What is SafeBag, an introduction and AMA recap.

May 28, 2021 · 4 min read

First and foremost, the launch of SafeBag took our team by surprise, I must admit that we were not prepared for such a big success.

Our Initial Liquidity Offer was scheduled to last one week and it hit hardcap in less than six minutes (!!), this shows how the vast majority of DeFi investors realize the value our project will bring to the table and DeFi is so much more than meme tokens.

We’re humbled by the community support and we will give our very best to always over-deliver.

Keep Buidling,
Martin @ SBagger

Historically, crypto investors have been called “Bag Holders”, the recent DeFi craze is attracting all kinds of new projects, some innovative services and many, many pump and dump schemes.

Although over one hundred and fifty thousand pairs are registered on the biggest Binance Smart Chain decentralized exchange, PancakeSwap, the lack of data analysis resources enables scammers to keep launching scam tokens just to attract uneducated investors looking for a quick profit. And this is just one example in one EVM compatible blockchain.

Before taking SafeBag public, our team gathered data for over three months on these contracts, since the only available information is extremely basic, such as pricing and liquidity depth.

As an example, some of the hundreds of data points we’ve been analyzing from smart contracts, specially those with an automatic liquidity function is what amount of tokens the contract collects before creating liquidity. This is only one of all the exclusive features our platform will offer to SBAG holders and, when used appropriately, these trading signals have been proven to be extremely profitable.

Please note that, in order to avoid copycats, we can not go into most technical details of our platform at this time.

So, what is the idea behind SafeBag?

You can think of the core SafeBag platform as a next-generation analysis tool for smart DeFi investors. The main purpose of our project is to ultimately help DeFi investors keep their bags safer.
And that’s only the beginning.

AMAs Recap

The week before our ILO, we held two AMA (Ask Me Anything) voice sessions in our Telegram Group, regretfully they were not recorded so I’ll do my best to transcribe some of the questions and answers, however if you still have questions, feel free to join our public group.

How big is the SafeBag Team and where are you located?

The project started with three people, friends that know and worked together on several previous non-crypto projects.

We started flirting with the idea of SafeBag when Pancake Swap was first launched.
We always joke that the BSC is a live testnet for Ethereum projects.

The team is composed by a Software Engineer, a Data Scientist and a Full Stack Developer.

We are based in the eastern coast of the US, but we have crazy schedules so you’ll probably see us online in the middle of the night.

How is your platform going to be different from PooCoin and others?

As I mentioned above, we are looking at more advanced data from smart contract functions, such as liquidity dump signals, impermanent loss avoidance and several other exclusive features.

That being said, the SafeBag platform will also freely offer trading data, pricing charts and all the basic features these websites provide, but it will be presented elegantly on an uncluttered environment.

What is Decentralized Insurance and how is going to work?

After the main platform launch, we will deploy a decentralized insurance system where investors and project owners will be able to offer insurance and pay premiums for eventual hacks.

Completely decentralized, triggered by oracle provided data.

Note that, at this time, this is only a WIP idea and our roadmap shows that it will be implemented early next year.

Why the Binance Smart Chain?

The Binance Smart Chain is fast, affordable and EVM compatible, but we realize is not the only one.
So while we launched our project on the BSC, we will soon present proposals to our community of holders for deploying to different EVM compatible blockchains.

Will you renounce ownership of the contract?

Although the SBAG smart contract has been audited and it’s extremely safe, SafeBag is a long term project.

As an example, one function in our contract allows us to swap decentralized exchange router addresses, avoiding issues like most tokens had when PancakeSwap decided to upgrade their router to a new address.

So, no, we will not renounce ownership, we’re here to stay.

What are your marketing plans?

Note that this question was asked in our pre-ILO AMA and this answer has been adapted for the current situation.

SafeBag is not yet another pump and dump scheme, we don’t rely on hype, we are here to simply provide the best analysis platform the DeFi world has ever seen.

We realize that most people asking these kinds of questions when a project is on its early stages, are those looking to make a quick profit and are used to pump and dump meme tokens.

Furthermore, we find it counterproductive and borderline unethical to discuss SBAG token prices and anything related to manipulating trading volume.

Now that that’s out of the way, we are currently working with several content producers who will spread the word about the SafeBag Project to their communities.

To know more about SafeBag, please visit our website, follow us on Twitter @SafeBagio and join our Telegram Group.


Next Generation DEFI Analysis Toolkit