What is Safe? Information about SAFE Token

Table of Contents

What is Safe?

Safe is an advanced Web3 Wallet platform with cutting-edge security features that have been tested since 2018, chosen by many organizations and individuals in the Web3 community, such as Vitalik Buterin, as well as major companies in the web2 field like Shopify and Reddit, to self-custody valuable assets and NFTs. Currently, there are over 200 projects developing on the Safe platform, with prominent names such as Worldcoin, Gnosis, and it is expected that this number will continue to grow in the future.

The Safe system consists of Safe Core – an infrastructure integrating Account Abstraction elements and Safe Wallet – a standard multisignature wallet on the current Blockchain when storing valuable assets. The project focuses on converting all Ethereum accounts into smart accounts, opening up opportunities for applications related to Artificial Intelligence, Staking, Gaming, SocialFi, DeFi, and Payments.

Safe commits to creating an efficient transaction environment with low gas costs, along with the feature of easy Face ID login. With a bold vision, Safe is aiming for a future where individuals have full control and flexibility over their digital assets, from digital identities, financial assets to digital art, and much more.

What makes Safe special?

Smart Account: Safe utilizes smart contracts to enhance flexibility and programmability. These Smart Accounts improve security and compatibility with the Ethereum network.
High-end security: Safety is a top priority for Safe, from low-level design decisions to offline security measures, such as a million-dollar vulnerability detection program.
Multisig management: Safe provides multisignature management features, ensuring multiple users must confirm before a transaction is executed, enhancing security for funds and assets.
Recovery mechanism: Safe has robust recovery mechanisms, allowing users to regain access to their accounts in case of lost private keys or forgotten passwords.
Utility and flexibility: Safe is designed to be flexible and adaptable to user needs, from gradually advancing towards progressive self-governance for decentralized autonomous organizations (DAOs) to maintaining compatibility with upcoming standards like ERC-4337, ERC-7579, and ERC-6900 through converters.
Cross-platform support: Safe not only supports on the web platform but also on mobile, enabling users to access and manage their assets anytime, anywhere.

In addition, Safe has developed a model compatible with Smart Accounts called Modular Smart Accounts, creating an environment similar to the “App Store” to open up many ways to enhance features through apps. This creates a development ecosystem as smart accounts will also create stores to sell modules/plugins.

Development Team

Gnosis was founded in 2015 by Martin Köppelmann and Stefan George, as part of ConsenSys. However, in 2017, Gnosis left ConsenSys and became an independent company. Gnosis’ headquarters is located in Gibraltar, with over 50 team members globally and a main development center in Berlin.

Previously, Safe Wallet was one of the three products of Gnosis. However, recently, a community vote decided to separate Gnosis Safe into an independent project and rebrand it as Safe.

Lukas Schor, who was the team leader of Gnosis Safe, along with Christoph Simmchen, have become co-founders of Safe.

Investors

Safe has just completed a large-scale fundraising round, attracting a total of $100 million in token sales, led by 1kx. In addition to 1kx, many other major investors participated in this fundraising round, including Tiger Global, A&T Capital, Blockchain Capital, and Digital Currency Group.

SAFE Token Overview

After learning about SAFE, let’s dive into the project’s token – SAFE

Basic information about SAFE token

Token name: Safe
Ticker: SAFE
Blockchain: Ethereum
Contract: 0x5aFE3855358E112B5647B952709E6165e1c1eEEe
Token type: Utility, Governance
Total Supply: 1,000,000,000 SAFE
Circulating Supply: Updating

SAFE Token Allocation

Core contributors: 11.4%
Foundation: 10.2%
Airdrop: 8.5%
Backers: 8.1%
Ecosystem airdrop: 5.6%
Community Treasuries: 56.2%

SAFE Token Release Schedule

SAFE Token Utility

Governance: SAFE token is the main governance tool in SafeDAO, providing voting power and delegation for its owners in important decisions of SafeDAO, including resource distribution and adjustment of SafeDAO Constitution.
Safe Activity Program: SAFE token participates in the Safe Activity Program, where token locking can earn rewards for activities in the ecosystem.
Utility Development: SAFE token is used to develop and fine-tune new utilities, including deploying new features and use cases for the Safe ecosystem, to enhance development and expand the community.

Buying and selling SAFE Token

SAFE started trading on April 23, 2024, on leading exchanges such as Bybit, OKX, and other exchanges.

Development Roadmap

The project does not disclose specific timelines; however, it has clearly focused on the following core products:

Cross-chain Layer2
Modular Smart Accounts
Safe Pass Runoff

Similar Projects

Some famous projects in the field of Account Abstraction include: Bico, INST, …

Conclusion

Safe is one of the pioneering Smart Accounts with special applications. With over 100 partners and top investors, Safe is expected to become a popular application in the future, significantly contributing to the development of the market by providing Web2 users with easy and convenient transitions to Web3.

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