Safe: Smart Accounts

Safe

Ever wondered why you can start earning yield without any extra clicks on Fluidkey? This week’s highlight, Safe, makes this possible with programmable accounts.

Safe is the most widely adopted smart account on Ethereum. Its accounts currently hold over $50 billion across Ethereum and other EVM chains.

Safe Total Value Secured

A major use case for Safe is securing large amounts of funds onchain. Security features range from classic multisigs requiring multiple signers to approve a transaction, to custom limits like timelocks or amount thresholds.

Safe Security Features

Safe accounts also enable powerful automations via modules. On Fluidkey they enable:

  • automated deposits into yield-bearing vaults while staying fully self-custodial.
  • gas sponsorship - no need for ETH to pay for transactions.

Another underrated power of Safe accounts is transaction batching. Concretely, this means complex flows can be executed in one single transaction. For example, on Fluidkey you can execute the following flow within one transaction (this would require 3 transactions with an EOA):

  1. move funds out of a yield vault
  2. approve tokens for a swap
  3. execute the swap

While Safe smart accounts provide a battletested base layer for powerful and secure accounts, strong security depends on all layers - from frontends to user devices. This was made clear by the Bybit hack at the beginning of the year.

The Safe team has responded to this incident with further investment into security-focused product innovation and research at all levels of the stack. The Safe blog is a good place to learn more about the team’s recent work.

We’re excited to keep working alongside the Safe team at the frontier of more secure, private, and user-friendly onchain ownership.

Note that none of our highlights are financial advice. The value of any of the tokens highlighted may go to zero.

See you next week!