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@onchainden
Over $100B is stored in @safe This rivals all of DeFi TVL combined But how does Safe actually keep you safe? 👇
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@onchainden
Safe is a smart account that only executes transactions with enough signatures To execute a Safe transaction you need to: - Define the action you'd like to take - Collect enough signatures from the other signers - Execute the transaction
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@onchainden
Executing the transaction is where the magic happens Once there are enough signatures, any wallet can call the `execTransaction` function Typically, this is the last signer who also pays gas. However, modern implementation use gas abstraction so the Safe itself covers gas https://warpcast.com/onchainden/0x61a651b1
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@onchainden
Let's dig into what happens in `execTransaction` There are 3 sets of parameters - Transaction definition - to, value, data, operation - Gas parameters - safeTxGas, baseGas, gasPrice, gasToken, refundReceiver - Signatures to verify the above - signatures
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@onchainden
First, the transaction definition and gas parameters are encoded into bytes This bytes format is what all the individual signers actually signed It's unique based on: - the input details of the transaction - the "nonce"
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@onchainden
The nonce is a unique ID for each transaction Any transaction could be replayed over and over again without it For example, without a nonce if you paid someone once they could just resubmit the signatures over and over again until your Safe is empty
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@onchainden
Next, this bytes data is compared against the signatures produced by the signers The Safe contract checks that - Enough signatures have been collected - Each signature came from a registered signer on the Safe - Each signature is legitimate and has not been forged
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@onchainden
Verifying the signature is a complicated process, with a few different mechanism depending on if a contract or EOA signed the transaction
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@onchainden
Once the signatures are verified, the Safe will execute the transaction This is handled in low-level assembly via `call` or `delegatecall`, depending on the transaction
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@onchainden
Want to make the world more informed on how Safe actually works? Recast this thread to spread the word Make your Safe 10x faster with Den by clicking the link in our bio https://warpcast.com/onchainden/0x80f7f738
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