Project Insight: SafePal Wallet

Own and Control Your Assets 

SafePal is one of the most secure hardware and software wallets in the Decentralized Finance (DeFi) space. The wallet provider backed by Binance allows users to own and have control of their assets safely and conveniently. SafePal is dedicated to providing a user-friendly crypto management platform and has over 3 million users in more than 196 countries. 

Through its hardware and software wallet products, managed through the SafePal application, users have managed, secured, swapped, traded, and grown their crypto assets. Additionally, the wallet supports over 10,000 digital assets and is trusted by individuals across different continents. 

Being the first tokenized crypto hardware wallet endorsed by an industry-leading exchange, SafePal aims to make crypto secure and simple for everyone. 

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SafePal Wallet Application 

The SafePal wallet application—the software wallet, is available for Android and iOS users. The application has an easy-to-use User Interface (UI) where users can send or receive cryptocurrencies and interact with Decentralized Applications (dApps). Users can also trade using the SafePal Decentralized Exchange (DEX) or Binance Centralized Exchange (CEX). 

The SafePal DEX is an Automated Market Maker (AMM) that allows the swapping of tokens across numerous blockchains, including Ethereum, Tron, and BNB Chain. Users can also buy crypto within the application through a credit card, bank account, iDEAL, Bancontact, EPS, Giropay, and sofortbanking. 

In summary, the software wallet has several unique offerings as follows: 

• Swap: Cross-chain Swap and Bridge. 
• Trade: Spots and Futures. 
• Yield: SafePal Earn plus 19 Pools. 
• Manage: Revoke manager, LP Center, DeFi Assets Page. 
• Buy Crypto: Users can buy crypto using the numerous means outlined above. 
  

The application has several security options like fingerprint scans, security passwords, pattern passwords, and pass-phrase login functions. Users can also hide their balances via the privacy mode. 

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SafePal Products 

SafePal offers users three information products with good value for money: SafePal S1 wallet, SafePal Cypher seed board, and the SafePal Leather Case. 

The SafePal S1 Wallet is the most valued product for crypto beginners. However, the Cypher hardware wallet protects users' seed phrase from water, fire, or corrosion. In addition, the leather case serves as a protective cover for both the S1 hardware wallet and the Cypher seed phrase protector. 

SafePal Hardware wallet improves security by storing users' private keys and improving transactions sent from the application. In essence, the wallet offers long-term protection of crypto assets. 

Features 

SafePal S1 Hardware Wallet 

The SafePal S1 Wallet is worth $49.99 with a 1-year warranty upon successful purchase. The Hardware wallet supports 32 blockchains and 30,000+ tokens, including unlimited currency storage. You can also onboard new tokens via firmware upgrade and add or delete tokens as you like. 

It is super light and easy to carry as it is only the size of a credit card. The SafePal S1 Hardware wallet is delivered in a lovely box which contains the following: 

• SafePal S1 Hardware wallet 
• Cleaning cloth 
• Three Mnemonic phrase cards 
• User manual
• USB Cable 

Just like the software wallet, the hardware wallet is also secure. Here is the security for users using the SafePal S1 Hardware wallet: 

• True random number generator.
• Multiple layers of security sensor. 
• EAL 5+ independent secure element. 
• Self-destruct mechanism. 

SafePal Cypher 

The SafePal Cypher Seed Board is worth $44.99 with a 1-year warranty upon purchase. The product is made of premium 304-grade stainless steel and is fully resistant to water, salt, and acid. In addition, it is designed for easy installation and convenient storage to protect users' mnemonic phrases.  

SafePal Cypher is compatible with any hardware or software BIP39 wallet and can be used by users to protect 12, 18, and 24-word seed phrases with ultra-security. The delivery box consists of the following: 

• Two separate stainless steel plates together make up a cryptographic puzzle. 
• A set of 288 letters 
• User manual
• Stickers 
• Screwdriver 

Watch their YouTube Video to learn how to use it, and visit the SafePal Cypher page for more details. 

SafePal Leather 

The SafePal leather is a protective cover for the S1 hardware wallet and the Cypher seed board. It is worth just $9.99. The waterproof product helps prevent scratches and bumps on the hardware wallet. 

It is light and compact, weighing only just 20g. Check out the product’s page for more information. 

SafePal Token 

$SFP is the native token of the secure wallet provider. It is a BEP-20 token on BNB Chain. The token is the core incentive that drives the growth of SafePal products and services and empowers the community's governance. Below is the tokenomics of the SFP token: 

Token Supply: 500,000,000 SFP

Token Allocation

Foundation Reserve: 20%

Team: 20% 

Community and Airdrop: 15%

Product and Marketing: 15% 

Seed Sale: 2%

Public Sale: 10% 

Private Sale: 4% 

Strategic Sale: 9%

Ecosystem: 5% 

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SFP Token Key Utilities 

Fees and Discounts: Users may use SFP for fees and discounts on the SafePal products and services.

