Over the weeks, I’ve been examining the recent transaction data (March 2, 2023) available from the Safe Transaction API. I noticed that the API allows for an optional field to specify the transaction’s origin. Transactions that occur through the Safe App interface are in default assigned a specified origin. Therefore, I categorized any origins with Safe-related URL origins as originating from the Safe App Interface. With help from @bradrian_0x (thanks alot man!) and one of my colleagues in gathering and interpreting the data, I wanted to share the information I obtained with everyone. Hopefully it can be used to support ongoing discussions around Safe Token utility, providing data to inform decision-making processes.
Based on our analysis of Safe transactions data, we found that the majority of Gnosis multisig transactions do not have a specified origin. This suggests that most Safe multisig users do not initiate their transactions from the integrated DApp from the Safe App interface. Furthermore, of all the transactions, only 6.8% are with Safe App origins.
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Approximately 80.7% of Gnosis multi-sig transactions do not have an origin.
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Of the approximately 19.3% of transactions that do have an origin
- 35.1% of transactions are with Safe App origins
- 64.3% of transactions are with other specified origins
- 0.7% of transactions are with specified numeric origins
Please note that there were several limitations on the data collection and some uncertainty on labeling origins, and therefore our findings may not be conclusive. Nonetheless, this information is a good starting point for further investigation on Safe user research/analysis, and it’s definitely helpful for getting a sense of how much volume is going through the Safe interface.
Additional comment:
Further research is necessary to understand why users are not using the Safe App interface. It is possible that Safe multisig users may not be aware of the benefits and ease of use that the Safe App interface provides, or that they prefer to use other interfaces for other reasons. To gain a better understanding of user behavior and preferences, conducting user surveys or focus groups could provide valuable insights, which can inform future development and marketing efforts.
Moreover, to capture more value for the Safe Token, it may be worthwhile to explore ways to incentivize or encourage Safe App usage (if we want to go towards app market direction). For instance, providing gas sponsorship for users who execute Safe multisig transactions through the Safe App interface could encourage more users to adopt the interface.
In conclusion, while the current usage of the Safe App interface is low, there is potential to increase adoption and capture more value. Further research into user behavior and preferences, as well as strategies to incentivize Safe App usage, can help achieve this goal.