Exchange SafePal (SFP)

SafePal is a cryptocurrency hardware wallet and a secure crypto management platform. The primary purpose of SafePal is to provide a secure and user-friendly way for individuals to store, manage, and trade their cryptocurrencies. The hardware wallet is a physical device that securely stores private keys offline, reducing the risk of unauthorized access or hacking compared to keeping private keys on a computer or mobile device.

SafePal's hardware wallet typically features a secure element (a dedicated chip designed for cryptographic operations) and a secure display for transaction confirmation. Users can use the SafePal wallet to securely store their private keys, sign transactions, and manage their cryptocurrency holdings.

SafePal also offers a mobile app that connects to the hardware wallet and provides users with a convenient interface to manage their cryptocurrencies. The app supports various features, such as real-time market information, portfolio tracking, and the ability to initiate and confirm transactions.

In comparison to other market leaders, the SafePal S1 stands out for its affordability. For instance, Ledger, a prominent name in hardware wallets, sells its least expensive option, the Nano S Plus, for $79. SafePal extends its product range with the SafePal Cypher Seed Board, a metal card priced at $44.99. This card provides a secure means of storing seed phrases, employing metal keys to enhance durability and resistance against destruction.

SafePal was founded by Veronica Wong in 2018 with the aim of creating a secure and user-friendly solution for cryptocurrency storage and management. Veronica Wong is a co-founder and the current CEO of SafePal. Prior to founding SafePal, she had experience in the blockchain and cryptocurrency space. SafePal gained attention for its hardware wallet product, which provides users with a secure way to store their private keys offline.

In October 2018, SafePal received an investment from Binance as part of the Binance Labs Incubation Program. The specific amount of the investment was not disclosed when inquired by CoinDesk.

Building on this partnership, SafePal deepened its integration with Binance in 2019 by incorporating support for Binance DEX and the Binance Chain mainnet. The release of SafePal's software wallet followed in May 2020.

By September 2020, SafePal expanded its compatibility by integrating with Binance Smart Chain and introducing support for BEP-20 tokens. Just a month later, it added functionality for Binance's exchange. Throughout 2020 and 2021, SafePal continued to broaden its support by including over 20 additional blockchains, such as Polygon, Solana, and Cardano.

In February 2021, SafePal unveiled its native utility token, SFP. Then, in October of the same year, SafePal introduced SafePal Earn, an interest-bearing crypto account.

SafePal's Wallet Holder Offering (WHO) introduces an innovative airdrop mechanism, offering SafePal users a groundbreaking token reward allocation system. WHO is specifically crafted to acknowledge and reward both SafePal software and hardware wallet users by facilitating secure and decentralized access to airdrop tokens from SafePal's ecological partners. To be eligible for WHO, SafePal Wallet users need to hold SFP tokens within their wallets, with the required amount varying based on factors like reward allocation, tasks, and the timeline of the offering.

The SafePal (SFP) token is the native utility token of the SafePal ecosystem. The SFP token is built on the Binance Smart Chain (BSC), which is a blockchain network compatible with the Binance Chain. SafePal introduced the SFP token to enhance the functionality and utility of its ecosystem.

SFP token holders are entitled to various incentives, including token airdrops from ecosystem partners, staking rewards, and the opportunity to acquire limited SafePal NFTs.

SFP holders have the ability to participate in the governance of the SafePal ecosystem. This can involve voting on proposals or decisions related to the development and evolution of the platform. Users can stake SFP tokens to earn rewards within the SafePal ecosystem. This mechanism incentivizes token holders to participate actively and contribute to the security and functionality of the network.

By staking SFP tokens in the pools, SFP holders can enhance their Annual Percentage Yield (APY) within the SafePal Earn feature. Within the wallet, users can utilize the 'Gas Station' decentralized application (DApp) to exchange SFP tokens for gas fee tokens from different blockchain networks. Projects seeking to list their tokens or DApps within the SafePal wallet can initiate the listing process by submitting a request using SFP tokens.

The SFP token has a total supply of 500,000,000 SFP, and as of November 28, the circulating supply is 420,833,333 SFP.

According to official information from SafePal, the token distribution is as follows:

• Team: 20.00% of the overall token supply
• Foundation Reserve: 20.00% of the overall token supply
• Community: 15.00% of the overall token supply
• Product & Marketing: 15.00% of the overall token supply
• Strategic Sale: 9.00% of the overall token supply
• Partnership & Ecosystem: 5.00% of the overall token supply
• Private Sale: 4.00% of the overall token supply
• Airdrop: 5.00% of the overall token supply
• Seed Sale: 2.00% of the overall token supply

The average fees on SafePal

SafePal doesn't charge any fee or cost for the transaction items on the blockchain in a SafePal wallet. 

The fees associated with transacting the SafePal (SFP) token will depend on the network of the chosen asset. Different blockchain networks have their own fee structures, and users transacting SFP tokens on various networks may encounter different transaction fees. For example, fees for transacting SFP on BSC will be usually lower than the fees for transacting SFP as an ERC-20 token. 

The SFP token wallets 

SFP tokens can be held in numerous crypto wallets, including SafePal wallet, Binance Chain Wallet, MetaMask, Trust Wallet, MyEtherWallet, Math Wallet, Atomic Wallet, Token Pocket, Ledger, Huobi, etc.