SafePal (SFP) is one of the most fascinating decentralized finance (defi) tokens because they associate it with a piece of hardware.
To explain, SafePal offers both a cryptocurrency and a hardware wallet, the S1. They claim SafePal’s wallet supports 15 programming languages and 54 blockchains. Moreover, they claim you can store crypto on the S1 without know-your-customer (KYC) algorithms.
The SafePal S1 Hardware Wallet
The S1’s features include a true random number generator, multiple layers of security sensors, and a self-destruct mechanism. I hope that doesn’t mean the S1 burns or explodes like the recordings on the classic American TV show Mission Impossible. The basis of SafePal’s system is an EAL 5+ independent, secure element.
They claim the S1 is 100% offline air-gapped when it is unplugged. That provides true cold storage because there are Bluetooth, Wi-Fi, NFC, or USB Connections. Instead, the S1 loads crypto by scanning QR codes. Plus, they claim the S1 can store unlimited amounts of cryptocurrency. Yet the S1 is small enough to carry in your pocket because it’s the size of a credit card.
The S1 includes a camera for high-speed scanning of quick-read (QR) codes. A 1.3 inch screen, and a 400m AH battery that can retain a charge for 20 days with 10 minutes of daily use.
The SafePal Wallet
SafePal claims the S1 and SafePal Wallet app can identify hundreds of decentralized apps (DApps) and interact with them. Plus, they claim users can buy, collect, store, and sell nonfungible tokens (NFTs) across hundreds through the SafePal Wallet app.
The SafePal Wallet is a private noncustodial wallet for storage of keys. They claim nobody else has access to the keys, including SafePal’s staff. The SafePal Wallet is available in the Apple App Store, GooglePlay, and an on Android. You can get SafePal wallet extensions for Chrome, FireFox, and Microsoft Edge.
The SafePal Wallet supports hundreds of digital assets on 54 blockchains. Those assets include stablecoins, cryptocurrencies, NFTs, ERC-20 tokens, DAOs, derivatives, and DeFi coins. Assets SafePal claims to support range from the giants such as Bitcoin (BTC) and Tether (USDT) to ones I’ve never heard of, such as Research Coin (RSC) and FEG Wrapped BNB (fBNB).
Many of the assets SafePal support, including fBNB and Wrapped Bitcoin (WBTC) are derivatives. Derivatives are assets based on other assets. For example, they base Wrapped Bitcoin on Bitcoin and FEG Wrapped BNB (fBNB) on Binance.
I think derivatives and NFTs are the future of the blockchain. Thus, an enormous market for SafePal could develop as people seek places to put their assets. I predict one of the biggest markets will be for bonds, and debt derivatives. A large category of that market will be government-backed or issued debt such as US Treasury Bonds and British Gilts. In particular, I think there could be a gigantic market for a US Treasury digital asset.
What Value Does SafePal (SFP) Offer?
Interest in SafePal (SFP) is high. CoinMarketCap named SafePal it’s 12th most-trending cryptocurrency on 15 November 2022.
CoinMarketCap named SafePal the 242nd ranked cryptocurrency with a 67.43₵ Coin Price on 16 November 2022. SafePal had a $72.939 million Market Capitalization, a $337.246 million Fully Diluted Market Capitalization, a $72.322 million 24-Hour Market Volume on 16 November 2022, CoinMarketCap estimates.
CoinMarketCap estimates a Centralized Exchange (CEX) Volume of $66.386 million, and a Decentralized Exchange (DEX) Volume of $5.936 million on 16November 2022. They base those numbers on a Circulating Supply of 108.167 million SFP and a Total Supply of 500 million SFP.
In contrast, CoinGecko, named SafePal (SFP) its 268th ranked cryptocurrency with a 67.49₵ Coin Price on 16 November 2022. CoinGecko gave SafePal a $73.480 million Market Capitalization, a 24-Hour Trading Volume of $61.484 million, and a Fully-Diluted Valuation of $3339.662 million on 16 November 2022. They based those numbers on a 109.167 million SFP Circulating Supply and a Total Supply of 500 million SFP on 16 November 2022.
If you are seeking a cryptocurrency based on something real and don’t trust gold-based stablecoins such as TetherGold (XAUt). I think SafePal is worth examining.