A smart contract-based Ethereum wallet now boasts more than $1 billion in held assets, reported crypto publication Decrypt on August 24.
$1 billion in Holdings
Gnosis Safe, a cryptocurrency wallet that leverages the power of smart contacts to hold crypto assets — just like SiaCoin Wallet – now holds more than $1 billion in total assets as of this week. The value represents holdings in both ETH and a wide range of other ERC20 tokens.
We've crossed the $1 billion mark! pic.twitter.com/KJ2TJ3oc62
— Gnosis Safe (@gnosisSafe) August 24, 2020
Gnosis powers conditional tokens for predictive markets and runs a DEX. The company is a multisig wallet and touts itself as the most trusted platform to manage digital assets on Ethereum.
As of today, the total Ethereum and Ethereum-based tokes on Gnosis are worth just over $1.08 billion in combined assets, which Gnosis co-founder and product manager Stefan George explained is calculated by tracking the sums of all tokens in addition to ETH and using current pricing information provided by CoinPaprika, the report said.
Using smart contract functions helps the entity to power its multi-signature wallet solution that is offered to both individuals and companies. For example, companies can require some employees to authorize certain transactions, while individuals can require their signatures from certain wallets or devices.
Established companies and DEXs, such as Kyber Network, ConsenSys, Synthetix, and ENS, use Gnosis Safe. Meanwhile, the firm is joined by other smart contract-based Ethereum wallets on the market. These include competitors such as Argent and Authereum.
Ethereum Receives a Boost with DeFi
The report comes as Ethereum has, in the past few weeks, received a massive boost in the broader crypto market riding on the coattails of the DeFi space.
Overall, all ten of the top DeFi projects run on Ethereum and account of hundreds of millions of dollars staked, stored, and run on the network, as data from DeFi Pulse shows.
As BTCManager reported in April this year, dApp transaction volume accounted for a majority of all transactions happening on Ethereum-based DeFi projects:
2020 Q1 #Dapp Market Report is here!
— DappReview (@dapp_review) April 8, 2020
The report, at the time, noted the number of dApp transactions in Q1 2020 increased tenfold compared to the same period in 2019. In all, they translated to a total of $8 billion in volume spread across more than a dozen blockchain networks at the start of this year.