An alternative cryptocurrency connected to a crypto wallet with a focus on security is performing exceptionally well compared to the wider digital asset market, experiencing a surge of over 40% this week.
Safe is a smart contract wallet that operates on multiple blockchains and recently introduced native swaps. The team behind Safe explains that these native swaps utilize batch auctions, which help consolidate multiple transactions, reduce gas costs, and eliminate the need for multiple signatures. This results in a smoother and more efficient trading process. Additionally, Safe incorporates built-in MEV (maximal extractable value) protection provided by specialized third-party solvers. These solvers compete with each other to fill orders, accessing a wide network of decentralized liquidity sources to achieve more competitive pricing and ensure fair and interference-free transactions.
The project’s native asset, SAFE, experienced a significant surge of up to 43% this week. It rallied from a low of $1.78 over a seven-day period and reached a high of $2.55. However, since then, SAFE has retraced slightly and is currently trading at $2.21.
Despite its recent gains, SAFE is still down by more than 37% from its all-time high of $3.56, which was reached on April 23rd of this year, according to CoinGecko.
SAFE began trading in April, and during that month, Coinbase listed the asset under an “experimental label.” This label is attached to tokens that carry certain risks, such as price volatility and potential order cancellations due to lower trading volume and availability. Since then, Safe has also been listed for trading on the Singapore-based cryptocurrency trading platform Bitrue and the Seychelles-based exchange MEXC, starting from April 25th.
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