Safe (formerly Gnosis Safe) (SAFE)
Token for the dominant smart-contract wallet securing $100B+ in assets, but governance token with minimal direct value accrual so far
Ranked 44th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
SAFE scores 132 of 250 across the 25-variable framework, which places it 44th of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
SAFE is a top-10 name in the set on 4 variables. The score rests on Market Share 8/10, 4th of 251, Competitive Moat 8/10, 5th of 251, TVL Trend 8/10, 6th of 251 and Regulatory Safety 8/10, 6th of 251.
Against the same universe, SAFE sits in the bottom third on Circulating / FDV Ratio 2/10, 241st of 251, Vesting Schedule 2/10, 223rd of 251, Real Staking Yield 2/10, 199th of 251 and Supply Inflation 3/10, 199th of 251. These are the variables that would have to move for the verdict to change.
Only 76.7% of SAFE's maximum supply is in circulation, so 1.3x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 23.3% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
SAFE trades 97.5% below its all-time high of $3.56. Recovering that level is a 40x move, not a 97.5% one, which is the arithmetic most drawdown charts hide.
The framework score gained 14 points against the previous pass (118 to 132). Revisions of this size follow a change in the underlying variables, not a change in price.
$110.00B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 2 | 199th of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 2 | 241st of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 6 | 26th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 8 | 6th of 251 | |
| Active Users | 7 | 8th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 8 | 4th of 251 | |
| Competitive Moat | 8 | 5th of 251 | |
| Institutional Adoption | 7 | 17th of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 7 | 12th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Fee switch or protocol revenue share activation by Safe DAO
Principal risk
Token has no clear value accrual mechanism; Safe protocol revenues flow to contributors not token holders
Market and supply
| Price | $0.0876 |
| Market cap | $67.2Mrank 337 |
| All-time high | $3.5623 Apr 2024 |
| Circulating supply | 767,449,429 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 1.3x |
| Total value locked | $110.00B |
| Listed on | Bybit, KuCoin, Uniswap |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to SAFE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Safe Global] Safe wallets collectively hold over $100B in assets across 40+ chains as of 2025
- [CoinGecko] Only 22% of SAFE token supply is circulating; large releases scheduled through 2027
- [Safe Forum] Safe DAO launched with $1B+ treasury but token has no direct fee share yet
Common questions
- What is the Early Thunder score for Safe (formerly Gnosis Safe) (SAFE)?
- SAFE scores 132 out of 250 on the 25-variable framework, ranking 44th of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are SAFE's strongest fundamentals?
- SAFE ranks highest on Market Share 8/10, 4th of 251, Competitive Moat 8/10, 5th of 251, TVL Trend 8/10, 6th of 251 and Regulatory Safety 8/10, 6th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the SAFE thesis?
- SAFE scores in the bottom third of the universe on Circulating / FDV Ratio 2/10, 241st of 251, Vesting Schedule 2/10, 223rd of 251, Real Staking Yield 2/10, 199th of 251 and Supply Inflation 3/10, 199th of 251. The single risk carried on the scorecard is: Token has no clear value accrual mechanism; Safe protocol revenues flow to contributors not token holders
- How much SAFE supply is still to enter circulation?
- 76.7% of eventual SAFE supply is circulating today, leaving 1.3x the current float still to arrive. At a flat price per token that is 23.3% of fully diluted value ahead of current holders.
- How far is SAFE from its all-time high?
- SAFE trades 97.5% below its all-time high of $3.56. Returning to that high requires a 40x move from the level used in this scoring pass.
- Which tokens have a similar profile to SAFE?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to SAFE are SSV (106), MORPHO (157), ONDO (115) and W (92). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for SAFE?
- Fee switch or protocol revenue share activation by Safe DAO
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.