Safepal: A Secure Wallet Solutions in the Cryptocurrency Market
By Jenny Yao | Crescent City Capital Market Analyst Intern
Introduction
SafePal is a cryptocurrency wallet launched in 2018, designed to help users protect and grow their digital assets. SafePal offers both hardware and software wallets, all of which are paired and managed through the SafePal App. It is the first hardware wallet to be invested in and supported by Binance. SafePal wallets support many popular crypto assets, including tokens on Ethereum, Binance Smart Chain (BSC), and Tron blockchain. According to SafePal, users can store, manage, swap, trade, and grow their portfolios without compromising asset security. Since its launch in 2018, SafePal has experienced exponential growth, with over 3 million users in 196 countries worldwide.
SafePal S1 Hardware Wallet
SafePal is relatively new to the hardware wallet scene, but it stands out as unique and innovative. Supported by Binance Labs, Trust Wallet, and the Litecoin Foundation, it offers an affordable, portable cold storage option. The SafePal S1 supports an unlimited number of cryptocurrencies, allowing users to store any amount of assets in the SafePal wallet.
Navigating through various menus on the device is made easy with directional buttons located below the color screen, and the camera scans QR codes when signing transactions. SafePal S1 is a wireless device, except for the port used for charging the battery and receiving updates. Once updated, SafePal is almost isolated from the internet, with the only way it communicates externally being through the information displayed on the screen. This near-complete disconnection from internet-connected devices eliminates many attack vectors, though it does come at the cost of usability, making the process of using the capital somewhat cumbersome.
Users pair the wallet with a smartphone app and transfer information between the two via QR codes. This smartphone compatibility and cable-free design make SafePal portable and convenient for on-the-go use. Like most hardware wallets today, the device requires a PIN code to be entered. Users can also choose to create a 12-word or 24-word mnemonic phrase for added security.
One of SafePal’s biggest drawbacks is its relatively fragile feel. However, it remains one of the cheapest hardware wallets available, making it an accessible option for many.
SafePal Earn
SafePal Earn is a digital asset management aggregator that offers users access to the best financial projects in the market, whether from DeFi or CeFi. Users can browse, search, and choose different projects with varying annual yields based on their personal risk preferences. SafePal Earn officially launched in the first quarter of 2021. In the future, SFP holders can stake their SFP to participate in SafePal financial projects and enjoy additional benefits.
SFP is a utility token issued on both the BNB Chain and Ethereum, powering the SafePal ecosystem and governing the community. The total supply of SFP is 500 million, with 300 million on the BNB Chain and the remaining 200 million on Ethereum. On February 8, 2021, SFP launched on Binance Launchpad as the first IEO project of 2021. As of October 2022, SFP is listed on over 20 CEX and DEX platforms, including Binance, PancakeSwap, Kucoin, Bybit, Bitget, MEXC, Gate.io, Biswap, and more. SFP can also be used for payments and checkouts on the SafePal website and Binance Pay platform.
SafePal Ecosystem Development and Token Allocation
SFP will serve as the driving force behind the SafePal open platform, encouraging developers to participate in its co-creation and growth. On the SafePal open platform, developers will be able to:
- Integrate SafePal’s unique QR code communication protocol into third-party systems (such as DApps, wallets, etc.), making it easy to incorporate SafePal’s existing secure and user-friendly hardware wallet solutions.
- Develop custom applications based on SafePal’s hardware architecture and utilize the hardware for a wider range of use cases, such as F2U identity verification and authorization.
SafePal has a maximum supply of 500 million SFP tokens, of which about a quarter is currently in circulation. The circulating supply of SFP will continue to grow as more people use the wallet. SafePal users earn SFP tokens as part of staking rewards, participating in SafePal campaigns, and completing tasks within the wallet app.
As per SafePal’s official source, the token allocation is as follows:
- Team: 20.00% of the total token supply
- Foundation Reserve: 20.00% of the total token supply
- Community: 15.00% of the total token supply
- Product & Marketing: 15.00% of the total token supply
- Strategic Sale: 9.00% of the total token supply
- Partnership & Ecosystem: 5.00% of the total token supply
- Private Sale: 4.00% of the total token supply
- Airdrop: 5.00% of the total token supply
- Seed Sale: 2.00% of the total token supply
Market Analysis
The live SafePal price today is $0.832798 USD with a 24-hour trading volume of $7,225,320 USD. We update our SFP to USD price in real-time. SafePal is up 1.60% in the last 24 hours. The current CoinMarketCap ranking is #147, with a live market cap of $385,168,957 USD. In April 2024, SafePal (SFP) experienced a notable increase in its token price driven by several key factors. Firstly, the announcement of new partnerships bolstered investor confidence by expanding SafePal’s ecosystem and utility. These partnerships likely included integrations that enhanced accessibility and usage of SafePal services, appealing to both new and existing users. Secondly, the launch of enhanced features within the SafePal app, such as improved wallet functionalities and broader support for additional cryptocurrencies, contributed to increased user adoption and engagement. Lastly, amidst a generally positive sentiment in the crypto market, SafePal benefited from heightened trading volumes and heightened investor interest, further boosting its token value during this period.
Summary
SafePal is one of the cryptocurrency wallets worth trying out. It is highly regarded for its emphasis on security features. The wallet offers a variety of functions, including the ability to purchase cryptocurrencies within the wallet, and supports three different forms: application, browser extension, and hardware wallet. While the SafePal S1 occupies a unique position in the hardware wallet market with a lower price point compared to similar products, it is convenient to operate and equipped with practical features. However, users should be cautious and back up their mnemonic phrase carefully, as its durability is not on par with competitors like Ledger and Cobo Vault. Nevertheless, it serves as an ideal entry-level product for transitioning from hot wallets to cold wallets, particularly suitable for users who engage in infrequent trading. Overall, it is a worthwhile investment.
Reference
https://coinmarketcap.com/currencies/safepal/#Markets