Exploring Safe by Palmera: Safe Transaction Volume
In this installment of our bi-weekly series, “Exploring Safe by Palmera.” In this edition, we present an analysis of Safe Multisig transaction volume, highlighting the most relevant trends and behaviors observed over the past two years. This comprehensive review provides valuable insights into chain utilization, the evolution of monthly transaction volumes, and the dynamics of inflow and outflow.
Total Transaction Volume
The Safe Multisig ecosystem has recorded a total transaction volume of $612,156,233,011. This impressive figure underscores the extensive adoption and trust in Safe Multisig for secure and efficient transaction management.
Monthly Transaction Volume by chain
Our analysis of monthly transaction volumes, categorized by blockchain, reveals several significant trends:
- Consistent Increase: There has been a steady rise in transaction volume starting from early 2023, with notable peaks in February and March 2024.
- Ethereum Dominance: Ethereum consistently dominates monthly transaction volumes, highlighting its preferred status among users.
- Growth in Layers 2: While Ethereum remains predominant, blockchains like Arbitrum, Polygon, and Optimism have shown considerable growth, particularly from mid-2023 onwards.
Distribution of Transaction Volume by chain
The distribution of total transaction volume by blockchain is as follows:
- Ethereum (88.7%): The majority of transactions are conducted on Ethereum, emphasizing its central role in the Safe Multisig ecosystem.
- Arbitrum (3.5%) and Polygon (2.8%): These blockchains follow, though with significantly smaller shares, indicating their emerging importance.
- Other Blockchains: Optimism, Avalanche, BNB, Gnosis, Base, zkSync, and Celo also contribute, albeit with smaller shares.
Detailed Breakdown
- Ethereum: $543,002,452,059.83 (88.7%)
- Arbitrum: $21,394,849,126.07
- Polygon: $16,965,962,413.27
- Optimism: $13,090,606,124.42
- Avalanche: $11,855,202,231.08
- BNB: $1,700,150,207.75
- Gnosis: $1,624,805,339.92
- Base: $1,359,934,270.05
- zkSync: $840,506,786.08
- Celo: $321,764,452.34
Transaction Volume Comparison: Inflow vs Outflow
An analysis of monthly inflow and outflow reveals interesting patterns:
- Cash Flow Trends: Inflows and outflows generally maintain a balanced relationship, although certain months, like March 2023, see outflows significantly surpassing inflows.
- Activity Peaks: High volumes of both inflow and outflow are observed in February and March 2024, indicating periods of heightened financial activity within the Safe Multisig ecosystem.
Percentage of Transaction Volume: Inflow and Outflow
Examining the percentage of inflow and outflow over time, the data shows:
- Consistent Balance: Most months exhibit a near 50–50 balance between inflow and outflow, suggesting stable usage patterns.
- Higher Outflow Periods: Specific months, such as March 2023 and August 2023, display higher outflow percentages, indicating significant fund withdrawals during these times.
Transaction Volume per Day of the Week
The distribution of transaction volumes across different days of the week shows:
- Peak Activity on Fridays: Fridays account for 18.9% of the weekly transaction volume, likely due to end-of-week financial adjustments.
- High Activity on Mondays and Thursdays: Mondays (18.4%) and Thursdays (16.9%) also see significant transaction volumes, reflecting start-of-week activities and mid-week adjustments.
- Lower Activity on Weekends: Sundays (6.8%) and Saturdays (7.2%) have the lowest transaction volumes, consistent with typical non-working days.
Our analysis of transaction volumes within Safe Multisig demonstrates the platform’s robust and growing presence in the blockchain ecosystem. Ethereum remains the dominant blockchain, though other blockchains like Arbitrum, Polygon, and Optimism are gaining traction. The inflow and outflow dynamics reflect balanced fund management, with periodic peaks that warrant further investigation to understand the underlying factors. Overall, Safe Multisig continues to solidify its reputation as a reliable solution for secure digital 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.
