Based on the Q1 report Safe is continuing to build a sustainable ecosystem while helping share full digital ownership to everyone. Smart teams will take this approach because building for advanced individuals who want full ownership will help create the tools organizations need.
We strive to embody cypherpunk values while simultaneously integrating enterprise rigor - @lukas, Safe cofounder in 2025 Reflections and 2026 Outlook forum post
For Safe ecosystem’s long term health important parts of the Q1 report are Safe Labs and the treasury’s revenue performance, Safe’s protocol growth, and the large amount and types of builders working towards making full digital ownership easier.
Safe Labs revenue
Q1 2026 revenue grew >100% compared to Q1 2025. This is meaningful because it’s comparing similar times of the year.
It’d be interesting to know how much of Safe Labs’ revenue is cyclical?
- Quarter over quarter Safe Labs revenue is slightly down which could mean more about Q4 than about Safe Labs
- This past Q4 ETH prices were at local highs, especially October
- Local price highs create more onchain revenue and likely increased demand for Safe Labs’ hands on services and custom built solutions
To @LuukDAO’s point in the “2025 Reflections and 2026 Outlook” forum post, sharing an outline of revenue source categories would be useful to understand Safe Labs operations.
Treasury performance
Safe treasury’s APR of 5.5 - 6.0% beats the United States’ federal interest rate of 3.64% that many traditional financial products like money market funds, high yield savings accounts, etc. are based on.
Hecate Ventures onboarded a new management team
It’d be helpful for the ecosystem to know a brief background on Hecate Ventures and who the treasury management team is?
Safe protocol growth
+25% transfer volume growth quarter of quarter normalizing for ETH price is a good measure of actual usage compared to metrics tied to asset prices like total value locked TVL or transfer volume in USD.
Builders
Q1 included all kinds of collaborations from native Safe builders, Ethereum builders, startups, and large organizations.
- Native Safe builders like Ambire and Candide Labs to improve ease of use and security
- Ethereum builders like Ethereum Name Service and Filecoin to have a fully verifiable, secure, and easy to use frontends
- Startups and large organizations like Ethena, Morpho, SG-Forge, and Stripe to partner on stablecoins
This quarter I’m looking forward to continue researching strategies for everyone to improve their Safe multi factor verification MFV with device accounts, native Safe features, and creating dedicated environments with software like Tails OS.