Exploring Safe by Palmera: Safe Multisig — Quarterly Performance Analysis (Q1 2022, 2023, 2024)
Welcome to the eighth installment of our bi-weekly series, “Exploring Safe by Palmera.” In this edition, we delve into the performance of Safe Multisig over the first quarters of 2022, 2023, and 2024. Our data analyst has provided a comprehensive review of key metrics, revealing significant trends and insights.
Safe has become essential for enhancing security and efficiency in blockchain digital asset management. This analysis focuses on Safe creation, active Safes, transactions, transaction volume, and average assets under management (AUM).
Safe New Acounts Creation
The number of Safes created has seen exponential growth:
- Q1 2022: 28,034 Safes (Ethereum: 9,936; Gnosis: 6,198; Polygon: 6,196)
- Q1 2023: 764,166 Safes (Polygon: 645,763; Arbitrum: 55,135; Gnosis: 21,365)
- Q1 2024: 2,232,823 Safes (Optimism: 1,872,638; zkSync: 158,142; Base: 77,327)
Insights
- Initial Adoption: Early adoption was led by Ethereum, Gnosis, and Polygon.
- Adoption Explosion: Significant growth in 2023, especially on Polygon.
- Leadership Consolidation: Optimism emerged as a leader in 2024, possibly due to technological advancements and incentives.
- Continuous Diversification: Newer blockchains like zkSync and Base gained traction.
Active Safes
The number of active Safes reflects increasing engagement:
- Q1 2022: 44,010 active Safes (Gnosis: 22,071; Ethereum: 13,880)
- Q1 2023: 726,586 active Safes (Polygon: 621,149)
- Q1 2024: 2,750,199 active Safes (Optimism: 2,580,408)
Insights:
- Early Adoption: Reflects the initial phase of adoption.
- Increase in Active Use: Indicates more mature and widespread adoption by 2023.
- Optimism Dominance: Optimism led with the most active Safes in 2024.
- Continuous Growth: Ongoing increase in Safe Multisig adoption across blockchains.
Safe Transactions
Transaction activity has escalated significantly:
- Q1 2022: 373,583 transactions (Ethereum: 135,535)
- Q1 2023: 2,501,548 transactions (Polygon: 1,757,301)
- Q1 2024: 16,753,342 transactions (Optimism: 15,503,806)
Insights:
- Increase in Transactions: Reflects growing confidence and usage.
- Transactional Explosion: 2024 saw a massive surge in transactions.
- Optimism Dominance: Became the preferred blockchain for transactions.
Transaction Volume
The value moved through Safe Multisig:
- Q1 2022: $43.12 billion (Ethereum: $35.58 billion)
- Q1 2023: $26.50 billion (Ethereum: $19.26 billion)
- Q1 2024: $40.92 billion (Ethereum: $33.54 billion)
Insights:
- Ethereum Dominance: Handled the majority of the transaction volume.
- Volume Recovery: Rebounded strongly in 2024, nearing 2022 levels.
Average Assets Under Management (AUM)
The average AUM showcases the value managed:
- Q1 2022: $70.15 billion (Ethereum: $69.57 billion)
- Q1 2023: $42.02 billion (Ethereum: $34.09 billion)
- Q1 2024: $86.46 billion (Ethereum: $63.91 billion)
Insights:
- Value Recovery: Surpassed 2022 levels by 2024, indicating strong recovery and trust.
The performance analysis of Safe Multisig for Q1 2022, 2023, and 2024 reveals exponential growth in adoption and usage. From Safe creation to transactions and active Safes, all metrics show significant upward trends. This growth underscores the importance of secure asset management solutions in the blockchain ecosystem and the growing trust in platforms like Optimism and Polygon.
Stay tuned for more insights and analyses in our next “Exploring Safe by Palmera” article, and explore how Safe Multisig continues to evolve and shape the future of blockchain asset management.
About Palmera
Palmera offers a unified platform for managing multiple Safes across these diverse chains. By signing up for the Palmera App and creating your first Dashboard, you gain visibility and control over all of your Safes in one place. We invite you to follow us, and join our channel on Warpcast to stay updated with the latest insights and developments.
Disclaimer: This article is intended for informational purposes only. Readers should conduct their own research and due diligence. The information presented does not constitute financial, legal, or investment advice, nor does it reflect the current or future market performance of any specific blockchain network or digital asset.
