Advanced Multi-Chain Asset Management and Security as PlasmaFinance integrates Gnosis Safe

First things first, we’re happy to inform you that Plasma.Finance is now integrated and available in Gnosis Safe, the industry-leading smart contract wallet with multi-signature functionality. Now, professional traders and investors can utilize Gnosis Safe sophisticated features for seamless portfolio management and complex transactions all on Plasma.Finance.

This essentially brings a whole new level of security most sought after by professional traders and institutional investors, which you can tap into by using Plasma.Finance.

Why is this a big deal?

Developed by DeFi market mechanism developers Gnosis, Gnosis Safe is a provider of asset management solutions for enterprise use. Beyond the explosive growth we see in DeFi today, it still faces its fair share of hurdles. And one of the biggest hurdles in DeFi adoption especially among more conventional traders and institutional investors like professional funds and hedge managers is the lack of asset management tools that allow for a more secure environment, especially with multiple owners or access permissions. Moreso, the limited ability in existing DeFi tools to allow for sophisticated transactions common in institutional trading and fund interactions also stand in the way of faster adoption.

The bare essential is that Gnosis Safe is a smart contract wallet allowing you to securely store ETH and ERC20 tokens, while interacting with DeFi. Because it is a multi-sig wallet, users must confirm transactions in two places: the Gnosis Safe App and the Gnosis Safe Authenticator, adding a level of security that most DeFi protocols don’t have, as most DeFi interactions are only with externally-owned ETH wallets. So, instead of using private keys to interact with DeFi protocols (hence leaving your assets vulnerable if private keys are compromised), with Gnosis Safe, you are entirely using smart contracts that define who has access control.

Gnosis Safe has been in development since 2017 and is increasingly being recognized by institutional investors as a secure way to interact with DeFi. It is now a professional asset management system used by institutions, VCs, funds and even crypto DAOs to manage their assets and interact with Defi protocols.

This is evidenced by growing use and currently, over $61 billion in ETH and ERC20 assets are stored in more than 29,000 safes created in Gnosis Safe (Dune Analytics). In the last 3 weeks alone, over 20,000 Safe transactions have already been conducted, demonstrating the trust in Gnosis Safe capabilities.

What benefits do you get from Gnosis Safe with this integration?

Gnosis Safe aims to provide you with safety and assurance that your digital assets are protected to the highest standards while allowing you to manipulate your DeFi activities in a secure and more efficient environment with advanced transaction capabilities.

PlasmaFinance integration to Gnosis Safe now opens up a wide range of use cases for institutional investors:

1. Improved access control: Instead of only 1 signature, users can configure the wallet to require multiple signatures to authorize a transaction. You can even configure each owner’s transfer limits, effectively giving them authorization limits, just as professional funds implement. Private keys are also no longer the single point of failure as Gnosis Safe will implement recovery methods other than recovery seed backups.
2. Submit transactions via 3rd parties: Using a concept called “meta transactions”, you can send “ETH-less” transactions, whereby the wallet or Dapp is the one paying fees or using ERC20 tokens to pay fees instead of ETH. This will be the Gas Station concept PlasmaFinance users have been waiting for.
3. Efficient gas management for lower fees: PlasmaFinance has always been developing features that prioritize more efficient gas management for a profound user experience. Now with Gnosis Safe, we achieve even more simplified contract interactions, reducing the need for multiple signing of transactions to perform a single action.

What can I do with PlasmaFinance on Gnosis Safe?

Although Gnosis Safe provides more use cases and a more attractive DeFi entry point for advanced users and professional traders, individual traders can also enjoy the security benefits of using Gnosis Safe.

