What is SafeTransfer and How Does It Work?

More than $500 millions were lost forever because of typos. Crypto addresses are complicated, mistakes can easily happen and, 1 mistake can cost you everything. As a matter of fact, more than 10 000 transfers of BUSD were mistakenly sent to the BUSD smart contract instead of their recipients. This also happened with USDT where over 6000 transfers were sent to the smart contract address. 

Even you could face this situation, just as it happened to experts. Optimism Foundation mistakenly sending 20 million OP tokens to an undeployed Wintermute multisig, and a Juno whale transferring $36 million worth of Juno tokens due to a simple typo

These mistakes underscore an important issue within the crypto space. Due to the immutable nature of transactions on most blockchains, retrieval of lost tokens is often impossible, leaving users with significant losses. For many, these incidents have highlighted a crucial question. How can we prevent such mistakes from occurring? This is the reason why we decided to build SafeTransfer.

What is SafeTransfer?

We built SafeTransfer, an innovative tool designed to prevent errors in token transfers. SafeTransfer is free, open source and mitigates the risks associated with sending tokens in 2 simple steps.

It is also completely trustless, the transfer only happens between the sender and the receiver. No intermediary is involved.

How Does SafeTransfer Work?

Start by heading to SafeTransfer, go on the “Request” tab, fill the information and generate your request link to start receiving tokens safer than ever before. The whole process takes less than 10 seconds and doesn’t require any gas.  

What if you want to transfer first?

Rest assured, SafeTransfer can cover that too. Head to the Send tab on safetransfer.cash. Connect your wallet, select your preferred network, input the recipient’s address, choose the token you want to transfer, and specify the amount. 

After filling in the necessary details, click “Approve” to finalize the approval in your wallet.  

This action generates a unique link that you can forward to your intended recipient. Additionally, the interface offers an option to cancel the approval if needed. Simply open the generated link and follow the instructions provided.

For the recipient to receive the tokens, the process is equally straightforward. The recipient only needs to connect their wallet, click the “Receive” button from the shared link, and complete the transaction within their wallet.

With SafeTransfer, the process of transferring tokens is significantly simplified. It not only removes the risk of sending tokens to the wrong address but also offers an easy cancellation option, thereby providing a user-friendly and secure solution to a common problem faced by many in the crypto community.

We encourage you to give SafeTransfer a try for your next token transfer. Embrace a secure, simplified, and error-free way of transferring your tokens, and take another step towards a safer crypto experience.

Why Choose to Build on KCC?

KCC is an EVM chain with low cost and fast finality which attracted a lot of attention and retail users to the crypto space. With transfer mistakes happening on every chain, it was important for us to integrate to KCC, offering its users a solution to safely transfer their crypto. 

Who Created SafeTransfer?

The StableUnit core team created SafeTransfer as a public good. The team is composed of developers with a diverse background (Ex-Facebook, Amazon, 1inch, etc.) and is focused on building the next-generation dcentralized & yield-bearing stablecoin combining LSDs (eg. stETH, rETH, etc.) and capital efficient liquidations for diversified yield, without stability trade-off. (no rebase involved)

What Is the SuDAO Token?

The SuDAO token is the utility and governance token for the StableUnit protocol and DAO. It gives access to discounts on loans, additional weight for governance, and, is a must-have to participate in liquidations. 

The token distribution will be as follows: (Example provided by KCC)

  • DAO Treasury: 29% (Unlocked only when the project reaches a certain TVL) 
  • Development: 24% 
  • Ecosystem growth & rewards: 28%
  • Investors: 19% 

Closing Thoughts

The Web3 user experience has been quite problematic and complicated. StableUnit DAO has been working for the past 19 months to improve it through the StableUnit protocol, our main product and SafeTransfer.

To learn more and become part of the StableUnit DAO, join our Discord and Telegram and introduce yourself to be eligible for a free SU DAO NFT that gives you a say in the DAO’s development and future (and also to be whitelisted to the suDAO token sale). 

DISCLAIMER: Please note that all projects and dApp applications running on the KuCoin Community Chain (KCC) are independently developed by third-party developers. They are not audited by KCC official team. KuCoin Community Chain is an entirely open-source and open community, which means everyone and all project parties can participate. All opportunities and risks also exist at the same time. You need to identify and prevent risks carefully.