An altcoin tied to a security-focused crypto wallet skyrocketed more than 43% in a day, outperforming the broader crypto market.
Safe (SAFE) is a smart contract wallet that operates across 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 ranked 124th by market capitalization has also increased by almost 55% over the past week and over 74% over the past month.
In comparison, the overall crypto market cap increased by 1% over the past day, according to CoinGecko.
Danilo Pereira, product marketing specialist at Safe, notes that the total value locked (TVL) of the project is 5 times higher than the TVL of Robinhood’s centralized exchange.
TVL refers to the amount of capital deposited into a protocol’s smart contracts and is often used to assess the health of a crypto ecosystem.
On Thursday, after SAFE’s price gains materialized, the project announced the launch of gasless deployment with the same address on more than 15 networks, saying the new feature “provides unprecedented flexibility in managing assets”.
Despite this week’s gains, SAFE still remains down 61% from its all-time high of $3.56, set by the asset shortly after its April launch.
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check Price Action
Follow us on XFacebook and Telegram
Surf the daily Hodl mix
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: halfway
