Crypto wallet protocol Safe saw another consecutive quarter of user growth, this time reporting nearly 130 million transactions processed, and ending the quarter at a total of over 63 million Safe accounts created, a 20% year-over-year increase, according to its latest report.
April was the busiest month in Safe’s history with 55.4 million transactions, while monthly active accounts hit 2.73 million in June. About $1 out of every $48 worth of global stablecoin supply is held in a Safe.
"This activity held up even as crypto prices fell sharply in June. Active accounts continued to rise, and the value transferred through Safe accounts on Ethereum, expressed in ETH, reached its quarterly high," Safe Ecosystem Foundation President and protocol co-founder Lukas Schor wrote.
That said, quarterly revenue is down to about $1.98 million, from $2.88 million in the first quarter and $3.16 million in Q4 2024, likely driven by compressed crypto prices.
Safe is an onchain, programmable smart-account wallet solution favored by security-minded individuals and teams. The product is used across the industry, including by leading security firms like SEAL 911.
Notably this quarter, DeFi United, the industry upstart group formed in response to the Kelp DAO attack, coordinated about $300 million worth of ETH and stablecoin donations via a Safe. The Ethereum Foundation also conducted its treasury sales through a Safe multisig this quarter.
Q2 2026 represented the worst quarter on record for crypto security, with the number of hacks hitting a record high and losses topping $1 billion, according to Blockaid.
In April, Safe debuted its new onchain security network Safenet in beta. The solution performs real-time transaction checks and can enforce protections before value leaves a Safe account, even if a user signs a malicious transaction by mistake. "By quarter-end the network had processed 455,646 transaction checks," Safe wrote.
Safenet is secured by staked SAFE tokens, with some 54.8 million staked so far, according to the report. It is currently run by its six genesis validators.
According to the report, consumer applications on World Chain and Polygon generated most Q2 Safe transactions. World App represented 52% of all transaction volume while Polymarket accounted for 35.7%. Other major chains included BNB, Base and Gnosis.
Safe originated inside Gnosis as a multi-sig wallet built in 2017 to secure Gnosis’s own ICO funds and was spun out in 2022. The projects operate as separate entities, though remain close collaborators, with Gnosis acting as one of Safenet’s founding validation partners.
In February, Safe released an annual report showing $600 billion in transaction volume during 2025. While not profitable last year, it was aiming for brakeven in 2026, and to double revenue.
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