Author: Frank, PANews

On April 23, the smart security wallet project Safe officially opened the transfer switch for the token SAFE and subsequently announced the launch of a user incentive program. After the transfer was enabled, the SAFE token quickly began trading on multiple mainstream CEX platforms including Coinbase and OKX, reaching a market value of up to $1.7 billion at one point. During this process, many official social media accounts of L2 projects also interacted with it. This market heat once again focused people's attention on the most fundamental application category of the crypto ecosystem—wallets.

Founder of Multisig Wallet, Custodian of 4% of Crypto Market Assets

Safe was originally founded in 2016 as Gnosis, the earliest proposer of the concept of a multisignature wallet in the industry. As the application of multisig wallets became more widespread, Gnosis spun off a team named Gnosis Safe in 2018, specializing in the development of universal smart accounts. In less than a year, the project attracted over $1 billion in assets to be held in Gnosis Safe.

In 2020, with the popularity of the DAO concept, multisig wallets became the main way for DAO organizations to custody assets, and Gnosis Safe experienced explosive growth, with even Vitalik Buterin transferring most of his ETH holdings to Gnosis Safe. In 2022, Gnosis Safe secured a $100 million financing led by 1kx, with participation from 50 institutions including Tiger Global, A&T Capital, Blockchain Capital, and Digital Money Group, and was rebranded as Safe.

After the financing, Safe issued the governance token SAFE, initially set as non-transferable and only for voting in DAO community governance. In addition to this, the main user base of Safe is still primarily B-side clients.

After completing the initial milestones A to E set by SafeDAO, the SAFE token was officially made transferable through voting. On April 23, the price of SAFE surged from $2.11 to $4, with a maximum daily increase of 89%.

The total supply of SAFE tokens is 1 billion, with an initial circulation of 427 million. 5% is allocated for user incentives; 5% for ecosystem contributors; 8% distributed to over 60 industry experts; 15% allocated to over 40 core developers; 7% for ecosystem cultivation; SafeDAO and GnosisDAO account for 40% and 15% respectively; and 5% is allocated to the joint treasury.

As of April 24, 2024, Safe's asset under management has exceeded $100 billion (nearly 4% of the crypto market value), with approximately 8.3 million accounts deployed on over 100 EVM networks. From a data perspective, Safe has reached the top level in the industry.

Challenging MetaMask?

Interestingly, during the pre-launch promotion of Safe, the official accounts of projects such as Arbitrum and Optimism interacted with it, while the response from the community's KOLs and ordinary users was not significant. Considering its previous trajectory, Safe's main clients were B-side users, but with the unlocking of transfer functionality for the SAFE token, Safe's development direction seems to be shifting towards C-side users.

On April 23, Safe introduced Safe{Pass} to reward new and existing users for their contributions to the ecosystem, officially kicking off the battle for C-side users.

According to the official introduction from Safe, the first season of the Safe{Pass} activity will last until September 30, initially applicable to the Ethereum mainnet. Users can earn Safe points through four metrics: transaction quantity, transaction volume, weekly users, and the dollar value of stored assets. However, Safe has not yet disclosed the specific reward calculation formula. In addition, in order to control the initial circulation of 427 million SAFE tokens, the Safe{Pass} activity also introduced the incentive of staking SAFE tokens to earn double points, which has become a regular operation.

Lukas, co-founder of Safe, recently told the media that in a sense, MetaMask is a competitor of Safe. According to data released by MetaMask in February this year, the monthly active users of MetaMask have exceeded 30 million, with the previous peak monthly active user count during the last bull market reaching 31.7 million. Currently, the total registered users of Safe are 8.3 million, and to surpass MetaMask, it may depend on the sincerity of this round of incentive activities and further improvement of user experience.

According to Safe's latest blog content, Safe's next goal is to embrace 1,000 L2s and convert 1 billion people into digital asset owners. The goal of 1 billion users seems to have become a standard for hot projects in this round of the bull market, but there is still a long way to go between the goals. Compared to MetaMask, having already issued tokens may be an initial advantage, but in terms of compatibility, Safe's ecosystem expansion still has a long way to go.

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