Applications running on Polygon, Binance Smart Chain, and Arbitrum can now use Gnosis Safe to enhance their smart contract security.
Ethereum-native multi-sig wallet provider Gnosis Safe is launching on three new networks: Polygon, Binance Smart Chain, and Arbitrum.
Gnosis Safe, a multi-signature wallet provider and asset management platform, has gone live on Polygon, Binance Smart Chain, and Arbitrum. The product was previously only available on Ethereum and xDai.
Like xDai, Polygon, Binance Smart Chain, and Arbitrum offer EVM compatibility. Polygon and Binance Smart Chain have found success by attracting protocols that launched on Ethereum or, as is often the case with Binance Smart Chain, similar derivatives. Arbitrum, meanwhile, is a Layer 2 solution built to help Ethereum scale. It uses Optimistic Rollups and is slated to launch in full this summer.
Gnosis Safe has seen significant adoption as demand for smart contract wallet security increases. It currently secures over $42 billion in ETH and ERC-20 tokens powering the DAO and DeFi ecosystems.
DeFi on Ethereum continues to see rapid growth, with 3 million users and over $54 billion in total value locked in DeFi protocols. Gnosis Safe’s multi-sig wallet secures $22 billion worth of crypto assets and is used by well-known projects including Aave, Balancer, SushiSwap, 1inch, Kyber, Synthetix, and Yearn Finance.
With today’s expansion, the team hopes to offer additional security to DeFi treasuries and help with the secure implementation of decentralized autonomous organizations (DAOs) on Polygon, Binance Smart Chain, and Arbitrum.
The product lets developers deploy smart contracts that are backed by multi-signature security. This assures that a smart contract is not controlled by one seed phrase or person, meaning the security of the project can be spread across multiple devices.
Polygon’s co-founder Anurag Arjun discussed how Gnosis Safe’s launch on Polygon would help the network flourish. He said:
“We’re excited to have Gnosis Safe’s high security user-friendly platform live on Polygon. This will allow the 450+ dApps building on Polygon’s high speed infrastructure to manage their assets transparently and securely.”
Polygon has seen rapid adoption this year thanks in part to the number of Ethereum projects that launched on the network. Aave, Curve, SushiSwap, and Balancer have all deployed their contracts on the Ethereum commit chain in recent months. Arbitrum, meanwhile, looks set to welcome a number of Ethereum staples as Layer 2 begins to roll out in earnest; Uniswap, SushiSwap, and Bancor have all confirmed launches on the Optimistic Rollup solution this year.
As part of Gnosis Safe’s Layer 2 plans, the team is planning to launch on Optimism and zkSync before the end of 2021. It will also go live on Avalanche.