Safe is the ownership layer of web3, securing over $100 billion in assets. It includes Safe{Core}, a full stack of account abstraction infrastructure, and the industry-standard multi-sig, Safe{Wallet}. The project aims to make every Ethereum account a smart account, enabling new use cases such as AI, Staking, Gaming, SocialFi, DeFi, and Payments with features like gasless transactions, easy face-ID logins, onramps, recovery, and more. Safe has a large ecosystem of 200+ projects, including Gnosis Pay and Worldcoin, deployed across 15 networks, all building on the Safe smart account standard. Safe{Wallet} is also used by prominent individuals and web2 giants like Shopify and Reddit for self-custody of assets and high-value NFTs.
As of April 2023, over 8 million Safe accounts have been created, with more than 40 million transactions. The open-source contracts have been formally verified and audited multiple times, with no critical security incidents since Safe was deployed in 2018. Safe remains the benchmark of security in the industry.
Why use Safe accounts?
Traditional web3 accounts are controlled by a single private key, often derived from a 24-word secret phrase. However, these private keys frequently get lost or compromised, resulting in the complete loss of associated assets. Safe, on the other hand, uses smart accounts that can be configured to suit different user groups:
- Authentications using multiple private keys (multi-sig) or community control (DAOs) as well as newer methods like social login and passkey.
- Modules to build automations into the account, assign spend limits, and roles/heirarchies.
- Recovery and inheritance mechanisms with Safe{RecoveryHub}.
- Improved transaction experience (transaction batching, gas abstraction).
- Transaction checks and hybrid-custody.
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
Tokenomics
- Governance: SafeDAO is governed using the SAFE token (see SafeDAO Constitution). SAFE token holders can vote within the scope of governance of SafeDAO. For more information on Safe{DAO} governance, visit the resource hub.
- Safe Activity Program: Locking SAFE can boost/multiply the rewards participants receive from their activity in the Safe ecosystem.
- Future Utilities: As the Safe ecosystem evolves, the design space of utilities for the SAFE token will naturally expand. SafeDAO can vote on the implementation of token utilities and signal the direction of future explorations. The community is encouraged to be part of the exploration and implementation of future SAFE token utilities.
