Leilani Ledingham
Product

Safe Account Data Added to Transactions API

TL;DR

  • Covalent has proudly integrated Safe (formerly known as Gnosis Safe) data into its transaction endpoints, offering richer insights into multi-signature wallet transactions.

  • This enhancement, unique to Covalent, has opened up novel use cases and innovation avenues, with the ongoing hackathon being a testament to its potential.

Background on Safe Data & Its Significance

Safe (formerly known as Gnosis Safe) offers smart contract-based multi-signature wallets that stand as a cornerstone in the world of decentralized finance (DeFi). These wallets’ ability to require multiple signers for transactions amplifies security, making them a popular choice for managing sizable or communal funds. With the evolution of the DeFi ecosystem, having detailed transaction logs and the ability to monitor such multisig wallets has become paramount. This includes everything from tracking funds transfers to changes in signatory permissions.

The Challenge & Why Others Haven't Bridged the Gap

Incorporating Safe data is no small feat. The multifaceted nature of Safe's transactions, combined with its multi-signature architecture, poses challenges in accurate data extraction and representation. Traditional methods struggle with these complexities, and as a result, other providers often provide limited or no insights into Safe transactions. For example, Etherscan provides no decoded information about the signatures of these transactions or who is signing.

Covalent's Leap Forward & Why It's Important

Covalent has always thrived on addressing the unaddressed. By ingesting and decoding Safe account data into all transaction endpoint responses, the Covalent Unified API offers unparalleled insights into Safe transactions, which are crucial for the following use cases:

  • Comprehensive Safe Monitoring: Developers managing funds stored in Safe can now meticulously monitor transaction histories, helping them understand fund transfers and their nature.

  • Auditing & Compliance: This enhancement simplifies compliance processes for businesses. Detailed transaction histories become readily available, making regulatory and internal audits a breeze.

  • Keeping an Eye on Signer Changes: A critical security feature of multisig wallets like Safe is the set of signers. With this update, any change in signers can be quickly flagged, ensuring funds' security and effective governance.

Covalent’s Unique Offerings

Many platforms provide blockchain data, but what sets Covalent apart is the combination of depth, breadth, and usability. The unified API brings data from 150+ networks under one umbrella, and with the addition of Safe data, Covalent solidifies its position as the go-to for blockchain data. Moreover, no other service currently offers such granular insights into Safe transactions. Here is the full list of transaction endpoints where Safe details are supported:

Sneak Peek into the Safe Data Fields

At the end of each transaction item, after the decoded logs, adding the query parameter with-safe=true will return the safe_details, which include the wallet addresses and decoded signatures of each signer of the transaction. For example:

"safe_details": [
          {
            "owner_address": "0x03d70891b8994feB6ccA7022B25c32be92ee3725",
            "signature": "de63137c2fa7a2ac5d5d840f1c5cc601e395219c9838be923e3fb8dce88f8add5d56eb238dcd5dfd371501131026ca3ada84b51602cf635804c67ba9540441e01c",
            "signature_type": "EOA"
          },
          {
            "owner_address": "0x910E413DBF3F6276Fe8213fF656726bDc142E08E",
            "signature": "2e3bc27430425f577f0cb1b5e0a160d5adabeea561f73ab41f8776583abc785733aba1226475794c410f88ee8c0575aaa048a926b882de29534bd53c14a19ea41c",
            "signature_type": "EOA"
          }
        ]

Coupled with Increment

With Increment - Covalent's revolutionary blockchain-intelligence tool that allows SQL queries directly to our database - this Safe data becomes even more actionable. Whether you're aiming to visualize complex data sets or derive multifaceted insights, the synergy between Covalent and Increment has you covered.

Spotlight on the DAATA and AI Hackathon

We are excited about the ongoing hackathon (October 9th - 16th) hosted by Safe, dedicated to smart account data. Covalent is offering $5000 in prizes up for grabs, for participants leveraging the newly available Safe data to address challenges, ranging from creating audit trails to AI-driven fraud detection. The following four challenges are laid out for bounty participants to choose from:

  • Challenge 1: Account Abstraction History & Audit Trail

  • Challenge 2: Account Abstraction Monitoring Bot

  • Challenge 3: AI-Enabled Fraud and Anomaly Detection for Smart Accounts

  • Challenge 4: Multi-Chain Ecosystem Analytics with Increment

Check out the hackathon page for more details!

Conclusion

The integration of Safe data is more than just a technical advancement; it's a stride towards a more insightful and transparent blockchain ecosystem. Covalent's unwavering commitment to innovation and accessibility shines through, promising even brighter horizons for blockchain enthusiasts, developers, and businesses. The future is here, and it's rich with data!


About Covalent:

Covalent provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers and analysts use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 226 + blockchains. Covalent is trusted by a community of 40,000+ developers and powers data for 5,000+ applications, including 0x, Zerion, Rainbow Wallet, Rotki, Bitski, and many others.