SafePal (SFP) - a pass-through utility token or a promising asset?
The SafePal platform is no exception to this trend: it was created as a wallet, but now it offers almost everything, from storing digital assets to staking. The token is the "fuel" of the ecosystem.
What is a SafePal token (SFP)?
The SafePal ecosystem started with a cryptocurrency wallet, or a service combining three wallets: a mobile app, a browser extension, and a hardware wallet. Over time, several new products have been added to the ecosystem, including a staking platform and a cryptocurrency banking gateway.
SafePal (SFP) is a BEP-20 standard token that acts as the main native asset of the ecosystem. Application scenarios for SFP include:
- Participation in the governance of ecosystem development — token holders get to vote on several issues;
- Participation in SafePal partner airdrops;
- Early access to SafePal's NFT collections;
- SFP stacking;
- Buying gas for various blockchains at preferential terms through the Gas Station app;
- SFP holders receive preferential use of SafePal's banking gateway;
- Payment for the application to list a token in the SafePal wallet is made to the SFP.
Traditionally, all SFP use cases are demand-driven and designed to push users to hold the token for as long as possible. However, the relatively small market share of the SafePal ecosystem is holding back demand for the token.
SFP rate history
The SFP token began trading on major exchanges on February 9, 2021. The listing price was $1.2895, but it reached $3.24 by the middle of the month. And on March 23, 2021, the SFP rate reached its all-time high of $3.5465. However, a collapse began in May, causing SFP to fall below the listing price, dropping to $0.6581 by early July.
SFP tried to recover in late 2021, hitting a local high of $2.44 in early December, but after another collapse in early January 2022, SFP failed to recover.
SFP has been trading below its listing price for more than two years — fluctuating between $0.4 and $0.8. As of February 15, 2025, SFP is trading at $0.66, and there is no compelling reason to expect a recovery to at least the listing price in the foreseeable future.
SFP's capitalization as of mid-February 2025 is $333 million. According to this indicator, the token occupies the 154th position in the CoinMarketCap ranking.
Prospects for SafePal (SFP)
SFP token is particular. On the one hand, over the past two years, it has demonstrated stability that is atypical for crypto-assets with modest capitalization. Hence, the probability of its sharp collapse in the foreseeable future is low. On the other hand, there is also no reason to expect its rapid growth, so it is impossible to recommend it as an independent investment asset.
However, SFP becomes an attractive asset if a user is interested in using the SafePal ecosystem, especially in a banking gateway or listing a token for his project.