Safe (SAFE)

System: Safe — Coordination and Governance

Safe provides smart accounts for secure self-custody, on-chain treasury management, multi-party approvals and organisational transaction execution. Safe launched as Gnosis Safe in 2018 and uses Ethereum Virtual Machine (EVM) smart-account contracts, Safe{Wallet} web and mobile interfaces, and Safenet Beta validator components. Inside the system boundary are Safe Smart Account contracts, account modules and guards, Safe{Wallet} where it is material to product access, Safe Labs, Safe Ecosystem Foundation and Safenet Beta components. Underlying EVM chains, independent third-party applications, assets merely held inside user Safe accounts and external protocols such as CoW Protocol, LiFi and Gnosis are excluded except where a Safe-specific routing or treasury component brings them into scope.

Market Data

Price$0.084245
Market Cap$64.65M
Fully Diluted Valuation$84.24M
30d Change3.70%
365d Change-80.80%

Token Functionalities

Governance

  • Process and Meta Parameter Control (Partial)

    Right to vote or delegate SAFE on SafeDAO's constitutional and governance framework rules. This functionality is Partial because governance changes use recognised SafeDAO voting processes, but the full execution path is not evidenced as automatic or wholly non-discretionary across all affected components.

  • Actor Set Permissioning (Partial)

    Right to vote or delegate SAFE on the appointment, mandate or termination of certain SafeDAO treasury or service-provider actors. This functionality is Partial and narrow in scope. It does not cover Safenet Beta validator admission, which is controlled by the Safe Ecosystem Foundation during the Beta phase.

  • Economic Design/Parameter Control (Partial)

    Right to vote or delegate SAFE on economic-design decisions that affect SafeDAO monetary flows, including Native Swaps revenue acceptance, fee-routing treatment and Safenet Beta reward funding. This functionality is Partial because approved decisions may still require Safe Ecosystem Foundation, legal-wrapper, treasury or implementation execution.

  • Treasury Control (Partial)

    Right to vote or delegate SAFE to direct SafeDAO treasury and resource allocation, including funding for SafeDAO programmes such as Safenet Beta and relevant treasury mandates. This functionality is Partial because treasury execution may require signers, Safe Ecosystem Foundation, legal-wrapper steps, service providers or joint-treasury actors.

Service Provision

  • Distributed Oracle Service

    Right to emit transaction-safety attestations that Safe guard contracts treat as execution-relevant truth, after being admitted as a Safenet Beta validator and meeting the SAFE self-stake requirement. Delegated SAFE is not included in this classification because delegators do not perform the validator attestation service, either directly or by proxy.

Value Distribution

  • Direct Entitlement (Discretionary but Regular)

    Right to claim a share of the Safenet Beta reward pool by staking and delegating SAFE to a Safenet validator. This functionality is Discretionary but Regular. Delegators do not operate validator infrastructure, do not join the permissioned validator set and are not exposed to slashing in Beta.

System Attributes

Operating Model

<p>Safe&nbsp;has&nbsp;a&nbsp;Hybrid&nbsp;Operating&nbsp;Model.&nbsp;The&nbsp;on-chain&nbsp;side&nbsp;is&nbsp;the&nbsp;Safe&nbsp;Smart&nbsp;Account&nbsp;contract&nbsp;system,&nbsp;where&nbsp;owner&nbsp;lists,&nbsp;signature&nbsp;verification,&nbsp;transaction&nbsp;thresholds,&nbsp;modules&nbsp;and&nbsp;guards&nbsp;enforce&nbsp;account-level&nbsp;control.&nbsp;The&nbsp;off-chain&nbsp;side&nbsp;is&nbsp;material&nbsp;because&nbsp;Safe{Wallet}&nbsp;is&nbsp;a&nbsp;Safe&nbsp;Labs-operated&nbsp;web&nbsp;and&nbsp;mobile&nbsp;access&nbsp;channel,&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation&nbsp;executes&nbsp;foundation&nbsp;and&nbsp;treasury-related&nbsp;roles,&nbsp;and&nbsp;Safenet&nbsp;Beta&nbsp;uses&nbsp;a&nbsp;permissioned&nbsp;validator-selection&nbsp;process.&nbsp;Core&nbsp;account&nbsp;execution&nbsp;is&nbsp;not&nbsp;dependent&nbsp;on&nbsp;a&nbsp;custodial&nbsp;database,&nbsp;but&nbsp;product&nbsp;access,&nbsp;fee-setting,&nbsp;legal-wrapper&nbsp;routing&nbsp;and&nbsp;Safenet&nbsp;Beta&nbsp;administration&nbsp;include&nbsp;identifiable&nbsp;off-chain&nbsp;entities.</p>

