Safe infrastructure processed $600B in 2025 — 43% of all-time volume — as Ethereum Foundation, Ledger, Circle, and Bitpanda adopt it.
The Safe Ecosystem Foundation, steward of the smart account protocol securing over $60 billion in digital assets, has reported more than $10 million in project-wide annualized revenue, up from approximately $2 million at the end of 2024.
The figures were disclosed by Lukas Schor, Co-founder of Safe project and President of Safe Ecosystem Foundation, in a community forum post reflecting on 2025 and outlining the project’s 2026 outlook. Notably, the growth was achieved without token subsidies or incentive programs. Comparing Safe Project’s self-reported revenue with public revenue figures tracked by Token Terminal would place Safe among the top 40 crypto projects globally by revenue.
“We are one of the very few token projects in the industry that shows long-term sustainable adoption and significant revenues that do not rely on token subsidies or purely speculative use-cases,” Schor wrote.
While the project is not yet profitable, the milestone enables accelerated investment in growth and ecosystem initiatives without dependency on market conditions or external fundraising
2026: Token Utility and the Path to $100M
Safe outlined targets to reach break-even and double revenue in 2026, with longer-term ambitions to reach $100 million in annual recurring revenue (ARR) by 2030.
Central to the 2026 roadmap is a dual approach to managing both supply and demand for SAFE tokens. On the demand side, Safe{Research} is developing a protocol that will significantly enhance the utility of the SAFE token, turning it from a mostly governance token into a full-fledged network token. The protocol is expected to be announced in 2026.
“Safe Labs, Safe Foundation, and Safe Research are aligned on delivering clear, valuable token utility that strengthens the ecosystem and aligns with Safe’s core mission of secure self-custody.” “The direction is clear: SAFE stops being something you hold. It becomes something the network needs. 2026 will show what this looks like in production.”
The $600 Billion Year
Safe processed $600 billion in transaction volume during 2025, representing 43% of the protocol’s entire lifetime volume in a single year. Users deployed 18.3 million new smart accounts, averaging one new account every 1.7 seconds, while the network handled 326 million transactions.
Activity concentrated on Layer 2 networks, with 98% of new deployments occurring outside Ethereum mainnet. Base emerged as the leading retail chain, flipping Polygon and Arbitrum. Gnosis became what Safe described as “the automation engine, where AI agents live.” Ethereum remained the vault: lower volume, but securing the billions.
Institutional Convergence
The revenue milestone coincided with a wave of institutional adoption, with major players independently choosing the same infrastructure.
In October, the Ethereum Foundation completed migration of its entire treasury, over 160,000 ETH valued at approximately $650 million, to Safe. The move followed months of testing, with the Foundation citing alignment with “battle-tested, immutable, audited, permissionless protocols.”
Hardware wallet manufacturer Ledger launched its enterprise multisig product built on Safe smart contracts. “We are not reinventing the wheel; we are strengthening it,” Ledger stated. European exchange Bitpanda, serving nearly 7 million users, shipped a self-custodial wallet powered by Safe. Circle entered a strategic partnership for USDC treasury management, with $2.5 billion in USDC currently held across Safe accounts.
Safe Labs, the commercial subsidiary led by CEO Rahul Rumalla, also launched Safe Shield at Devconnect Buenos Aires, a security layer for enterprise users powered by Hypernative, targeting approximately 5,000 teams managing over $10 million in assets.
Looking Ahead
Community response to the disclosure was positive. “The new integrated setup seems right for the current state of the industry and project,” wrote delegate LuukDAO. “$10M in revenue is promising and a surprise,” added community member adamhurwitz.eth.
“We are fundamentally long-term builders,” Schor wrote, “committed to creating enduring value.”
About Safe
Safe (previously Gnosis Safe) is an onchain asset custody protocol that has processed over $1.4T+ in total value(TVP). Released as on open-source software stack by the Safe Ecosystem Foundation, it is establishing a universal ‘smart account standard for secure custody of digital assets, data, and identity. Safe is built for the mission to unlock digital ownership for everyone in web3, including DAOs, enterprises, retail, and institutional users
About the Safe Ecosystem Foundation, Zug, Switzerland
The mission of the Safe Ecosystem Foundation is to support the development of Safe, to strengthen Safe technology and to promote the Safe Ecosystem. The Safe Ecosystem Foundation is a non-profit organisation based in Zug, Switzerland, that helps educate people about Safe smart accounts and promotes Safe technology through the provision of grants and other forms of funding.
Website, Twitter, Blog, Research, Ventures
About Safe Labs GmbH
Safe Labs GmbH builds enterprise-grade smart account infrastructure that brings Safe Smart Accounts to business and institutional use cases. Headquartered in Berlin, Germany, Safe Labs provides products and services for organizations adopting smart accounts at scale. Safe Labs GmbH is a wholly owned subsidiary of the Safe Ecosystem Foundation.
Website, Twitter, Blog, GitHub, Docs, Launch App
Legal Disclaimer
This is not an offer to sell or a solicitation of an offer to purchase any SAFE tokens and is not an offering, advertisement, solicitation, confirmation, statement, or any financial promotion that can be construed as an invitation or inducement to engage in any investment activity or similar.
The Safe Ecosystem Foundation makes no representations, warranties and/or covenants with respect to the Safe Technology (or any implementations of the Safe{Wallet} and/or Safe Smart Accounts) or any program (Grants, Hackathons and/or any other forms of funding) run by the Safe Ecosystem Foundation. You should not rely on the content herein for advice of any kind, including legal, investment, financial, tax, or other professional advice, and such content is not a substitute for advice from a qualified professional.
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