
Safuu Logo.png
Development
Original author(s)Bryan Legend
White paper "Safuu Protocol"
Initial release1 March 2022(2 months ago) (2022-03-01)
Code repository BSCScan
Development statusActive
Website safuu.com
Ledger
Issuance schedule325,000 tokens released on March 1, 2022, rebasing at a 0.02355% increase rate every 15 minutes until february 28, 2023; it will rebase thereafter at a much lower rate until maximum supply is reached, around mid 2035. [1]
Circulating supply973,513 (As of April 27, 2022)
Supply limit3.25 Billion [2]
Valuation
Market cap US$182 million (as of April 27, 2022)

    Safuu (acronym of Sustainable Asset Fund for Universal Users) is a decentralized digital currency and a DeFi auto-staking and auto-compounding protocol that, at the time of its introduction, set the record for the highest annual percentage yield in the decentralized finance space, with an APY of 383,025.80%. [3] The interest is automatically paid to the holders of the token in their wallet, by increasing their amount of Safuu at a rate of 0.02355% every fifteen minutes, that is ninety six times per day. [4] Founded in the first quarter of 2022 by a team of developers headed by Australian entrepreneur Bryan Legend, [5] Safuu held its initial coin offering on March 1, 2022 with an initial supply of 325,000 tokens. [6] The project's smart contract has been deployed on the Binance Smart Chain. It has since quickly drawn attention within the crypto community for its features, such as the Fire Pit, an automated token burning process, [7] the "Auto Liquidity Engine" and the LIC (Longterm Interest Cycle), mechanisms that help to contain inflation and keep the project sustainable, despite its high interest yield. [8] [9] On April 23, 2022, the team announced they began developing a proprietary blockchain, to be completed by July 2023. [10]

    Contents

    Other activities

    Although still in its infancy, in April 2022 the project had already began diversifying its activities outside of the crypto world.

    Safuu Racing

    On the 7th of April, 2022, Safuu introduced its racing team, in cooperation with Team HARD, [11] competing in the British Touring Car Championship. [12] [13] Team drivers for Safuu Racing are Árón Taylor-Smith and Nicolas Hamilton, brother of F1 world champion Lewis Hamilton.


    Safuu Air

    On the 18th of April, 2022, the Safuu team announced plans to launch an international airline that will offer flight services by February 2024 in Australia, Southeast Asia, the United Emirates and the west coast of the USA. Payments for international flights made in Safuu coins will be eligible for a discount of up to 16%. [14]

    Safuu Coffee

    On May 11th 2022, A YouTuber named Daniel Prado jokingly tweeted how good of a marketing idea would it be if the Safuu team launched a coffee blend. In response to his tweet Bryan Legend(The creator of Safuu) tweeted back that the Safuu team is actually working on a coffee blend and that it will be released soon.

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    References

    1. ↑ "Safuu - Long term interest cycle". 17 April 2022.{{cite web}}: CS1 maint: url-status (link)
    2. ↑ "Safuu token". Gitbook. 17 April 2022.{{cite web}}: CS1 maint: url-status (link)
    3. ↑ "Safuu - Launches Crypto's Highest Paying DeFi Yield of 382,945% APY". Globenewswire. 17 April 2022.{{cite web}}: CS1 maint: url-status (link)
    4. ↑ "Up over 200% in 4 days: Why is Safuu protocol grabbing attention?". Kalkine Media Australia. 7 March 2022.{{cite news}}: CS1 maint: url-status (link)
    5. ↑ "Meet The Entrepreneur Behind The Cover Of The April 2022 Issue Of InLife International: Bryan Legend". In Life Mag. 15 April 2022.{{cite web}}: CS1 maint: url-status (link)
    6. ↑ "Safuu makes it possible for token distribution to be paid directly proportional to the epoch rebase rewards". CryptoCreed. 17 April 2022.{{cite web}}: CS1 maint: url-status (link)
    7. ↑ "Can Token Burning Really Help DeFi Protocols Solve the Looming Issue of Interest Inflation?". Use The Bitcoin. 5 May 2022.{{cite web}}: CS1 maint: url-status (link)
    8. ↑ "How SAFUU Protocol is Aiming To Make DeFi More Scalable and Sustainable". The News Crypto. 17 April 2022.{{cite web}}: CS1 maint: url-status (link)
    9. ↑ "Top 3 DeFi Projects Worth Considering in 2022". Jannah News. 6 April 2022.{{cite news}}: CS1 maint: url-status (link)
    10. ↑ "Safuu Blockchain in 2023". Medium. 23 April 2022.{{cite news}}: CS1 maint: url-status (link)
    11. ↑ "Team Hard Racing reveals Safuu.com partnership". BTCC. 7 April 2022.{{cite news}}: CS1 maint: url-status (link)
    12. ↑ "Safuu.com Joins Team HARD. Racing as Title Partner". Team HARD. 17 April 2022.{{cite web}}: CS1 maint: url-status (link)
    13. ↑ "Nicolas Hamilton remains with Team HARD for third BTCC campaign". Touring car times. 18 April 2022.{{cite web}}: CS1 maint: url-status (link)
    14. ↑ "Safuu Airlines Discovery is Born!!". Medium. 18 April 2022.{{cite news}}: CS1 maint: url-status (link)
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