Value Creation

<p>Safe&nbsp;has&nbsp;Hybrid&nbsp;Value&nbsp;Creation.&nbsp;On-chain&nbsp;value&nbsp;is&nbsp;created&nbsp;by&nbsp;Safe&nbsp;Smart&nbsp;Account&nbsp;contracts&nbsp;that&nbsp;verify&nbsp;account&nbsp;owners,&nbsp;enforce&nbsp;signature&nbsp;thresholds,&nbsp;execute&nbsp;transactions,&nbsp;and&nbsp;support&nbsp;modules&nbsp;and&nbsp;guards&nbsp;for&nbsp;account-specific&nbsp;logic.&nbsp;This&nbsp;is&nbsp;the&nbsp;core&nbsp;productive&nbsp;activity&nbsp;for&nbsp;shared&nbsp;custody,&nbsp;treasury&nbsp;execution&nbsp;and&nbsp;account-based&nbsp;access&nbsp;control.&nbsp;Off-chain&nbsp;value&nbsp;is&nbsp;created&nbsp;through&nbsp;Safe{Wallet}&nbsp;interfaces,&nbsp;transaction-building&nbsp;flows,&nbsp;Safe&nbsp;Shield&nbsp;security&nbsp;surfaces,&nbsp;Safe&nbsp;Labs&nbsp;product&nbsp;work,&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation&nbsp;coordination&nbsp;and&nbsp;Safenet&nbsp;Beta&nbsp;validator&nbsp;checks.&nbsp;Safenet&nbsp;Beta&nbsp;adds&nbsp;a&nbsp;hybrid&nbsp;security&nbsp;layer:&nbsp;validators&nbsp;assess&nbsp;transactions,&nbsp;and&nbsp;Safe&nbsp;guard&nbsp;contracts&nbsp;use&nbsp;their&nbsp;attestations&nbsp;before&nbsp;execution.&nbsp;The&nbsp;product&nbsp;value,&nbsp;therefore,&nbsp;comes&nbsp;from&nbsp;both&nbsp;contract-enforced&nbsp;account&nbsp;control&nbsp;and&nbsp;entity-operated&nbsp;interfaces,&nbsp;coordination&nbsp;and&nbsp;validator&nbsp;services.</p>

Value Capture

<p>Safe&nbsp;has&nbsp;Hybrid&nbsp;Value&nbsp;Capture&nbsp;and&nbsp;Routing.&nbsp;User&nbsp;assets&nbsp;held&nbsp;in&nbsp;Safe&nbsp;accounts&nbsp;are&nbsp;not&nbsp;Safe&nbsp;revenue;&nbsp;they&nbsp;remain&nbsp;controlled&nbsp;by&nbsp;the&nbsp;account&nbsp;owners.&nbsp;The&nbsp;clearest&nbsp;live&nbsp;value-capture&nbsp;path&nbsp;is&nbsp;Safe{Wallet}&nbsp;Native&nbsp;Swaps,&nbsp;where&nbsp;swap&nbsp;users&nbsp;pay&nbsp;widget&nbsp;fees&nbsp;through&nbsp;CoW&nbsp;Swap&nbsp;or&nbsp;LiFi&nbsp;and&nbsp;a&nbsp;portion&nbsp;is&nbsp;distributed&nbsp;to&nbsp;Safe&nbsp;Foundation.&nbsp;Under&nbsp;the&nbsp;Native&nbsp;Swaps&nbsp;revenue&nbsp;proposal,&nbsp;fees&nbsp;may&nbsp;be&nbsp;converted&nbsp;into&nbsp;SAFE&nbsp;and&nbsp;routed&nbsp;through&nbsp;the&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation&nbsp;or&nbsp;a&nbsp;subsidiary&nbsp;legal&nbsp;wrapper&nbsp;into&nbsp;a&nbsp;SafeDAO-designated&nbsp;treasury&nbsp;account.&nbsp;Safenet&nbsp;Beta&nbsp;also&nbsp;routes&nbsp;value&nbsp;from&nbsp;the&nbsp;SafeDAO&nbsp;treasury&nbsp;to&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation,&nbsp;validators,&nbsp;delegators&nbsp;and&nbsp;request-for-proposal&nbsp;recipients.&nbsp;On-chain&nbsp;transfers&nbsp;and&nbsp;claim&nbsp;paths&nbsp;exist,&nbsp;but&nbsp;final&nbsp;routing&nbsp;depends&nbsp;materially&nbsp;on&nbsp;Safe&nbsp;Labs,&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation,&nbsp;legal-wrapper&nbsp;execution&nbsp;and&nbsp;SafeDAO&nbsp;treasury&nbsp;decisions.</p>

