An altcoin associated with a security-oriented crypto wallet surged over 43% in a single day, surpassing the overall crypto market’s performance.
Safe (SAFE) operates as a smart contract wallet across various blockchains.
At the time of writing, the project’s native token, SAFE, is trading at $1.36, up from approximately $0.95 on Wednesday. Ranked 124th by market cap, this crypto asset has also seen an increase of nearly 55% over the past week and more than 74% in the last month.
In contrast, the total cryptocurrency market cap has increased by 1% in the last day, according to CoinGecko.
Danilo Pereira, a product marketer at Safe, points out that the project’s total value locked (TVL) is five times greater than the TVL of Robinhood’s centralized exchange.
TVL is the total amount of capital locked in a protocol’s smart contracts and is commonly used as an indicator of a crypto ecosystem’s health.
On Thursday, following the notable price increase of SAFE, the project announced the rollout of gasless deployment with a consistent address across more than 15 networks, stating that this new feature “provides unparalleled flexibility in asset management.”
Despite this week’s gains, SAFE is still 61% below its all-time high of $3.56, which was reached shortly after its launch in April.
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