Exploring Safe by Palmera: The Growth of Base in the Safe Ecosystem
In this seventh installment of our weekly series “Exploring Safe by Palmera,” we delve into Base — an Ethereum Layer 2 solution developed by Coinbase with the vision of onboarding the next billion users into the cryptoeconomy. Base’s design for security, cost-efficiency, and developer friendliness positions it as a pivotal player in expanding blockchain accessibility. As the adoption of this chain grows, it’s crucial to examine its evolution and the impact it has had on the ecosystem.
Base has witnessed a remarkable increase in Safe deployments since its introduction:
- Total Safes Created: Since its inception on the Base blockchain, 141,579 Safes have been established.
- Rapid Increase: Notably, in March 2024 alone, 66,281 new Safes were created, indicating a surge in adoption.
- Visual Growth Representation: A red line graphically depicts the exponential rise in Safe creation over time, illustrating the growing trust and reliance on multisig Safes within the Base ecosystem.
Value Stored in Safes
- Total Value Locked: Safes on Base currently secure approximately $404,051,236.
- Asset Breakdown: Of this, $24,654,966 is in Ether (ETH), with the remainder predominantly in ERC20 tokens amounting to $379,396,271.
- Value Dynamics: The value fluctuations are graphically represented, with four specific Safes holding values over $10 million each — indicative of substantial resource concentration.
Transactional Activity
- Total Transactions: There have been 118,503 transactions via Safes on this chain, with a remarkable spike in activity starting January 2024.
- April Activity: April 2024 alone saw 55,154 transactions, highlighting the operational efficacy and increasing utilization of multisig Safes.
- Active Safes: The number of Safes engaging in at least one transaction per month climbed to a peak of 22,349 in April, demonstrating significant operational integration.
Token Distribution Within Safes
- Degen Token Dominance: Degen tokens lead with 75.2% of the total value stored.
- Other Significant Tokens: Aero and ETH follow, with minor tokens like USDC and TOSHI comprising smaller fractions of the total assets.
The integration of the Base chain into Palmera exemplifies our commitment to a multi-chain future. This strategic move ensures that all Safes, irrespective of the blockchain, are managed efficiently and effectively within the Palmera ecosystem, facilitating seamless asset management across multiple chains.
The significant adoption and operational integration of Safes on Base are testament to the platform’s robust capabilities and the community’s trust in its security and efficiency. As Base continues to evolve and scale, Palmera remains at the front, offering solutions that streamline digital asset management across multiple chains in the Safe ecosystem.
Analysis and insights provided by Palmera’s Data Scientist, Marco Tulio.
Discover how Palmera’s support for Base can elevate your treasury operations.
Disclaimer: This article provides an overview based on available data and 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.
