The FTX collapse has got everyone talking in the crypto Community reactions have been intense and the News continues to make headlines several days after the crash somehow.
The fate of safe moon has gotten mixed up in all of this and if you stick around to the end of this video you'll find out how over the next few minutes I'll walk you through the impact of the FTX crash on safe Moon I'll also show you why the binance deal with FTX is significant to safeman's Future.
I'm going to be unpacking a lot about the FTX collapse and the binance deal which was later canceled these two events are so huge for safe Moon and have the potential to turn things around significantly for safeman for better or worse if you want to find out what I'm talking about then keep watching now let's start the story from the beginning the FTX crash what exactly happened on November 11th the FDX exchange which was one of the world's largest crypto exchanges and a huge competitor for binance filed for bankruptcy the news was a shocking one primarily because ftx's founder of Sam bankman freed has been bailing out failing crypto startups just a couple of months ago so to suddenly learn that his exchange had become broke got people really confused.
The reason behind the collapse was even more shocking and the crypto Community is still trying to recover from the shock of it all on November 2nd 2022 coindesk revealed that Almeda research a sister company to FDX held a position in FTX worth 5 billion dollars the money was held in ftt the native token of FTX also almeda's investment Foundation was held in ftt this was a huge problem because it meant that bankman freed simply whipped up money from thin air instead of investing actual money in the form of Fiat or another cryptocurrency when binance found out it announced four days later that it would be selling off every FDT token it had keep in mind that FTX was incubated by binance initially binance had some equity in FTX but later sandbankment freed SBF decided to buy out binance part of that payment was made in ftt tokens but following the Scandal Zao decided that the best move to manage risk was for binance to sell off all their ftt tokens worth 529 million dollars the Terra Luna collapse had made everybody wary and CZ wasn't willing to take chances with Finance selling off FTX entered a liquidity problem.
which caused customers to start to withdraw their assets from FTX a total of about six billion dollars was withdrawn before FTX halted withdrawals the ftt token also crashed by 80 in just two days and then in an unexpected turn binance announced on November 8th that it was going to buy FTX for an undisclosed sum this was big news and it triggered a significant price rally for safe Moon after it went viral some might wonder what it has to do with safeguan well I'll be uncovering that in a couple of minutes but something to keep in mind for now is the fact that historically we know that every time BNB rallies safe Moon rallies too the reason for this is actually pretty simple but the FTX Finance story isn't over yet.
so let's wrap up with that barely 24 hours after binance announced that it will be buying out FTX CZ announced that he'll no longer be going ahead with the deal the binance boss cited concerns about the mishandling of customer funds among other issues and is a reason for changing his mind naturally this news was not received with as much excitement as the first news and it did affect the price of BNB and ultimately safe mode nevertheless in the long run backing out of this deal with FTX might turn out to be the best move for BNB and indirectly forsaken 2. now you might be wondering why safe Moon's prize and that of BNB are linked well as I said the answer is simple first of all safe moon is currently hosted on binance Smart chain BSC secondly BNB and safe moon are a wrapped pair this ultimately means that if BNB gets more valuable then safe moon will also increase in value this is why,
when BNB goes up most often safeman goes up along with that initially when the news of binance acquiring FTX broke many BNB holders were excited because FTX is one of binance's major competitors acquiring FTX would have made binance more valuable as a company thereby making its token more valuable as well this speculation triggered an uptrend for BNB with safeman's price taking off as well on the contrary hearing that binance would no longer go through with a deal reduce the excitement in the crypto Community which caused bnb's price to fall however while many might think that backing out of the deal might have been a bad move when you consider all the factors you might find out that this could be bullish for BNB and safeman in the long run consider that if Finance acquires FTX it would become larger than it currently is probably owning up to 80 percent of the total market share while this might be great for bun in short term in the long run it might create issues for the company that affect.
The price of its token which could also affect safe Moon on the one hand FTX is a dubious company and remaining in relationship with the company after this Scandal could affect investors confidence in binance which won't be great for the company plus the larger binance gets the more attacks it becomes prone to and the riskier it gets for assets like savemen which are built on BSC and are closely related to BNB cz's approach of embracing transparency and honest business practices is definitely great for binance and the host of crypto projects in its ecosystem considering all the factors therefore it is very likely that BNB will be experiencing a price explosion in the next Bull cycle which will be amazing for all safe Moon holders of course this is not Financial advice and you're advised to carry out your own research but feel free to let us know what you think about this down in the comments I'd love to hear from you with that said we move on to more exciting news from the world of safe Moon the dev team recently made a huge announcement which I'll be unpacking in a few minutes but before we get to that let's take this quick announcement this channel has a daily giveaway of 1 000 safe Moon V2 tokens for a chance to be the proud owner of a thousand shiny V2 tokens all you have to do is subscribe to this channel like this video and comment hashtag safe Moon good luck all right back to the video in a press release made a couple of days back safe and announced the launch of a new system a tokenomic supervisor the team revealed that the invention was another step to developing a more meaningful ecosystem for safe mode and that the role of the tokenomic supervisor is to resolve a growing issue facing non-flat fee tokens that Deploy on multiple deckses non-flat-free tokens create a problem because they charge different fees for different transactions for instance transferring buying and selling this could create problems for dexes on which they are listed as incorrect fees can sometimes be charged for different transactions especially when the token is registered on multiple platforms to resolve this challenge a safe plan is partnered with an AI and blockchain expert called Dr Adel L maseri to create a sequence economic supervisor The Invention is currently patent pending and is designed to operate in two steps the first is token registration basically one partner tokens register on safeman swap the system takes note and then monitors transactions on that token to know what is missing from the few rules for buy and sell transactions now as the token swap the supervisor will check out the fees against the registration requirements to see if they tally if they don't it will initiate a correction even if it's a multi-hop transaction or multiple token types are involved the safe Moon team has explained that this invention will help to support and update older tokens to new tokenomics rules on the Fly which will in turn benefit their fluid and accurate movement ultimately the saving tokenomic supervisor changes the game for the crypto Community as a whole according to the statement shared.
The sequence economic supervisor changes the decentralized exchange landscape to free up additional access for token partner listings essentially expanding the availability of web 3 for more participants by making token inclusions more accessible to token liquidity providers unlocking additional Community potential to partner with meaningful products what do you think about the safe into economic supervisor generally reaction to the announcement has been a mixed bag in the safeman community with many being excited and a few just clamoring for the safe Moon exchange and orbital Shield feel free to let me know which of these groups you belong to down in the comments.
