Altcoin Tied to Security-Focused Wallet Jumps More Than 43% in One Day, Outpacing Broader Crypto Market

An altcoin linked to a security-focused crypto wallet skyrocketed by more than 43% in one day, outperforming the broader crypto market.

Safe ( SAFE ) is a smart contract wallet that runs on multiple blockchains.

The project’s native token, SAFE, is trading at $1.36 at time of writing, up from around $0.95 on Wednesday. The 124th-ranked crypto asset by market cap is also up nearly 55% in the past week and more than 74% in the past month.

Comparatively, the overall crypto market cap is up 1% in the past day, according to CoinGecko .

Danilo Pereira, a product marketer at Safe, notes that the project’s total value locked (TVL) is 5x larger than the TVL for Robinhood’s centralized exchange.

TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.

On Thursday, after SAFE’s price gains materialized, the project announced the launch of gasless deployment with the same address across more than 15 networks, saying that the new feature “offers unprecedented flexibility in asset management.”

Despite the gains this week, SAFE still remains 61% down from its all-time high of $3.56, which the asset set shortly after it launched in April.

Generated Image: Midjourney