With the price of $degen soaring past $0.01 its time to take the security of your coins seriously. This guide will show you how you can ensure that a clicking a drainer transaction (or even visiting a page on a macbook*) wont cost your your entire balance. Now the first way many suggest to add a layer of protection is to get a hardware wallet, but those can cost $100, $200, $300, or more and are out of many people price range. Today we will instead talk about how to improve the security of your wallet using a safe.
What is safe? Safes (previously called Gnosis Safe) is a webapp that lets you use multiple wallets worth of approvals to protect your coins. For example you can have one wallet on your phone and a separate wallet on your computer with both wallets required to approve any transactions from your safe.
To get started visit https://app.safe.global/welcome and connect your main wallet to login.
Once you connect your wallet you will be taken to the create safe screen above (unless you already have a safe then why are you reading this guide?). Make sure to select the correct network to deploy your safe on. This is very important because a safe on Base can hold Base coins but not Optimism coins and vise versa. Once you have a name and the correct network you want to use selected press Next.
Step 2: Add at least 2 signers to your safe and set the threshold to at least 2 signers as well. The signers are wallets allowed to sign/create transactions for your safe. The threshold is how many of the signers are required to approve a transaction from your safe before it gets submitted. Your safe wont be very effective if all the signers are saved in your one coinbase wallet app, rainbow, or metamask so try to spread them out. One signer wallet on your phone and one on your laptop ensure that even if one of them is compromised your safe is still secure. After adding all the signers you want and setting an appropriate threshold press Next.
Step 3: Review the safe you're about to create to make sure everything is correct. Once you've reviewed everything press Create and sign the transaction to create your safe!
Congratulations you now have a safe to store your most valuable long term coins and NFTs in! The safe has its own address that is different from the address of any of the wallets you added as signers. That safe address is where you can send your valuables to keep them safety locked away behind the threshold of multiple wallet signatures.
*P.S. If you have a recent mac consider it insecure because it is: https://9to5mac.com/2024/03/22/unpatchable-security-flaw-mac/ https://gofetch.fail/files/gofetch.pdf
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