The altcoin linked to security-focused cryptocurrency wallets outperformed the broader cryptocurrency market, surging more than 43% in one day.
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 this writing, up from about $0.95 on Wednesday. The 124th-largest cryptocurrency asset by market capitalization also rose nearly 55% last week and more than 74% last month.
In comparison, the overall cryptocurrency market cap increased by 1% in the past day, according to CoinGecko.
Danilo Pereira, head of product marketing at Safe, points out that the project’s total locked value (TVL) is five times greater than the TVL of Robinhood’s centralized exchange.
TVL represents the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of the cryptocurrency ecosystem.
After SAFE’s price increase materialized, the project announced on Thursday that it would begin gasless deployments to the same address across more than 15 networks, saying the new feature “provides unprecedented flexibility in asset management.”
Despite this week’s gains, SAFE still remains 61% below the all-time high of $3.56 the asset set shortly after its launch in April.
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