Author of the original text: Bob, BlockBeats
Overview
The decentralized custody protocol and digital asset management platform Safe (formerly Gnosis Safe) was launched in 2018. Its slogan is "Unlock Digital Asset Ownership." The offline team is mainly based in Berlin, Germany, and the Safe Foundation is registered in Zug, Switzerland.
As the name suggests, the digital asset management platform allows users to transfer digital assets (tokens/NFTs) to personal/organization-controlled Safe account smart contract addresses. This enables users to complete various routine on-chain operations through the integration of numerous mainstream dApps on Safe, achieving transparent asset management on the chain.
The release of the Ethereum ERC-4337 standard made wallet account abstraction (AA) possible, leading the mainstream narrative of breaking the circle of encryption. Safe, which has been favored and admired by Ethereum co-founder Vitalik Buterin, OpenAI founder Sam Altman, and others, has magical qualities.
Safe, as an integrated infrastructure with multiple attributes such as "smart contract wallet," "multisig wallet," and "account abstraction concept," is also the absolute leader in the market share of DAO fund management tools, building a moat of conversion cost and cost advantage. Its co-founder Lukas Schor announced the SAFE token economic model at the governance forum as early as August 2022.
Token Economic Model
The total supply of SAFE is fixed at 1 billion tokens, minted by the Safe Foundation. Among them:
Users 5% (50 million tokens):
Ecosystem members/guardians 5% (50 million tokens): 25 million tokens have been allocated, with 12.5 million tokens fully unlocked and 12.5 million tokens having a 4-year vesting period. The remaining 25 million tokens will be allocated to future guardians.
Institutional investors 8% (80 million tokens): Unlocked starting from July 8, 2023, with a 4-year vesting period.
BlockBeats note: On July 12, 2022, Gnosis Safe announced the completion of a $100 million strategic financing round, led by 1kx, with participation from Tiger Global and others.
Safe Foundation 7% (70 million tokens): 4-year vesting period.
Core team members 15% (150 million tokens): 4-year vesting period.
GnosisDAO Treasury 15% (150 million tokens): 4-year vesting period, starting from May 1, 2022.
SafeDAO Treasury 40% (400 million tokens): 8-year vesting period.
GnosisDAO&SafeDAO Joint Treasury 5% (50 million tokens): Fully unlocked.
Note: Among the top 100 addresses receiving the Safe airdrop, 59 are clearly marked as DAO/organizations.
During the initial open user airdrop period for Safe, a total of 11,635 addresses out of 43,575 eligible addresses actively claimed the SAFE airdrop. Subsequently, through a vote by the Safe DAO governance community, half of the unclaimed airdrop (over 16.1 million tokens) was reallocated proportionally to those who had previously claimed. Claimants will be able to claim approximately 190.45% of the initial airdrop proposal's SAFE tokens.
Ecosystem Overview
The ecosystem built on Safe is thriving, with several projects completing financing rounds of over tens of millions of dollars. As a foundational protocol/framework that can be used to build and develop "mini programs," the open-source code repository of Safe is also giving back to the Web3 community and building network effects.
Safe Ecosystem Map (2023) Source: Safe
Multis, an encrypted startup built on Safe, announced the completion of a $7 million financing round in February 2022, with Sequoia Capital leading the investment and participation from Y Combinator, Coinbase Ventures, MakerDAO, and others.
Coinshift, a Web3 infrastructure startup supported by Safe, announced the completion of a $17 million Series A financing round in May 2022, with Tiger Global leading the investment and participation from Sequoia India, among others.
Utopia, a DAO compensation payment system built on Safe, announced the completion of a $23 million Series A financing round in June 2022, with Paradigm leading the investment and participation from Circle Ventures, Coinbase Ventures, and others. Subsequently, Utopia announced that it would cease operations on November 6, 2023. The announcement emphasized that this action does not mean the closure of the company, but rather the abandonment of existing products and directions.
"Fat protocol, thin application."
The protocol can both create and capture most of the value driven by applications built on it. Value returns to the Safe protocol, and the ecosystem flywheel develops in a benign manner.
Choice of Vitalik Buterin, CEO of OpenAI
Ethereum founder Vitalik Buterin strongly advocates for multisig wallets
If readers can only or primarily associate multisig wallets with Safe, it means that Safe has already built an intangible asset (brand) moat.
Forbes reported on May 12, 2021, that Vitalik Buterin transferred the vast majority of his personal Ethereum holdings, over 325,000 ETH (valued at over $1.3 billion at the time), to a new wallet address generated through Gnosis Safe.
BlockBeats previously reported that Vitalik Buterin has repeatedly recommended the use of multisig wallets:
- On August 15, 2022, he stated, "Hardware wallets are overrated. Most people should store the majority of their tokens in multisig (5 participants) and ensure that the majority of the keys are held by trusted family and friends."
- On November 16, 2022, he stated, "I prefer social recovery and multisig wallets over hardware wallets and paper records."
- On March 17, 2023, he stated, "Multisig wallets (such as Gnosis Safe) are a simple and secure way to store funds. Self-custody is very important, and both individuals and the Ethereum Foundation use multisig wallets to store most of their funds."
Source: Vitalik Buterin's Reddit
Sam Altman's crypto project Worldcoin integrates Safe into its ecological wallet "World App"
When World App was launched, it only integrated Safe, Uniswap, ENS, Circle, MoonPay, and Ramp Network. From this, one can perhaps see the purest account abstraction/encryption wallet in the mind of Sam Altman, CEO of OpenAI.
Source: Worldcoin
Conclusion
The most widely circulated title for Safe is "multisig wallet." However, according to Safe's co-founders, Safe is not just a "multisig wallet." The most accurate definition is actually a composable smart account framework; it is a fully programmable smart account that can be used to cover any type of use case or user group through plugins.
As the pioneer of the new infrastructure track, Safe does not have optional targets for market value (MC)/fully diluted valuation (FDV) to compare and reference, bringing broad imagination space to ecosystem builders, participants, and other stakeholders.
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