Altcoins linked to security-focused cryptocurrency wallets soared more than 43% in one day, outpacing the broader cryptocurrency 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 the time of writing, up from around $0.95 on Wednesday. The crypto asset, which ranks 124th by market capitalization, is also up nearly 55% in the past week and more than 74% in the past month.
In comparison, the overall market capitalization of cryptocurrencies has increased by 1% in the past day, according to CoinGecko.
Danilo Pereira, product marketer at Safe, points out that the project’s total value locked (TVL) is five times higher than the TVL of Robinhood’s centralized exchange.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of a cryptocurrency ecosystem.
On Thursday, as SAFE’s price increases materialized, the project announced the start of gasless deployment at the same address across more than 15 networks, saying the new feature “offers unprecedented flexibility in asset management.” .
Despite this week’s gains, SAFE is still down 61% from its all-time high of $3.56, set shortly after its launch in April.
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