SAFE

SafeSAFE

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What is Safe? Safe is a programmable platform that enables users to control their digital assets with granular permissions.

Its flagship solution is a multi-sig based smart contract wallet that requires a predefined number of signatures to confirm transactions to prevent unauthorized access to the assets stored, but it is also widely used as an open source protocol in other ecosystem solutions like Utopia labs, Prysm, Coinshift, Parcel etc. for a variety of use cases for DAOs, institutions, retail and individuals.

As of September 2022, Safe accounts are used to process over 800,000 transactions and secure web3 digital assets exceeding $40 billion. The open source contracts are battle-tested and there have been no critical security incidents since Safe was deployed in 2018.

Why use Safe accounts? Traditional web3 accounts are controlled by a single private key, often derived from a 24-word secret phrase. As long as a user owns this private key, they control the account. However, these private keys regularly get lost or compromised, resulting in the complete loss of the assets associated with the account.

Safe, on the other hand, uses smart contracts accounts that can be individually configured to suit the custody needs of different user groups:

  • Authentications using multiple private keys (multi-sig) or community-control (DAOs)
  • Recovery and inheritance mechanisms
  • Improved transaction experience (transaction batching, gas abstraction)
  • Transaction checks and hybrid-custody
  • Spending limits and automation

What is $SAFE? $SAFE is the native ERC-20 governance token that stewards infrastructure components of the Safe ecosystem, including:

  • Safe Contracts
  • Default Interfaces
  • On-chain assets
  • Tokenomics

As $SAFE holders have control over the core components, they can introduce value capture and reward programs that supercharge the Safe ecosystem flywheel (more users, transactions, integrations, builders).

How many SAFE tokens are there in circulation? Safe launched on April 20, 2022 with 1 billion SAFE Tokens minted by the Safe Foundation, an independent, non-profit organisation that contributes to the development of the Safe ecosystem. This is the SAFE token’s fixed max supply.

Further details around the initial circulating supply can be found here. https://forum.gnosis-safe.io/t/safe-voting-power-and-circulating-supply/558