State of Safe Q2 2024

Key Insights

Network

Safe had over 2.7 million

Over 1.8 million

In line with the growth in active Safe users, transactions involving Safe smart accounts

Gas spent on Safe transactions

As of the end of Q1’24, there was over $83 billion in assets stored

While most smart contract wallets have struggled to find mainstream adoption, Safe has continued to be an exception. As the leading smart contract wallet system, Safe stored over $83 billion worth of assets in its smart contract wallets.

Safe witnessed an all-time high in most usage metrics in Q2’24. Safe users continued to derive value from the core wallet product, with 2.7 million monthly active accounts in Q2’24 (up 67% QoQ) across Safe’s multiple deployments on 15+ networks. Simultaneously, the overall share of transactions originating from Safe smart accounts reached 2.7% in Q2’24 (up from 2.3% in Q1’24). Wallet infrastructure aggregators such as Safe are expected to benefit from an influx of new crypto applications.

While Optimism accounted for 93% of transactions and 96% of MAUs in Q2’24, its corresponding share of assets stored in Safes ($83 billion as of Q2) was 5%; in turn, Safe smart accounts on Ethereum stored 89% of all assets, which are moved less frequently.

The Safe community voted in favor of making the SAFE token transferable as of April 23, 2024. Simultaneously, a successful proposal introduced strategies to enhance the utility of the SAFE token by linking ecosystem activity to token utility. In Q2’24, Safe announced the launch of native swaps, as well as tiered fees and time-weighted average price (TWAP) orders for native swaps.

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