Safe (SAFE): Enhancing Web3 With Ethereum Smart Accounts

Thus far, digital asset management has largely been governed by externally owned accounts (EOAs). Unfortunately, these EOAs are riddled with challenges, including security concerns, challenging account recovery, high gas fees, seed phrase complications and more. As a result, they’re a hindrance to bringing more mainstream users to the table. A modular infrastructure that addresses these concerns is essential for the growth of the industry and greater smart account adoption.



Key Takeaways:



• Safe is a modular smart account infrastructure that allows developers to create features and products that overcome the challenges associated with EOAs.

• Looking to trade SAFE tokens? Bybit now offers the SAFE/USDT Spot pair. To celebrate this listing, Bybit has prepared a special event with a total prize pool of 150,000 SAFE.

What Is Safe?

Safe is a modular smart account infrastructure that allows developers to create features and products that overcome the challenges associated with EOAs.



This platform is actively working to make smart contract accounts the standard and to replace EOAs. Its developers have focused on two key areas essential for standardizing smart accounts: Safe{Core} and Safe{Wallet}.

History of Safe

Safe’s smart contracts were initially tested and audited in 2018, with audits completed by Ackee Blockchain, OpenZeppelin, Runtime Verification Inc and Certora. Since that time, more than 200 projects have been built on its smart account technology. In fact, for many users, Safe is now the default for smart contract wallets because of its enhanced security and other benefits. Users actively adopting its smart accounts include individuals, DAOs and web3 native companies.

What Does Safe Aim to Achieve?

The purpose of Safe is to deliver full control of a person’s digital assets, which extends to their digital art, identity, and financial and other digital assets via smart contract accounts. It aims to replace EOAs with a modular smart account infrastructure.

How Does Safe Work?

Safe is both a secure multisig wallet and an account abstraction stack, known as Safe{Core}. This is a modular stack that supports superior security, sponsored gas, a simplified login process, and easy access and recovery with smart contract wallets.

Features of Safe

As a smarter alternative to EOAs, Safe’s platform is robustly designed with a solid infrastructure, next-level wallets and other features. Let’s look at some of these features’ specifics.

Safe{Wallet}

Safe{Wallet} is the smart contract wallet that supports user access to secure digital asset management. As one of many smart account features, it also allows users to execute transactions seamlessly.

Safe{Core}

Safe{Core} is the secure infrastructure on which Safe’s platform relies. It specifically plays the critical role of account leverage integration with Safe Smart Accounts. Safe[Core} comprises Safe Smart Accounts, the Safe{Core} API and the Safe{Core} SDK.

Safe{Recovery Hub}

Recovering access to accounts — especially when private keys have been lost — has been challenging with other ecosystems. Safe{Recovery Hub} provides an easier way to recover account access, even without access to private keys, paving the way for the user to initiate transactions and access accounts more easily.

Safe{Pass}

By connecting their wallets, users can participate in the Safe{Pass} program. With Safe{Pass}, users can earn rewards by locking their native tokens. Rewards are doled out in the form of points, which users can then redeem for various rewards.

Safe and ERC-4337

ERC-4337 is the transaction relayer for Safe smart accounts. It doesn’t require consensus-layer protocol adjustments to tackle account abstraction challenges. This is accomplished by packing multiple user operations into one transaction, referred to as a bundle transaction. The process is completed on Ethereum, which allows transaction gas fees to be paid with ERC-20 tokens. The ERC-4337 token supports payment flexibility, authentication freedom and decentralization.

Staking

One of the many smart account features available to token holders is staking, which is completely secure through the Safe ecosystem's multifactor authentication and infrastructure. Staking is done on Ethereum and other networks, and offers improved recovery options, batch transactions, enhanced control and other benefits. 

Safe’s Road Map

In Safe’s early days, a team was assigned to ensure the ecosystem’s scalability with Ethereum. Now, it’s also compatible with 13 other networks. Looking forward, the DAO will gain new responsibilities, including refining the token’s utility, implementing those new utilities and instituting new ecosystem integrations.

SAFE Tokenomics

The SAFE token is the platform’s native token. Token holders are active participants in the transition toward the use of smart contracts, and they also participate in DAO governance and have staking opportunities.



Safe’s total token supply is fixed at 1 billion. Currently, 427 million tokens are in circulation. Community treasuries have received the largest distribution of tokens collectively, with 40% to the SafeDAO treasury, 15% to the GnosisDAO treasury and 5% to the joint treasury. Token allocation also includes 5% to users, 15% to the foundation, 15% to core contributors and 5% to the Safe ecosystem.



The current price of the SAFE native token is $1.95 as of Apr 30, 2024. This reflects a price decrease of 3.6% over the past 24 hours. Market cap is $838 million, with a 24-hour trading volume of $51 million. 

Where to Buy SAFE

Looking to trade SAFE tokens? Bybit now offers the SAFE/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, fund it with cryptocurrency and navigate to the SAFE/USDT Spot trading page.



To celebrate this listing, Bybit has prepared a special event with a total prize pool of 150,000 SAFE. The event takes place from Apr 23, 2024, 6AM UTC through May 14, 2024, 8AM UTC.

Perk 1: 120,000 SAFE Airdrop

If you’d like to earn 6 SAFE, simply follow these steps:



1. Follow both Safe and Bybit on X.

2. Quote/repost this tweet with your comments.

3. Deposit at least 100 USDT or 100 SAFE into your Bybit account.

4. Trade at least 100 USDT worth of SAFE on Spot.

5. Deploy and activate a Safe account with at least two (2) signers. Please refer to the step-by-step guidance here.

6. Complete the form on the event page.



Perk 2: [Referral Prize Pool] Invite New Users & Share a 15,000 SAFE Prize Pool

Invite new users to join Bybit and participate in Perk 1. You’ll receive 2 SAFE after your referee completes all of the steps in Perk 1. The more referees you invite, the greater your rewards.



Note that rewards will be distributed on a first-come, first-served basis to the first 7,500 users.

Perk 3: [Affiliate Prize Pool] Invite New Users & Share a 15,000 SAFE Prize Pool

Invite new users to join Bybit and participate in Perk 1. You’ll receive 2 SAFE after your referee completes all of the steps in Perk 1. The more referees you invite, the greater your rewards.



Note that rewards will be distributed on a first-come, first-served basis to the first 7,500 users.

Is SAFE A Good Investment?

Safe’s established ecosystem addresses factors such as security, account recovery, transaction fees and smart account accessibility. It has solid utility with growth potential and Safe’s ecosystem has proven its viability thus far. However, as with all crypto investments, Safe involves inherent risk and should be independently researched.

Closing Thoughts



Safe's ecosystem revolutionizes user interactions with digital assets, transforming how transactions are initiated, executed, and how transaction fees are paid. As adoption continues to rise, Safe is poised to become a leading alternative to established externally owned accounts, promising a more integrated and efficient future for managing digital assets. This ongoing evolution signifies an exciting chapter in the development of blockchain technology, setting new benchmarks for accessibility and user engagement.



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