Safe serves as the ownership framework in the web3 realm, safeguarding assets worth over $100 billion. It encompasses Safe{Core}, a comprehensive suite of account abstraction tools, as well as the industry-leading multi-signature solution, Safe{Wallet}. The initiative's goal is to transform every Ethereum account into a smart account, paving the way for innovative applications in areas like AI, staking, gaming, SocialFi, DeFi, and payments. This includes features like gas-free transactions, seamless logins similar to face-ID, easy access points, recovery options, and more. Presently, Safe boasts an extensive network of over 200 projects, such as Gnosis Pay and Worldcoin, across more than 15 networks, all utilizing the Safe smart account model. Prominent figures like Vitalik Buterin and Punk6529, along with major companies like Shopify and Reddit, rely on Safe{Wallet} for securely managing assets and valuable NFTs.
By April 2023, more than 8 million Safe accounts were established, facilitating over 40 million transactions. The project's open-source contracts have been thoroughly tested, audited, and formally verified multiple times. Since its launch in 2018, Safe has not experienced any critical security breaches and continues to set the standard for security in the industry.
What are the benefits of using Safe accounts?
In standard web3 accounts, control is maintained through a single private key, often generated from a 24-word recovery phrase. Whoever possesses this key has full control over the account. Unfortunately, these keys can be lost or compromised, leading to the irreversible loss of all associated assets.
Safe, however, utilizes smart accounts with customizable configurations tailored to the specific custody requirements of various user groups:
* Authentication through multiple private keys (multi-signature) or community-driven control (DAOs), as well as modern authentication methods like social logins and passkeys.
* Modules for account automations, setting spending limits, and establishing roles or hierarchies.
* Recovery and inheritance solutions via Safe{RecoveryHub}.
* Enhanced transaction processes (batching transactions, abstracting gas fees).
* Transaction verification and mixed custody options.
What is $SAFE?
$SAFE is the native ERC-20 token responsible for governing the infrastructure components within the Safe ecosystem, which includes:
* Governance: SafeDAO is managed using the SAFE token, as outlined in the SafeDAO Constitution. Holders of the SAFE token have voting rights within SafeDAO's governance framework. For more information on Safe{DAO} governance, check out the resource hub.
* Safe Activity Program: Locking SAFE tokens can enhance and multiply the rewards that participants earn from their activities within the Safe ecosystem.
* Future Utilities: As the Safe ecosystem continues to develop, the potential applications for the SAFE token will naturally expand. SafeDAO can vote on the adoption of token utilities and indicate the future direction of exploration. The community is encouraged to actively participate in the exploration and implementation of future SAFE token utilities.
How many SAFE tokens are in circulation?
On April 20, 2022, Safe was launched with the minting of 1 billion SAFE tokens by the Safe Foundation, an independent non-profit organization dedicated to advancing the Safe ecosystem. This number represents the maximum supply of SAFE tokens.
For additional information on the initial circulating supply and tokenomics, you can visit: https://safe.global/blog/safe-tokenomics
