What is SAFE?
Introduction to SAFE
The SAFE token is a native ERC-20 governance token primarily managing infrastructure components of the Safe ecosystem. These components include Safe contracts, default interfaces, on-chain assets, and tokenomics. SAFE is committed to transforming every Ethereum account into a smart account, supporting emerging applications such as artificial intelligence, staking, gaming, SocialFi, decentralized finance (DeFi), and payment systems, enabling transactions without mining fees, easy face-ID-like logins, convenient fund access, and account recovery.
SAFE includes Safe{Core}—a complete set of account abstraction infrastructure, and the industry-standard multi-signature wallet, Safe{Wallet}. The Safe ecosystem currently has over 200 projects like Gnosis Pay and Worldcoin, deployed across more than 15 networks.
Tokenomics of SAFE
Ticker: SAFE
Chain: Ethereum
Contract address: 0x5aFE3855358E112B5647B952709E6165e1c1eEEe
Maximum supply: 1,000,000,000
Governance and Distribution of SAFE
The SAFE token is central to the governance of the Safe ecosystem, administered through SafeDAO. SAFE token holders participate in governance voting on issues including the future uses of the token and other significant matters. More details on the structure and governance of SafeDAO can be found in its resource center. The governance framework of SafeDAO aims to expand the applications of SAFE tokens and foster community involvement in exploring and implementing new uses.
User Participation and Guardian Plans
Five percent of SAFE tokens (50 million tokens) are allocated to active users, rewarding their participation and contributions within SafeDAO, half of which are immediately available, with the remainder vesting over four years. Another 5% is allocated to guardians to recognize their contributions to the Safe ecosystem, also including an immediate availability of some tokens and a four-year vesting plan.
Strategic Fundraising and Core Contributors
Eight percent of SAFE tokens (80 million tokens) are distributed through strategic fundraising to attract industry experts and strategic partners to support the project's long-term success, with a one-year lock-up period and a four-year vesting schedule. Additionally, 15% (150 million tokens) are allocated to core contributors to incentivize their long-term commitment and loyalty to the project's vision, also vested over four years.
Safe Foundation and DAO Financial Security
Seven percent of SAFE tokens (70 million tokens) belong to the Safe Foundation, supporting the growth and rewarding activities of the ecosystem, vested over four years, with 20 million tokens immediately available. Additionally, a substantial reserve of 55% of tokens is allocated to the treasuries of SafeDAO and GnosisDAO, ensuring the financial sustainability and strategic alignment of the two DAOs over an eight-year period for SafeDAO and four years for GnosisDAO.
Collaboration Experiment between DAOs
Lastly, 5% of SAFE tokens (50 million tokens) are used for the joint governance of SafeDAO and GnosisDAO, an experiment in coordinating collaboration between two DAOs, aimed at providing a model for inter-DAO cooperation. These tokens are immediately available to promote collaborative efforts between the two organizations.
Diverse Applications of the SAFE Token
Governance Function
The primary function of the SAFE token is to govern SafeDAO, aligning the interests of the community and stakeholders to collectively promote the prosperity of the Safe ecosystem. SAFE token holders are empowered to vote on governance matters of SafeDAO, using both vested and unvested tokens. Voting topics include resource allocation and funding distribution to drive innovation and ecosystem expansion, as well as amendments to the SafeDAO Constitution and governance frameworks to meet evolving needs.
Activity Rewards Program
SAFE is soon launching the "Safe Activity Rewards Program," which will provide token holders with additional activity-related use cases. In this program, locking SAFE tokens will enhance the rewards participants receive from activities within the Safe ecosystem. Details of this program will be announced shortly.
Future Utility Functions
Over time, SafeDAO is expected to take on an increasing number of decisions and activities, including but not limited to developing and enhancing the utility of SAFE tokens, implementing new SAFE token utilities and use cases, and initiating and managing collaborations and integrations within the Safe ecosystem. As the Safe ecosystem develops, the design space for SAFE tokens will naturally expand. SafeDAO will vote on the implementation of these utilities and the direction of future explorations, with community members encouraged to engage in exploring and implementing these new tools and applications.
What is SAFE?