When you use PlasmaFinance for your DeFi swaps, staking, or farming, you still get to experience better, safer, more secure, and more efficient transactions. Here are just some examples of how using DeFi on PlasmaFinance on Gnosis Safe empowers you:

Even more efficient gas use on HyperDEX for multi-chain DeFi

PlasmaFinance HyperDEX allows you to tap into the collective liquidity from any DeFi token across Ethereum, Polygon, and Binance Smart Chain. That means swapping from many popular DEXs across the three major DeFi chains in the space. With Gnosis Safe, you don’t even need to approve individual transactions or connect directly to your external wallet. Instead, you can improve security with multisig functions and, using “delegate calls”, all these transactions can be batched together, with the user signing only 1 transaction. No need to approve token swaps, saving you potentially hundreds or thousands of dollars on contract interaction gas fees!

Participate in SpacePort IDOs using a fund’s wallet.

PlasmaFinance SpacePort is the most decentralized IDO platform, allowing any user to launch their own token and liquidity pool, customizing every aspect of the IDO. No more restrictions or limits, as you determine how you want your IDO to run. Now, with Gnosis Safe, you can participate as an asset manager, VC, or hedge fund manager, assigning specific portions of shared assets to give only specific people access control. This means taking out the risk of unauthorized asset control and more effective risk management strategies for IDO investment.

Powerful liquidity management features across DEXs

With PlasmaFinance, you track the real-time performance of your DeFi assets across multiple chains and multiple liquidity pools. Change, adjust, and migrate your liquidity across protocols and chains seamlessly, safely, and at the lowest fees thanks to efficient gas management.

Multi-chain multi-sig wallet security and off-chain signatures

Creating Safes on Gnosis Safe, you can now use ultra-secure multi-sig functionality on PlasmaFinance not just on one, but multiple DeFi chains. PlasmaFinance supports ETH, BSC, and Polygon!

Unlike conventional multi-sigs that store all confirmation and rejection on-chain, Gnosis Safe users collect all required signatures in a multi-sig transaction off-chain. Then, once the confirmation threshold is achieved, all these collected signatures will execute the transaction.

This means:

• Instant confirmation or rejection
• ETH-less gas fees
• Improved privacy, since no one can see the signatures on-chain before confirmation

Setting up Gnosis Safe and Plasma.Finance

PlasmaFinance is now integrated into Gnosis Safe as a Safe App, so you can interact with DeFi Dapps and protocols directly from the Gnosis Safe Multisig interface as if you are executing any other multi-sig transaction.

1. Visit Gnosis Safe apps, connect your wallet (Metamask).

2. Create a new Safe (smart contract is controlled by you)

3. Determine owners of this multi-sig wallet and submit it to create your Safe. (to create your Safe wallet, you will need to sign a transaction and pay a gas fee)

4. Once in the Safe, add Plasma.Finance into Gnosis Safe by selecting “Add custom app” from Safe Apps. Enter “https://apy.plasma.finance/” into the App URL, check the “agree to use” box, and click the “Add” button.

5. Once done, you can begin trading immediately using PlasmaFinance HyperDEX. Select source and destination assets, enter a specific amount of the source token and swap. Approve the transaction. In the following screenshots, you can see the view for ETH/PPAY swap on HyperDEX.

6. If using multi-sig, sign all necessary signatures quickly or set a higher value price slippage so you don’t miss the price.

Gnosis Safe + Plasma.Finance + ETH SuperPower RPC = Pro DeFi Experience

As you can see, with Gnosis Safe, PlasmaFinance offers an even more secure way to use DeFi across multiple chains, adding enhanced security, more sophisticated ways to manage assets, and the most efficient gas use. The result is a faster, safer, and most cost-effective way to do DeFi.

All of these improvements are precisely what is driving the recent renewed institutional interest in DeFi, but individual DeFi traders can just as easily take advantage of these benefits.

At Plasma.Finance, we are all about giving DeFi users new superpowers to become the ultimate superhero of DeFi.

🔥 Try Plasma.Finance with Gnosis Safe: https://gnosis-safe.io/app/#

🔥 Try HyperDEX: https://apy.plasma.finance/#/hyper-dex

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