What is Safe Wallet?

Originally designed as the Gnosis Safe, Safe Wallet is a spin off project from the GnosisDAO that aims to develop an ecosystem around Safe’s smart accounts.

Gnosis Safe was introduced in 2017 with the development of the Gnosis Multi-Sig Wallet. Multi-sig, short for multi-signature, is a smart-contract based wallet.

A multi-sig wallet requires signatures from multiple private keys in order to execute a transaction. This ensures top-notch security that eliminates the single point of failure that can be found in externally owned accounts (EOAs).

Safe Wallet

The Safe Wallet is a smart wallet, which means the account is backed by smart contracts and code, making it both secure and customizable. Safe Wallets can function as a singular account, or as a multi-sig for enhanced security.

Users implementing a multi-sig Safe Wallet in combination with hardware wallets such as Ledger or Trezor achieve a robust security system that can securely vault digital assets.

Safe is designed with a few key features that make it approachable and practical such as custom modules. These modules can add user-preferred functionality, roles and permissions around parameters such as, spending allowances, recurring transactions, and standing order executions. 

They also allow for transaction batching, which can bundle functions such as approvals and swaps into a single transaction. This eliminates unnecessary steps, and enhances the user-experience.

Safe smart accounts feature a simple recovery process. Safe recovery allows for new or extra addresses to replace a compromised or lost signer in a multi-sig.

DeFi’s Leading Multi-Sig Solution

Safe is the leading multi-sig provider by total-value locked (TVL) which reached as high as $120 billion in April. Since its inception, there have been over 10 million accounts created that average over a billion dollars in transfer volume every week.

Safe is trusted by some of DeFi’s leading protocols and individuals. Multi-billion dollar TVL protocols such as Aave and Lido are integrated with Safe, and individuals such as Ethereum Co-Founder Vitalik Buterin endorse the usage of the product.

The setup and use of Safe accounts may be slightly intimidating for new users, but the complexity allows for customizable and advanced security features, while also maintaining a practical user experience. The product is designed for crypto power users that prioritize top-of-the-line security.