Revamp of Safe Wallet: A Bold Move Towards Better Synergy
Safe, a landmark project in the sphere of decentralized smart accounts, recently dropped the news of its core interface, Safe Wallet undergoing a significant restructuring operation. As announced on Friday, October 10, the Safe Wallet, which takes pride in serving over 4.5 million active users monthly, is said to have a total makeover in its operations.
Lukas Schor, the co-founder of Safe, unveiled in a recent post that Safe Labs, an entirely-owned subordinate of the iconic Safe Foundation, will now be assuming complete control of the platform. He articulated the move as an unequivocal strategy to advance the overall reliability, bolster the governance, and animate better synergies between the wallet’s activities vis-a-vis the broader structure of the Safe ecosystem.
A New Direction: Aligning Operations with Ecosystem Growth
“Incorporating an instance of Safe{Wallet} into the Foundation’s sphere means we can investigate novel ways of monetization that would parallel the growth of the ecosystem, Schor explained, creating anticipation about future avenues for profit generation. He eagerly put it forward that such alternatives of revenue creation could be more intimately interlinked with the SAFE token, providing a golden opportunity for reinvestment back into the product and ecosystem to ensure sustained prosperity.
In the midst of a wide-ranging market slump, the value of SAFEs governmental token correspondingly took a fall of 23% on that day. As of then, it is available at a trading cost of $0.27.
Past Practices and Future Strategies
Formerly, every instance of the Safe Wallet was effectively controlled by self-reliant teams. It comprised of Core Contributors GmbH, Protofire, and Den. The aim was to foster a vibrant diversity within the ecosystem, although as Schor pointed out, escalating expectations from users and stakeholders necessitated a change.
Such challenges included governance voids due to the Foundation’s marginal involvement in operational duties and poorly aligned incentives posing a threat of strategic objectives diverging in a quest to optimize the revenue model. Explicitly, to transition to the new interface, users have to adhere to the Terms & Conditions of Safe Labs.
A Leap Forward
This sweeping change, Schor argued, puts Safe{Wallet}, the foundation and the SafeDAO at a pivotal juncture, bridging operations, motives, and fund allocation. It enables a vast-scale investment, imperative to meet the existing high expectations.
Spearheading this transition is the recently-appointed CEO of Safe Labs, Rahul Rumalla. Rumalla has been a valued part of the Safe ecosystem since July 2024, assuming the role of Vice President of Product & Engineering. As per the official sources, Safe Wallets currently provides security for $100 billion of assets, with $228 billion being the processed total volume.
Interestingly, Safe started as an in-house venture at Gnosis, propelling itself into an independent entity via spin-off. Overall, this promising transition is projected to be a strategic move towards strengthening the ecosystem and ensuring it aligns better with the user and partner expectations.
