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Safe FAQ
Yes. Safe is a smart wallet with multisig capabilities built in that make it robust and secure. A user can still choose not to use multiple signer and just use one.
The Safe smart account is much larger than the Safe(wallet) interface. It is the core infrastructure used to embed smart accounts into any product. Worldcoin most notably uses it to deploy all their user wallets on the world app.
There are many reasons but the biggest one is security. Multiple signers to authenticate an account gives users the security like an onchain multi-factor authentication.
Aside from this, many advantages like transaction batching, gas efficiency and using several Safe(Apps) can be enjoyed by users.
Dive deeper into Safe
Safe (previously Gnosis Safe) is the ownership layer of web3 securing >$100B+. It includes Safe(Core), a full stack of account abstraction infrastructure, and the industry-standard multi-sig, Safe(Wallet). The project is focused on making every Ethereum account a smart account and enabling new use cases like AI, Staking, Gaming, SocialFi, DeFi, and Payments to flourish with gasless transactions, easy face-ID like logins, onramps, recovery, and more. Safe has a large ecosystem of 200+ projects, including Gnosis Pay and Worldcoin, deployed in over 15 networks, building on the Safe smart account standard. Safe(Wallet) is also widely used by individuals like Vitalik Buterin, Punk6529, and web2 giants like Shopify and Reddit for self-custody of assets and high-value NFTs.
How Does Safe Work
Safe is the smart account standard used for multi-sig security and used by the whole industry for protocol operations and treasury management, mostly to add an extra layer of onchain MFA. The Safe smart account contracts are part of Safe(Core), which is an account abstraction infrastructure to build apps using this same battle-tested account standard. This comes with a full SDK and API services so developers can easily integrate Safe into their apps.
As of April 2023, over 8M Safe accounts have been created, making >40 million transactions. The open-source contracts are battle-tested and have been formally verified and audited multiple times. There have been no critical security incidents since Safe was deployed in 2018, and Safe is known for its security in the industry.
Safe Price and Tokenomics
The SAFE token is an ERC20 token with a ticker symbol of “SAFE”. It has a maximum supply of 1 billion tokens and an initial circulating supply of 427 million. Safe token operates within the Smart Wallets, Smart Accounts Infrastructure sector, an Account Abstraction.
SafeDAO and the SAFE token were launched in September 2022, and as voted by the community, the token remained non-transferable.
- Governance: SafeDAO is governed using the SAFE token. SAFE token holders can vote within the scope of governance of SafeDAO.
- Safe Activity Program: Locking SAFE can boost/multiply the rewards the 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.
About the founders
Safe is a Gnosis spin-out founded by four co-founders: Lukas Schor, Dr. Christoph Simmchen, Richard Meissner, and Tobias Schubotz. Each excelled in their respective Ecosystem and marketing, product, technology, and legal domains.
Lukas Schor, a leading business strategist at the Safe Ecosystem Foundation, advocates for blockchain technology and self-custody. Richard Meissner, a software engineer, focuses on expanding digital asset ownership and enhancing security through account abstraction. Dr. Christoph Simmchen, with a legal background, champions decentralization, and community ownership, spearheading the ‘DAOification’ of Safe and addressing legal implications. Tobias Schubotz, a product management leader, resolves coordination issues in DApps and promotes account abstraction for improved security and usability in Web3.
Safe Highlights
Since its inception, Safe has achieved several significant milestones. In May 2022, it raised $100 million during its rebranding from Gnosis Safe to Safe. The platform has secured over $100 billion in total value across 15 or more networks, with over $1 billion in monthly transfer volume for ETH alone. Safe boasts the creation of 8 million accounts, representing a remarkable 290% year-over-year increase, and has processed 42 million transactions, marking a 350% year-over-year growth. Additionally, over 200 projects are actively building on Safe accounts and tooling, showcasing its widespread adoption and utility within the blockchain ecosystem.
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