Avoid sending tokens to the wrong address with Safe Transfer
There are numerous cases of users sending their funds to the wrong wallet address. What can you do if you sent funds to the wrong wallet address?Unfortunately, nothing.
If the wallet owner is an ethical individual or business, they may send it back, you may even try to send an on-chain message. Nonetheless, the return of the funds will solely depend on the other party’s cooperation.
To avoid this problem, we developed a tool allowing users to send any erc20 token on any chain without worrying about typos and mistakes. The stable unit team is happy to share with the world, Safe Transfer, the safest way to send your crypto assets.
One team member came up with the Safe Transfer idea after sending a payment on the wrong chain where the gnosis multisig wasn’t deployed. There was also a case where this team member had to help a project retrieve an important sum as they accidently received tokens on a different chain, where they also didn’t deploy multisig. The Stable Unit team therefore decided to develop Safe Transfer, as an open source side project, and, a solution to avoid this kind of problems.
Safe transfer is easy to use, you type the receiver’s address and select the amount and tokens you want to send them. This will generate a link that you also have send them so that they confirm ownership of that wallet. In the following lines, we will explain in 4 steps how to use Safe Transfer.
1) After connecting your wallet and selecting your network, put the recipient’s wallet address and select the token and choose the amount you want to send.
2) The next step is to authorize the transaction. As you can see by clicking on “Edit Permission”, Safe Transfer only asks for the the authorization to transfer the amount you typed and asset you chose.
3) After confirming the transaction, Safe Transfer will give you the approve transaction hash and the link you have to forward to your receiver. If you ever lose the link, you’re also able to restore it using the transaction hash.
4) The receiver’s page will look like the following, he will just have to connect his wallet and click on receive.
Safe Transfer doesn’t lock the assets in the smart contract, it only sets a limit amount of your tokens that can be claimed by the receiver (token allowance). You can still revoke the token approval to cancel the allowance.
Either you send tokens on a chain where the receiver’s multisig isn’t deployed, or, make a typo while writing the receiver’s address, Safe Transfer is there for you.
Safe Transfer mitigates the risk of loosing your tokens by adding a second layer of confirmation to your token transfers. This results in stress-free transfers of your erc20 tokens.
We strongly believe that Safe Transfer can be useful as well for many people out there. The project is also open source and the project directory can be accessed on Github.
Head to safe-transfer.stableunit.org and start using Safe Transfer for safer transfers of your ERC20 tokens.