The Core Technology of Safety
SAFE represents the ownership layer of Web3, safeguarding assets valued over $100 billion. It includes Safe{Core}, a complete set of account abstraction infrastructure, and the industry-standard multi-signature wallet, Safe{Wallet}. The SAFE project is committed to transforming every Ethereum account into a smart account, supporting the development of emerging applications such as artificial intelligence, staking, gaming, SocialFi, decentralized finance (DeFi), and payment systems, facilitated by transactions without mining fees, easy face-ID-like logins, simplified fund access, and account recovery.
Ecosystem and Applications
SAFE currently boasts an extensive ecosystem of over 200 projects, including Gnosis Pay and Worldcoin, deployed across more than 15 networks and built on the SAFE smart account standard. Safe{Wallet} is widely used by individuals like Vitalik Buterin and Punk6529, as well as Web2 giants like Shopify and Reddit for self-custody of assets and management of high-value NFTs.
Accounts and Security
As of April 2023, over 8 million Safe accounts have been created, conducting more than 40 million transactions. The open-source contracts have been battle-tested, formally verified, and audited multiple times, with no critical security incidents since their deployment in 2018. Safe continues to set the security standard within the industry.
The Future of Smart Accounts
Safe is at the forefront of modular smart account infrastructure, paving the way for developers to create various applications and wallets. By establishing universal and open contract standards for the custody of digital assets, data, and identities, Safe democratizes the ownership of digital accounts.
Why Use Safe Accounts?
Security and Convenience
Traditional Web3 accounts are controlled by a single private key, often derived from a 24-word secret phrase. While possession of the private key means control of the account, the loss or compromise of the private key often leads to the total loss of the associated assets. In contrast, Safe employs smart accounts, which can be individually tailored to meet the custody needs of different user groups.
Diverse Authentication Methods
Safe accounts support multiple private key authentications (multi-sig), community control (such as DAOs), and newer methods of authentication like social logins and passkeys. This enhances the security of accounts while also providing more flexible management options.
Functionality Expansion and Security Recovery
Users can build automation modules within Safe accounts, set spending limits, and establish roles/hierarchies. Safe also offers recovery and inheritance mechanisms, including Safe{RecoveryHub}, improving the transaction experience (such as transaction batching and gas fee abstraction) and increasing transaction security through transaction checks and hybrid custody.
SAFE and ERC-4337
Modular Integration
SAFE adopts a modular and flexible strategy to integrate the ERC-4337 standard, allowing users to transform their SAFE accounts into ERC-4337 smart accounts. The compatibility of SAFE with ERC-4337 is achieved through Safe modules and the Fallback Handler, meaning that the functionality is not directly implemented in the Safe smart account but rather through the Safe4337Module contract that can be enabled in any SAFE account, whether at the time of SAFE deployment or afterward.
Functionality of the Safe4337 Module
The Safe4337Module is an extension to the Safe smart account, acting both as a Fallback Handler and a Safe module. As a Fallback Handler, when functions are called in the proxy contract, the Safe Proxy contract will fallback to this contract. As a Safe module, once enabled in a SAFE account, it has the authority to execute SAFE transactions.
Validation and Execution of User Operations
This module implements the ERC-4337 interface, including the functions to validate and execute UseOperation(s), and is limited to the EntryPoint address. When the EntryPoint receives a call to the validateUserOp function from the Safe Proxy contract, it forwards the call to the Safe4337Module. The module verifies the UserOperation by checking that the SAFE owners signed the UserOperation hash and returns the result. Upon successful validation, the EntryPoint calls the executeUserOp function, forwarding it again to the module, which then executes a module transaction with the target and data specified in the UserOperation.
Official Links for SAFE
Website: https://safe.global/
Twitter： https://x.com/safe
Discord： https://chat.safe.global/
Steps to Buy SAFE on LBank
Purchasing SAFE tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:
1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.
2. Search for SAFE1: Use the search function within the trading platform to find "SAFE1", locate the trading pair, such as SAFE1/USDT, and click to enter its dedicated page.
3. Place an order: In the SAFE1/USDT trading page's spot trading area, enter the amount of SAFE you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.
4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased SAFE will automatically be deposited into your LBank spot wallet.