Staking Rewards: SafePal users can stake SFP to yield extra interests from the SafePal Earn programs. 

Bonus and Candies: Holders of SFP token have the privilege to: 

• Enjoy special coupons from SafePal and its partners. 
• Join exclusive campaigns launchpad on the SafePal platform. 
• Claim special collectibles from SafePal and its partners. 
  

Community Governance: SFP token holders can create proposals and vote for the Treasury fund usage and new features such as adding new blockchains on the SafePal S1 Hardware wallet. 

Treasury: Each quarter, a certain percentage of the SafePal net profit is used by the protocol from SFP token buyback and deposit into the Treasury for community governance. 

Ecosystem: $SFP will be the key driver of the SafePal open platform to provide open-source hardware wallet solutions for the industry. 

SafePal Notable Milestones in 2021 

• $SFP listing on 31 Exchanges. 
• Became the first Binance Launchpad project in February. 
• Wallet Holding Offering (WHO) was introduced in March. 
• SefePal Earn went live in October. 
• Supported VeChain, THETA, and Polygon, including Solana, Ethereum EIP1559 Standard and other chains (Cardano—only on Software wallet, Nervos, Fantom, Avalanche C-Chain, Arbitrum, Optimism, Heco, Songbird, and Boba. 
• Launched Giftbox and SafePal pay in December. 

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The Story So Far

Partnership With Nervos Foundation 

SafePal received a grant from Nervos Foundation. Nervos Foundation is a Common Knowledge Base (CBK) permissionless, layer 1, open-source, proof-of-work blockchain protocol focused on creating the foundations for an interoperable universal public network. 

As part of the collaboration, SafePal has already provided users with the following: 

• sUDT Integration. 
• Godwoken Bridge: SafePal has integrated the bridge between Nervos and Godwoken, enabling easy migration of assets between both networks. 
• Fiat Gateway: SafePal now supports fiat/$CBK gateway. 
• Swap: Support for $CKB Swap. 
• DApp Promotion: Nervos and SafePal would combine to promote Nervos dApps for worldwide adoption. 
• Liquidity Mining: SafePal will promote the liquidity mining of Nervos DeFi products. 
  

Read SafePal’s November 30th Blogpost to learn more. 

Partnership with Terra 

SafePal received a grant from Terra Foundation to integrate assets and DApps on the Terra ecosystem. The collaboration has already produced some of the following innovations: 

• UST & LUNA integration. 
• Fiat Gateway: SafePal is working towards assisting the Terra network with fiat gateway products like BTC Direct and Simplex. 
• SafePal Swap: Users can easily swap Terra-based assets such as $LUNA and $UST. 
• DApp Promotion: Both protocols would promote Terra product dApps for worldwide adoption. 
• Liquidity mining: SafePal will promote the liquidity mining of Terra DeFi products via SafePal earn. 
  

Read SafePal’s blog on February 8 to learn more about the collaboration.

Deployed BiSwap as a New SafePal Earn Partner 

On February 24th, SafePal announced its collaboration with BiSwap. The partnership introduced the arrival of BiSwap pools within SafePal Earn and the following BNB Chain pools are now supported on the platform: 

• SFP/BNB Pool. 
• BSW Pool. 
• BSW/BNB Pool. 
• SFP Pool. 
  

The collaboration will allow $SFP holders to stake and earn Biswap’s native $BSW token within SafePal Earn from February 25th till March 27th. 

Go over to the protocol’s official announcement post to learn about the latest partnership. 

Final Thoughts 

SafePal is one of the most widely used wallet applications in the DeFi space. It is an important tool for users who want to manage their assets. Its Binance endorsement allows users to fine-tune their trades using built-in Binance spot trading features. 

The wallet supports various assets and blockchains plus yield farming opportunities via SafePal Earn. The Hardware wallet is a unique security layer for users who want to protect their assets in cold storage. Ideally, it is meant for long-term storage, while the software wallet application is for daily interaction. 

SafePal offers users countless possibilities to earn, send and receive tokens, all in one place. The protocol has integrated seamless components that allow users to buy, trade crypto, and interact with dApps. With the huge partnerships already recorded by the protocol, users would gain access to interacting with more dApps in the future. 

For more details about SafePal, visit the following links: 

Website | Blog | Telegram | Twitter