Safe, the smart account protocol formerly known as Gnosis Safe, processed nearly 130 million transactions in the second quarter of 2026. That’s a new quarterly record, and it happened while crypto prices were sliding through most of June.

The Q2 2026 report, published Wednesday by the Safe Ecosystem Foundation, showed a 5.7% increase from Q1’s 122.9 million transactions. April alone accounted for 55.4 million of those transactions, the single highest month on record for the protocol.

Growth against the grain

Total accounts created on the protocol surpassed 63 million by the end of the quarter, a 20% jump year-over-year. Monthly active accounts reached 2.73 million in June, up from the prior quarter’s pace.

Transfer volume across all chains hit $39.35 billion for the quarter, an 8% increase compared to the same period last year. ETH-denominated transfers on Ethereum specifically reached a quarterly high.

Safenet Beta enters the picture

A major catalyst for the quarter was the launch of Safenet Beta on April 2, during EthCC Cannes. Safenet is a security network designed around onchain transaction checks and enforcement.

By June 30, the network had attracted 54.8 million SAFE tokens staked across 539 stakers. Over 455,000 transaction checks had been completed through the system.

What this means for investors

By the end of 2025, Safe’s project-wide annualized revenue had surpassed $10 million. The foundation has publicly stated its goal of doubling project revenue in 2026 as part of a path toward break-even by year’s end.

The risk, as always, is that transaction counts and account creation can be gamed or inflated by automated processes. Investors should watch the ratio of active accounts to total accounts (currently about 4.3% monthly active) as a more honest signal of real engagement.