Everybody is eagerly looking forward to the passing of the token transferability proposal and we at Signum want to highlight to you why SAFE is the platinum standard in storing assets in Web3.
In our view, we like to call SAFE as Safeguard Assets For Everybody.
Why do we say so? It is because their contracts are the most battle-tested since 2018 and they have passed the highest possible security standards in the industry including Formal Verification.
Next, let’s dive into what makes up SAFE and its ecosystem.
Firstly let us understand the advancement between smart contract wallets and smart account wallets.
The evolution of blockchain technology has witnessed the emergence of smart contracts, self-executing contracts with the terms of the agreement directly written into code. While smart contracts have demonstrated transformative potential, they are often limited by the constraints of their execution environment. Smart accounts, coupled with account abstraction, offer a solution to these limitations by enabling more versatile and powerful smart contract capabilities.
Smart Contracts:
- Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automate the execution of predefined actions once certain conditions are met, without the need for intermediaries. Smart contracts operate on blockchain platforms, typically utilising scripting languages like Solidity (used in Ethereum) or similar languages tailored for smart contract development.
Limitations of Traditional Smart Contracts:
- While smart contracts have demonstrated transformative potential by enabling trustless and decentralised execution of agreements, they are often limited by their execution environment. Traditional smart contracts operate within the constraints of the blockchain network they are deployed on, which can lead to limitations in terms of scalability, interoperability, and flexibility.
Smart Accounts and Account Abstraction:
- Smart accounts represent an advancement in the capabilities of smart contract platforms. They introduce the concept of account abstraction, which allows smart contracts to control and interact with multiple accounts and assets, including those outside the native blockchain environment. Account abstraction essentially decouples smart contracts from the underlying blockchain architecture, enabling them to interact with a broader range of assets and execute more complex logic.
Benefits of Smart Accounts and Account Abstraction:
- Versatility: Smart accounts enable developers to create more versatile and flexible smart contracts that can interact with a variety of assets and external systems.
- Interoperability: By abstracting away the underlying blockchain architecture, smart accounts facilitate interoperability between different blockchain networks and external systems, enabling seamless asset transfers and interactions.
- Scalability: Smart accounts can help improve the scalability of smart contract platforms by offloading certain computations and interactions to external systems, reducing the burden on the underlying blockchain network.
- Innovation: The enhanced capabilities provided by smart accounts and account abstraction unlock new use cases and applications for smart contracts, fueling innovation and growth in the blockchain ecosystem.
Use Cases of Smart Accounts and Account Abstraction:
- Decentralised Finance (DeFi): Smart accounts enable more sophisticated financial instruments and protocols in DeFi, such as automated market makers, lending platforms, and decentralised exchanges.
- Governance and DAOs: Smart accounts empower decentralised autonomous organisations (DAOs) by providing them with more flexible and powerful governance mechanisms, such as voting systems and treasury management.
The SAFE [CORE] powers up the whole infrastructure with the following stack as shown below
With its easy to use AA SDK that comprises of Auth Kit, Onramp Kit, Protocol Kit and Relay Kit, projects building on SAFE can deploy seamlessly with many of the frictions removed.
Currently it supports across 14+ networks and there are more than 200 apps in the SAFE Ecosystem with many of the popular apps such as Uniswap, 1inch, Aave, Balancer etc all able to access within the SAFE Wallet with an easy click.
But wait, without stating numbers you might not be convinced that it is the de facto leader in the smart account wallet space.
To date it has a whopping 43 million transactions, over $124 billions of assets stored and over 7.8 million of SAFE accounts deployed.
These numbers are set to increase and it is increasing continuously as we are writing this article, not to mention with many new players coming in to the digital assets space brought in by the mainstream ETFs. The US approval of Bitcoin ETFs helped the total crypto market value grow by 170%, adding $1.6 trillion and pushing Bitcoin to a record high of $73,000 in March.
In short, we are bullish on SAFE, are you?