Gnosis – a protocol offering open finance tools for users to better interact with Ethereum has just launched an application extension on their industry-leading multi-sig wallet – Gnosis Safe.
Gnosis Safe Apps are live!
I'm extremely excited this. The team has been hard at work for months building a way for Safe users to interact with Ethereum applications. We want to help bring the next $1bn to DeFi.https://t.co/D9zuN3miih
— eric.eth (@econoar) April 30, 2020
For those unfamiliar with Gnosis Safe, the product allows users to set up a multi-sig wallet – meaning that two or more parties can collectively manage one account. The wallet can be customized to require a varying degree of signatures in order for that transaction to be processed. This solution has quickly developed into a leading solution for top crypto companies and producing handling large amounts of Ethereum-based assets as the risk of theft and collusion becomes drastically lower when multiple parties are required to sign off on any given transaction.
What’s Special About Gnosis Safe Apps?
Prior to today, usage of Gnosis Safe was largely restricted to sending and receiving different tokens and collectibles. While this was great for security and the mitigation of trust – it largely limited the ways Safe users could interact with the wider DeFi landscape.
Today, Gnosis Safe owners can now interact directly with applications, including top DeFi products like Compound, Aave, PoolTogether and Synthetix. At the time of writing, only Compound is supported, but we expect the other support apps to go live in the coming weeks. Best of all, users will have the ability to integrate custom DeFi applications in a few easy clicks, essentially providing intricate comparability in a distributed fashion.
Gnosis’s Evolution
For our frequent readers here at DeFi Rate, you may recall us reporting on Gnosis Protocol – a new type of DEX that uses ring trading to mitigate slippage on low liquidity trading pairs.
In the past few months alone, Gnosis has been shipping a suite of unique tools that are rather specialized in the wider DeFi landscape. The core reason to highlight this is as we start to see crowding taking place in various sectors like lending and wallets, it’s interesting to watch how Gnosis is navigating the vibrant sector to offer products that stand alone.
Upon the announcement of Gnosis Safe Apps, Ethereum co-founder Vitalik Buterin commented on the Tweet asking if this was the “right” way to design the app – as opposed to allowing the same functionality to take place natively in a sector-leading wallet like MetaMask.
Our focus right now has shifted specifically to the multisig and less on the personal wallet use case. So for now, more of the safety/savings account approach.
Individuals of course can do a 1/1 multisig and we are soon releasing a mobile app that will make this easier.
— eric.eth (@econoar) April 30, 2020
Interestingly enough, this discussion goes back to the point of there being specialized wallets – some of which are well suited for unique use cases like company treasury funds and DAOs.
If one thing is for certain, Gnosis has long-since established itself as the leading multi-sig wallet. With this newly added support, it’s clear that the number of uses and flexibility offered when using Gnosis will further solidify it’s foundation when it comes to secure, multiparty asset management.
We’re quite excited to watch Gnosis’s growth in the coming year as it will be fascinating to watch DeFi power users gravitate towards their ever-evolving product line.
In the meantime, be sure to stay up on all things Gnosis via their official Twitter!
Cooper is the Editor of DeFi Rate. He is an ambassador of Set Protocol and an active contributor to MetaCartel where he seeks to find emerging consumer-facing applications that propel the Ethereum ecosystem. He often works with projects as the Director of Fitzner Blockchain Consulting where he coauthors the weekly publication Token Tuesdays.
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