Base offers up to 1 ETH in gas rebates for smart account developers.<\/p>\n
Safe, an on-chain asset custody protocol, has teamed up with Base, the Ethereum Layer 2 from Coinbase, to promote the development of smart accounts.<\/p>\n
Announced on Feb. 27, the partnership includes Base offering up to 1 ETH worth of gas fee credits alongside modular tooling to developers building smart accounts using Safe\u2019s open-source tech stack on the Base network.<\/p>\n
Smart accounts leverage\u00a0 account abstraction<\/a>\u00a0to enable advanced custody features and user-interface improvements compared to conventional web3 wallets, including multi-signature authentication, account recovery, and recurring payments.<\/p>\n \u201cThis initiative aims to empower more developers to tap into the benefits of smart accounts and make decentralized applications more accessible, secure, and efficient for users worldwide,\u201d Safe said in an announcement. \u201cWith over 230 million unique Ethereum addresses worldwide, and daily L2 transactions surpassing L1 transactions, the need for dynamic and scalable solutions has never been more apparent.\u201d<\/p>\n <\/p>\n \u201cSmart account adoption is vital to making on-chain apps easy to use for everyday people, and the key to unlocking this future-proof technology is reducing the barriers to developers,\u201d added Nick Prince, product manager at Base.<\/p>\n Safe supports the Base Sepolia testnet, facilitating a robust testing environment for developers. Safe\u2019s core stack already supports more than 6M safe accounts that have executed in excess of 30M transactions.<\/p>\n In June, Vitalik Buterin, the co-founder and chief scientist of Ethereum,\u00a0 described<\/a>\u00a0the move from traditional web3 wallets to smart accounts as a cornerstone of Ethereum\u2019s transition \u201cfrom a young experimental technology into a mature tech stack\u201d offering a user experience facilitating mainstream adoption.<\/p>\n Safe, initially conceived as Gnosis Safe, a leading multi-signature protocol,\u00a0 spun out<\/a>\u00a0of the Gnosis ecosystem in mid-2022 following a\u00a0 governance vote<\/a>.<\/p>\n Safe followed up by rebranding, establishing a Swiss foundation to protect its off-chain assets, closing a $100M funding round, and\u00a0 airdropping<\/a>\u00a0SAFE tokens to nearly 22,000 users. At the time, Safe was used to custody approximately 5% of the combined cryptocurrency capitalization.<\/p>\n Safe now custodies\u00a0 $3.9B<\/a>\u00a0worth of ETH and\u00a0 $92.1B<\/a>\u00a0in ERC-20 tokens, equating to 1% of Ethereum\u2019s supply and 4.3% of the combined cryptocurrency capitalization, according to Dune Analytics.<\/p>\n Gnosis pivoted to refocus its operations on Gnosis Chain, an Ethereum sidechain established through Gnosis\u2019s merger with xDAI in December 2021. Gnosis Chain now boasts a total value locked (TVL) of $306M, according to DeFi Llama.<\/p>\n <\/p>\n