thedefiant.io
Safe smart accounts processed nearly 130 million transactions in the second quarter, the highest quarterly total in the protocol's history and a 5.7% increase from Q1, the Safe Ecosystem Foundation said in its Q2 2026 report published Wednesday.
The record quarter came against a weaker market, a sign that smart account usage is compounding independently of price. Total Safe accounts reached 63.4 million, up 20% year over year, and monthly active accounts climbed through the quarter to 2.73 million in June. April was the busiest month ever recorded, with 55.4 million transactions.
Transfer volume hit $39.3 billion in the quarter, up 8% year over year, and Safe accounts collectively held $27.24 billion in self-custodied assets at quarter-end, including $6.48 billion in stablecoins, according to the report. The Safe project generated $1.98 million in revenue, up 42% year over year.
"Q2 matters because it showed Safe becoming more than a place to hold assets," Lukas Schor, co-founder of the Safe project and president of the Safe Ecosystem Foundation, said in the report. "Usage kept compounding through a weaker market, teams continued to coordinate serious capital through Safe, and Safenet moved transaction security closer to execution."
$SAFE was up 4.2% in the past 24 hours, outpacing Bitcoin's 1.3% gain, according to CoinGecko.
Safenet's First Quarter
Safenet Beta, the transaction security network Safe launched on April 2, closed its first quarter with 54.8 million $SAFE staked across 539 stakers, and had checked more than 500,000 Safe transactions as of Tuesday, per the foundation's Dune dashboard. The network started with six validators: Greenfield, Safe Labs, RockawayX, Blockchain Capital, Gnosis and Core Contributors. During beta, Safenet applies predefined security policies to Safe activity and records attestations onchain.
The quarter also put Safe at the center of crisis response. After the April KelpDAO exploit, the Aave-led DeFi United group used Safe smart accounts to coordinate roughly $300 million to help restore rsETH backing, with more than 142,000 wallets participating over three weeks, according to the report.