Safe Reports $10 Million Annualized Revenue, Plans Breakeven and Network Token Shift

The Safe Ecosystem Foundation reported exceeding $10 million in project-wide annualized revenue, up from roughly $2 million at the end of 2024, according to a community update from co-founder and foundation president Lukas Schor ¹. Safe disclosed that the top-line growth occurred without token subsidies or incentive programs, placing the protocol among the 40 largest crypto projects by revenue based on public Token Terminal data ¹. While not yet profitable, the entity aims to reach breakeven and double revenue in 2026, targeting $100 million in annual recurring revenue by 2030 ¹.

Protocol activity surged throughout 2025, handling $600 billion across 326 million transactions ¹. That single-year volume represented 43% of Safe's lifetime processed volume ¹. Users deployed 18.3 million smart accounts during the year, with 98% of deployments happening on Layer 2 networks rather than Ethereum mainnet ¹. Base led retail account volume, surpassing Polygon and Arbitrum, while Gnosis emerged as an automation hub for autonomous agents ¹. Ethereum mainnet remained the protocol's primary custody layer, holding large reserves despite lower transaction counts ¹. At the time of writing, $ETH traded at $2,727.

Institutional Treasury Convergence

The revenue growth reflects wider enterprise integration across the sector ¹. In October, the Ethereum Foundation migrated its full treasury of more than 160,000 ETH—valued at approximately $650 million—into Safe smart contracts ¹. Other institutions implemented the architecture into customer offerings: hardware manufacturer Ledger introduced an enterprise multisig setup built on Safe, and European exchange Bitpanda rolled out self-custodial wallets for its base of nearly 7 million users ¹. Stablecoin issuer Circle partnered with the project for treasury operations, with $2.5 billion in $USDC secured within Safe accounts ¹.

To diversify beyond its initial governance framework, Safe{Research} is developing a protocol intended to convert $SAFE into a network utility asset, scheduled for announcement in 2026 ¹. Commercial subsidiary Safe Labs also introduced Safe Shield, an enterprise security module built with Hypernative aimed at roughly 5,000 teams securing more than $10 million in assets ¹.