SAFE (SAFE) Altcoin Linked to a Security-Focused Crypto Wallet Skyrocketed by More Than 43% in One Day

Safe (SAFE) is a smart contract wallet that runs on multiple blockchains. The project's native token, SAFE, is trading at $1.36 at time of writing.

The price of an altcoin linked to a security-focused crypto wallet has skyrocketed by more than 43% in a single day, outperforming the broader crypto market.

Safe (SAFE) is a multi-chain smart contract wallet. Its project token, SAFE, is trading at $1.36 at press time, up from around $0.95 on Wednesday. The 124th-ranked crypto asset by market capitalization is also up nearly 55% in the past week and more than 74% in the past month.

Comparatively, the overall crypto market cap is up 1% in the past day, according to CoinGecko.

Danilo Pereira, a product marketer at Safe, noted that the project's total value locked (TVL) is 5x larger than the TVL for Robinhood's centralized exchange.

TVL refers to the amount of capital deposited within a protocol's smart contracts and is often used to gauge the health of a crypto ecosystem.

On Thursday, after SAFE's price gains materialized, the project announced the launch of gasless deployment with the same address across more than 15 networks, adding that the new feature “offers unprecedented flexibility in asset management.”

Despite the gains this week, SAFE still remains 61% down from its all-time high of $3.56, which the asset set shortly after it launched in April.