Safe, originally known as Gnosis Safe, defines itself as the safest platform for storing digital assets on the Ethereum blockchain. In essence, it is a smart contract wallet that allows users to store assets using a multi-signature (multi-sig) mechanism.
On Ethereum, there are two primary types of wallets: Externally Owned Accounts (EOAs) and smart contract wallets. Most users are familiar with EOAs, which are controlled by a single private key. In contrast, Safe requires at least two or more private keys to sign off before a transaction can be executed—a model often referred to as M-of-N.
For example, if you are running a business with three key stakeholders, you can configure Safe to require approvals from at least two of them before any transaction is processed. This significantly enhances security and ensures that only authorized individuals can access the funds.
The multi-sig mechanism is a standout feature of smart contract wallets, which is why they are often named after this functionality. Previously, Gnosis Safe was a product under the Gnosis umbrella. However, following a community vote, it was spun off into an independent project and rebranded from Gnosis Safe to simply Safe.
Key Features of Safe
Multi-Signature Security
Unlike standard EOA wallets, Safe incorporates multi-sig functionality to enhance security and improve fund management. This feature is designed for two primary user groups:
- Teams and Organizations: Ideal for DAOs, large companies, and institutional investors managing shared assets.
- Individual Users: Provides an extra layer of security for personal funds.
Thanks to these characteristics, Safe is particularly well-suited for DAOs (such as 1inch and BitDAO), corporations, and institutional investors that require a secure method for managing collective assets.
Multi-Network and Multi-Token Support
Safe supports Ethereum and various ERC-20 tokens, as well as NFT collectibles (ERC-721). Beyond the Ethereum mainnet, it is also compatible with numerous Layer 2 solutions and other EVM-compatible blockchains, including BNB Smart Chain, Avalanche, Optimism, Arbitrum, and Aurora.
Comprehensive Toolkit
Safe is more than just a cryptocurrency wallet for sending and receiving assets. In addition to its highly regarded security features powered by multi-sig, it offers several other tools to enhance the user experience:
- Transaction Batching: Execute multiple operations in a single transaction.
- Module System: Add custom functionality through pre-built or custom modules.
- Access Control: Define detailed permissions for different users or roles.
👉 Explore advanced wallet security features
Project Team, Investors, and Partners
Project Team
Gnosis was initially established in 2015 by Martin Köppelmann and Stefan George as a spin-off from ConsenSys. It became an independent company in 2017. Headquartered in Gibraltar, Gnosis has a global team of over 50 members, with a key development center in Berlin.
Previously, Gnosis Safe was one of three core products under Gnosis. After a community vote, it was separated and rebranded as Safe. Lukas Schor, the former lead of Gnosis Safe, along with Christoph Simmchen, became co-founders of the new Safe entity.
Investors
Safe recently completed a strategic funding round, raising $100 million. The round was led by 1kx and included participation from over 60 investment funds and angel investors, such as Tiger Global, Kraken Ventures, Digital Currency Group, Blockchain Capital, Coinbase Ventures, Hasu (from Flashbots), Anton Bukov (from 1inch), and Poolpi (from Yearn).
Partners
Safe has established partnerships with prominent DeFi projects on Ethereum, including 1inch, Aave, Synthetix, and Yearn. Additionally, several projects are actively building new features on top of Safe’s infrastructure.
Roadmap and Updates
While Safe has not released a detailed roadmap, the project has mentioned that its first priority after the fundraise is to establish the Safe Ecosystem Foundation to foster further development. The long-term goal is to create a secure Web3 ecosystem and make multi-sig wallets accessible to a broader audience.
SAFE Token Information
In its latest proposal, the project introduced the SAFE token. Its initial functions include project governance and voting within SafeDAO.
SAFE Token Key Metrics
- Total Supply: 1,000,000,000 SAFE
- Initial Circulation: Defined by vesting schedules and airdrop unlocks
SAFE Token Allocation
SAFE tokens are allocated as follows:
- Community Treasury: 60%
- Core Contributors: 20%
- Foundation: 10%
- Ecosystem Grants: 5%
- Airdrop: 5%
SAFE Token Sale
There was no public sale of SAFE tokens. The primary distribution methods are through airdrops and ecosystem grants, rewarding early community members.
How to Earn and Own SAFE Tokens
Safe recently confirmed an airdrop for early users of the platform. A total of 5% of the supply (50 million SAFE) will be distributed via airdrop, with half unlocked immediately and the other half vested over four years.
Eligibility criteria for the airdrop included:
- Active usage of Safe before a certain snapshot date.
- Amount of ETH spent on gas fees.
- ETH balance held in the wallet over time.
Approximately 21,935 wallets qualified. Wallets that spent more on gas and maintained higher ETH balances over time received more SAFE. The minimum allocation was 438 SAFE per wallet, and the maximum was 129,339 SAFE.
👉 Learn more about token management strategies
Frequently Asked Questions
What is the difference between Safe and a regular Ethereum wallet?
Safe is a smart contract wallet that uses multi-signature security, requiring multiple approvals for transactions. Regular EOAs are controlled by a single private key, making them less secure for shared or institutional funds.
Which blockchains does Safe support?
Safe supports Ethereum, multiple Layer 2 networks (like Arbitrum and Optimism), and other EVM-compatible chains such as BNB Smart Chain and Avalanche.
Can I use Safe for storing NFTs?
Yes, Safe supports ERC-721 tokens, meaning you can store NFT collectibles securely using its multi-sig functionality.
How do I create a Safe wallet?
You can create a Safe wallet by visiting the official website, connecting a Web3 wallet, and defining the owners and threshold for multi-sig approvals.
What are the gas fees associated with using Safe?
Since Safe operates via smart contracts, transaction fees may be higher than typical EOAs due to the complexity of multi-sig operations. Fees are paid in the native currency of the blockchain you are using.
Is Safe suitable for individual users?
While often used by organizations, individual users can also benefit from Safe’s enhanced security features, especially for safeguarding large amounts of crypto assets.
Conclusion
The spin-off of Safe from Gnosis marks a new chapter for the project. With $100 million in funding, Safe has demonstrated the growing potential of multi-sig wallets and the increasing need for secure crypto storage solutions. As Safe is now an independent project and its token is live, it is a great time to create a wallet and experience its features firsthand.