Markets News Report
February 27, 2024

Safe Partners with Base to Promote Smart Accounts as Ethereum’s Default Ownership Standard

In Brief

Safe partners Base to offer 1ETH in gas fee credit incentives for developers building with Safe smart accounts, and drive onchain adoption.

Safe Partners with Base to Promote Smart Accounts as Ethereum's Default Ownership Standard

Smart account infrastructure provider, Safe announced its partnership with Base, an Ethereum Layer 2 (L2) network incubated by Coinbase. This collaboration aims to offer financial incentives and modular tooling for developers, to make decentralized applications (dApps) more accessible, secure, and efficient for users worldwide.

Under the partnership, smart accounts offer various benefits for self-custody users, including multi-signature transactions, account recovery, recurring payments, and an improved user experience compared to externally owned accounts (EOAs). EOAs, commonly used in self-custody applications, often face challenges such as complex private key management, unpredictable gas fees, and limited functional versatility for dApps.

To address these challenges and promote smart account adoption, Base is providing up to 1 ETH in gas credits to developers building on Safe within the program’s initial 12-month launch. This initiative aims to alleviate financial constraints and encourage developers to leverage smart account infrastructure to create innovative solutions for various use cases on Base.

“With 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. By combining Safe’s modular smart account infrastructure with Base’s native account abstraction support, we are paving the way for smart accounts to become the default standard for Ethereum developers,” said Lukas Schor, co-founder at Safe.

Base And Safe Forge Smart Account Standardization on Ethereum

Safe’s modular and open-source stack, Safe{Core}, empowers developers to build tools that enhance user experience and functionality on Base. With over 6 million smart accounts supported and more than 30 million transactions facilitated, Safe has demonstrated its capacity to bolster activity across the Ethereum ecosystem.

Additionally, Safe’s support for the Base Sepolia testnet ensures a robust testing environment for seamless integration.

“Smart 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. With this gas fee credit program, we are incentivizing developers to harness the power of smart accounts and making it easier for builders to help create a more accessible onchain ecosystem,” Nick Prince, product manager at Base.

Moreover, the collaboration represents a step towards promoting smart accounts as the default standard of ownership on Ethereum. With financial incentives, modular tooling, and a shared vision for enhancing user experience and driving mainstream adoption, this partnership aims to empower developers and contribute to the growth of the onchain ecosystem.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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