An altcoin tied to a security-focused crypto wallet is outperforming the broader digital asset market, rising more than 40% this week.
Safe is a smart contract wallet that runs on multiple blockchains.
The project introduced native swaps this week.
Safely explains,
“Batch auctions consolidate multiple transactions, reducing gas costs and the need for multiple signatures. There is a smoother and more efficient trading process.
Built-in MEV (maximum extractable value) protection by specialized third-party solvers ensures fair and glitch-free transactions. Specialized solvers compete to fill orders by accessing a broad network of decentralized liquidity sources, with the goal of more competitive pricing.”
SAFE, the project’s main asset, rallied as much as 43% this week after rallying from a seven-day low of $1.78 to a high of $2.55. SAFE has since recovered and is trading at $2.21 at the time of writing.
Despite the recent gains, the altcoin remains more than 37% lower than its all-time high of $3.56, which it reached on April 23 this year, according to Coin gecko.
SAFE started trading in April. That month, Coinbase listed the asset with an “experimental label,” which links the exchange to tokens that pose certain risks, such as price fluctuations and canceled orders due to lower trading volume and availability.
The Singapore-based cryptocurrency trading platform Bitrue and the Seychelles-based stock exchange MEXC also listed as Safe for Trading as of April 25.
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Generated image: Midjourney