Safe is a decentralized smart account ecosystem. The network helps to improve security and engagement via the use of smart accounts. Safe users secure rewards for their interactions and developers can easily integrate their accounts. Here”s what you need to know.
Safe has grown to become a major wallet provider in the market. The platform has facilitated +$6M in transactions over 9.5M accounts. Additionally, the project has $100B in total assets protected across its +2000 partnerships.
Hacking Stats You Need to Know
There has been a steady increase in hacking activity across the crypto market. Studies revealed that $200 million worth of cryptocurrency has already been lost in 2024 so far. These losses span 32 individual incidents and represent a 15.4% increase compared to last year. Safe seeks to prevent these losses and reward users.
Source – Safe Homepage
What Problems Does Safe Attempt to Fix?
There is a serious problem in the blockchain space surrounding smart accounts. In most instances, they are custodial, meaning the account holders don’t have true ownership over their assets. These externally owned accounts can extend to include financial assets, art, digital IDs, and more.
No Standard
Another major problem within the blockchain sector is a lack of standards. Standardization can help to drive in locations and enables developers not to waste time creating projects with no interoperability. Safe seeks to integrate the first blockchain wallet smart account safety standards.
The use of open contract standards empowers users to maximize their efforts. They can create platforms, assets, in-game items, data, and identities that can span the entire blockchain sector. These assets hold more value due to their added usability and demand.
Wallet Fees
Wallet fees remain a concern for savvy crypto users. There are custodial smart wallet providers with many hidden fees that chip away at your savings. Safe elements hidden fees and provides a straightforward and transparent solution to the market.
Security Concerns
Hackers continue to steal billions yearly, making security concerns vital to a project’s success. Safe has raised the bar in terms of safety standards. The platform spends more than $100M a year on third-party security audits from top-ranked platforms.
The introduction of Multisig wallets enhances security further. These features require multiple keys to approve transactions, making it harder for hackers to attack multiple devices. In many cases, this simple step can prevent major losses.
Benefits of Safe
Many benefits make Safe a smart option for developers and users. For one, the protocol provides fast onboarding that leverages a simplified interface. New users can easily find the features they need to access the network they use most.
Safe Rewards
The Safe {PASS} provides user rewards for interacting with the Ethereum network. Improve your holdings by conducting tasks such as transactions, storing digital assets, and holding volume. These rewards are automatically paid to your wallet, making these bonuses an easy way to improve returns.
Flexible
Safe was built to operate across a top-performing blockchain network. The protocol already has systems on more than 15 decentralized networks. This flexibility also helps to deepen liquidity for Dapp providers.
How Does Safe Work?
Safe leverages a modular approach to security. The network uses a two-part strategy to provide smart accounts to the market, Cor and Pass. These options power the ecosystem and help to drive innovation while enabling secure transactions and improving confidence.
Safe{COR}
One of the main features is the Safe{COR} developers toolset. This open-source modular account abstraction stack provides developers with proven security protocols. The modules streamline creating dapps and ensure full interoperability, saving development time.
Safe{Pass}
The Safe{PASS} feature enables anyone to secure points while interacting with their favorite DeFi protocols. Users secure points based on a variety of metrics including how many tokens they send and receive, storing NFTs (nonfungible tokens), and more. Notably, these rewards can be improved further by participating in staking and governance options.
Grants
The Safe ecosystem is all about driving innovation in the blockchain market. As such, there’s a strong emphasis on providing Safe, integrated projects with the support they need to succeed. As part of this strategy. Safe introduced a grant program. Projects with the potential to enhance the ecosystem can secure financial and technical support.
Token – SAFE
SAFE is the network’s main utility token. It has a fixed supply of 1B and is ERC-20 compliant. Users can pay fees and engage with services and features using SAFE. Additionally, you can set SAFE to unlock passive rewards and voting.
Governance
The SafeDAO provides the community with a secure way to evolve via community voting. This mechanism enables users to stake SAFE tokens and submit upgrade proposals. These proposals are then put to a community vote. Each voter’s vote is weighted based on the number of tokens they staked. Consequently, those with the most to lose have the biggest say, ensuring their intentions are good.
Safe History
Safe entered the market in 2018 following the 2017 crypto breakout year. At that time, congestion and security concerns were at their peak. Since its inception, the project has helped to secure more than 200 projects across the Web3 space and has established a reputation as a premier smart account provider.
How to Buy Safe (SAFE)
Currently, Safe (SAFE) is available for purchase on the following exchanges.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry, with over 9,000,000 users and over $207 billion in quarterly trading volume.
Kraken exchange offers trading access to over 190 countries, including Australia, Canada, and Europe, and is our most recommended exchange for USA residents. (Excluding New York & Washington state)
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Gate.io – This exchange was established in 2013 and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions, including Australia & the UK. USA & Canadian residents are prohibited.
Keep Your Projects Safe
Safe is a unique project due to its focus on smart accounts. The project’s goal to introduce security and safety standards across the industry is a smart idea that could help to drive adoption. Additionally, the platform remains positioned as a premier smart account provider, making it a network to watch as more web3 services integrate into traditional markets.
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