Challenge Metamask? Safe, which manages 4% of the crypto market capitalization assets, launches a points incentive plan after issuing tokens

Author: Frank, PANews

On April 23, the smart security wallet project Safe officially opened the transfer switch of the token SAFE, and subsequently announced the launch of a points incentive plan for users. After the transfer was enabled, SAFE tokens quickly began trading on multiple mainstream CEXs including Coinbase and OKX, with a market value that once reached US$1.7 billion. During this process, the official social media of many L2 projects also interacted with it. Such market enthusiasm has once again focused people's attention on the lowest application category of the encryption ecosystem - wallet.

The founder of multi-signature wallet, hosting 4% of the assets in the crypto market

Safe was first founded in 2016, formerly known as Gnosis, and is the earliest proposer of the concept of multi-signature wallets in the industry. As multi-signature wallets are increasingly used, Gnosis established an independent team called Gnosis Safe in 2018 to develop universal smart accounts. In less than a year, the project attracted more than $1 billion in assets held on Gnosis Safe.

In 2020, with the popularity of the DAO concept, multi-signature wallets have become the main way for DAO to organize asset storage. Gnosis Safe has also experienced a wave of explosive growth, including Vitalik Buterin also holding a large number of Part of the ETH is transferred to Gnosis Safe. In 2022, Gnosis Safe received US$100 million in financing led by 1kx, with participation from 50 institutions including Tiger Global, A&T Capital, Blockchain Capital, and Digital Money Group, and was renamed Safe.

After completing the financing, Safe issued the governance token SAFE. Initially, the token was set to be non-transferable and could only be used for voting in DAO community governance. In addition, Safe’s main users are still B-side customers such as project parties.

After completing the A to E milestones originally set by SafeDAO, the SAFE token officially opened its circulation function in the form of voting. On April 23, the price of SAFE soared from US$2.11 to US$4, with the largest single-day increase reaching 89%.

The total issuance of SAFE tokens is 1 billion, and the initial circulation is 427 million. 5% of which is used for user incentives; 5% is used for ecosystem contributors; 8% is allocated to more than 60 industry experts; 15% is allocated to more than 40 core developers; 7% is allocated to ecological cultivation; SafeDAO and GnosisDAO share 40% and 15%; 5% is allocated to the Union Finance Ministry.

As of April 24, 2024, Safe’s assets under management have exceeded $100 billion (accounting for nearly 4% of the crypto market capitalization), and the number of accounts is approximately 8.3 million , deployed on more than 100 EVM networks. Judging from the data, Safe has reached the top level in the industry.

Declare war on MetaMask?

What’s interesting is that during the warm-up promotion process of Safe, most of the people who interacted with it were the official accounts of Arbitrum, Optimism and other project parties. KOLs and ordinary users in the community did not respond much to this. Judging from the previous route, Safe's main customers in the past were B-end users, and with the SAFE token unlocking the transfer function, Safe's development direction seems to be heading towards C-end users.

On April 23, Safe launched Safe{Pass} to reward new users and existing users for their contribution to the ecosystem. This move officially started the battle for C-end users.

According to Safe official introduction, the first season of the Safe{Pass} event will last until September 30, and is applicable to the Ethereum mainnet in the early stage. Users can earn Safe points through four metrics: number of transactions, transaction volume, weekly users, and dollar value of stored assets. However, Safe officials have not yet announced a specific reward calculation formula. In addition, in order to control the initial circulation of 427 million SAFE tokens, the Safe{Pass} event also launched a reward for pledging SAFE tokens to obtain double points. This incentive method has become a routine operation.

Safe co-founder Lukas recently told the media that MetaMask is in a sense a competitor of Safe. According to data released by MetaMask in February this year, the number of monthly active users of MetaMask has exceeded 30 million, and the number of monthly active users at the peak of the last bull market was 31.7 million. The current total number of Safe registrations is 8.3 million. If you want to surpass MetaMask, you may have to look at the sincerity of this round of points activities and further improve the 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 the standard for hot projects in this round of bull market, but between the goals, there is only one to achieve. Compared with MetaMask, having already issued tokens may be a first-mover advantage, but in terms of compatibility, Safe's ecological expansion still has a long way to go.

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