Governance

Token-Based: <p>Token-Based&nbsp;Governance&nbsp;applies&nbsp;to&nbsp;specific&nbsp;SafeDAO&nbsp;components:&nbsp;treasury&nbsp;and&nbsp;resource&nbsp;allocation,&nbsp;constitutional&nbsp;and&nbsp;governance-framework&nbsp;changes,&nbsp;Native&nbsp;Swaps&nbsp;revenue&nbsp;acceptance,&nbsp;Safenet&nbsp;Beta&nbsp;funding&nbsp;and&nbsp;certain&nbsp;treasury&nbsp;or&nbsp;service-provider&nbsp;mandates.&nbsp;SAFE&nbsp;holders&nbsp;and&nbsp;delegates&nbsp;vote&nbsp;through&nbsp;recognised&nbsp;SafeDAO&nbsp;processes&nbsp;over&nbsp;those&nbsp;components.&nbsp;Execution&nbsp;may&nbsp;involve&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation,&nbsp;subsidiary&nbsp;legal&nbsp;wrappers,&nbsp;treasury&nbsp;signers,&nbsp;service&nbsp;providers,&nbsp;GnosisDAO&nbsp;in&nbsp;joint-treasury&nbsp;matters&nbsp;or&nbsp;other&nbsp;implementation&nbsp;paths.</p> Participant-Based: <p>Participant-Based&nbsp;Governance&nbsp;applies&nbsp;at&nbsp;the&nbsp;individual&nbsp;Safe&nbsp;account&nbsp;and&nbsp;role-gated&nbsp;execution&nbsp;layers.&nbsp;Each&nbsp;Safe&nbsp;account&nbsp;is&nbsp;controlled&nbsp;by&nbsp;its&nbsp;configured&nbsp;owners&nbsp;and&nbsp;threshold:&nbsp;owners&nbsp;approve&nbsp;transactions,&nbsp;change&nbsp;the&nbsp;owner&nbsp;set,&nbsp;change&nbsp;the&nbsp;threshold&nbsp;and&nbsp;enable&nbsp;or&nbsp;disable&nbsp;modules&nbsp;and&nbsp;guards.&nbsp;Enabled&nbsp;modules&nbsp;can&nbsp;execute&nbsp;account-level&nbsp;logic&nbsp;only&nbsp;because&nbsp;the&nbsp;account&nbsp;owners&nbsp;authorised&nbsp;them.&nbsp;Safenet&nbsp;Beta&nbsp;transaction&nbsp;attestations&nbsp;are&nbsp;also&nbsp;participant-based&nbsp;execution:&nbsp;admitted&nbsp;validators&nbsp;perform&nbsp;the&nbsp;transaction-checking&nbsp;role&nbsp;and&nbsp;produce&nbsp;attestations&nbsp;that&nbsp;Safe&nbsp;guard&nbsp;contracts&nbsp;consume.&nbsp;These&nbsp;powers&nbsp;depend&nbsp;on&nbsp;account-owner&nbsp;status&nbsp;or&nbsp;validator&nbsp;role,&nbsp;not&nbsp;merely&nbsp;on&nbsp;holding&nbsp;SAFE.</p> Entity-Based: <p>Entity-Based&nbsp;Governance&nbsp;applies&nbsp;to&nbsp;specific&nbsp;off-chain&nbsp;components,&nbsp;not&nbsp;to&nbsp;the&nbsp;whole&nbsp;system.&nbsp;Safe&nbsp;Labs&nbsp;controls&nbsp;the&nbsp;Safe{Wallet}&nbsp;interface&nbsp;and&nbsp;may&nbsp;change&nbsp;its&nbsp;own&nbsp;Safe{Wallet}&nbsp;fees.&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation&nbsp;or&nbsp;a&nbsp;subsidiary&nbsp;can&nbsp;act&nbsp;as&nbsp;the&nbsp;legal&nbsp;wrapper&nbsp;for&nbsp;Native&nbsp;Swaps&nbsp;revenue&nbsp;before&nbsp;it&nbsp;reaches&nbsp;a&nbsp;SafeDAO-designated&nbsp;treasury&nbsp;account.&nbsp;Safe&nbsp;Ecosystem&nbsp;Foundation&nbsp;also&nbsp;controls&nbsp;material&nbsp;Safenet&nbsp;Beta&nbsp;components,&nbsp;including&nbsp;permissioned&nbsp;validator&nbsp;admission,&nbsp;reward-distribution&nbsp;administration,&nbsp;request-for-proposal&nbsp;execution&nbsp;and&nbsp;compliance&nbsp;checks.&nbsp;These&nbsp;entity-controlled&nbsp;components&nbsp;can&nbsp;affect&nbsp;product&nbsp;access,&nbsp;monetary&nbsp;flows,&nbsp;actor&nbsp;admission&nbsp;and&nbsp;reward&nbsp;execution.</p>