Safe, the smart account protocol previously known as Gnosis Safe, has set a new record by processing close to 130 million transactions in the second quarter of 2026. This achievement is particularly noteworthy in light of the cryptocurrency market's decline through much of June.
The report released by the Safe Ecosystem Foundation reveals a 5.7% increase from the previous quarter, which saw 122.9 million transactions. Notably, April contributed significantly to this figure, recording 55.4 million transactions, marking it as the most active month historically for the protocol.
#What Does This Growth Indicate?
The total number of accounts created on the Safe protocol exceeded 63 million by the quarter's end, indicating a 20% increase year-over-year. Additionally, the number of monthly active accounts reached 2.73 million in June, reflecting a rise from the previous quarter as well. This demonstrates ongoing interest and engagement in the platform despite market volatility.
#How Did Transfer Volume Trend?
In terms of monetary flow, the total transfer volume across all blockchains reached $39.35 billion for the quarter. This is an 8% increase from the same period last year, with Ethereum specifically witnessing an all-time high in ETH-denominated transfers.
#What Impact Did Safenet Beta Have?
One significant factor driving this performance was the launch of Safenet Beta on April 2 during EthCC Cannes. This security network is designed to enforce checks on on-chain transactions, enhancing trust and reliability. By June 30, the Safenet network had amassed 54.8 million SAFE tokens staked across 539 stakers and completed over 455,000 transaction checks, bolstering user confidence.
#What Should Investors Consider?
Looking ahead, by the end of 2025, Safe's overall revenue had exceeded $10 million. The foundation aims to double its revenue in 2026, seeking to reach break-even by the close of the year. However, investors should be vigilant. Transaction counts and account creation may be artificially inflated through automated processes. A useful metric for assessing genuine engagement is the ratio of active accounts to total accounts, which currently stands around 4.3% monthly active. This gives a clearer picture of true user involvement and can guide investment decisions.