An altcoin linked to a security-focused crypto wallet is outperforming the broader digital asset market, surging by more than 40% this week.

Safe is a smart contract wallet that runs on multiple blockchains.

The project introduced native swaps this week.

Explains Safe,

“Batch auctions consolidate multiple transactions, reducing gas costs and the need for multiple signatures. A smoother, more efficient trading process is here.

Built-in MEV (maximal extractable value) protection by specialized third-party solvers ensures fair and interference-free transactions. Specialized solvers compete to fill orders by accessing a broad network of decentralized liquidity sources, aiming for more competitive pricing.”

SAFE, the project’s native asset, managed to soar by as much as 43% this week after rallying from a seven-day low of $1.78 to a high of $2.55. SAFE has retraced since and is trading at $2.21 at time of writing.

Despite its recent gains, the altcoin remains more than 37% down from its all-time high of $3.56, which it set on April 23rd of this year, according to CoinGecko.

SAFE began trading in April. That month, Coinbase listed the asset with an “experimental label,” which the exchange attaches to tokens that pose certain risks such as price swings and canceled orders because of lower trading volume and availability.

The Singapore-based cryptocurrency trading platform Bitrue and the Seychelles-based exchange MEXC also listed Safe for trading starting April 25th.

Generated Image: Midjourney

The post Altcoin Tied to Security-Focused Crypto Wallet Surges by 43% This Week Amid Rollout of New Swaps Feature appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ May 19, 2024 12:21 am