The viability of multisig technology depends on two things: cost and security. Maintaining a Gnosis wallet on Ethereum is secure but expensive. Every transaction requires a gas fee. This may not be a problem for everyday crypto users, but for those who manage large treasuries or community owned assets with large transaction volumes, being able to repurpose those funds without spending hundreds of dollars on fees is crucial.
Polygon’s Product Apps Team was aware of the problem and, after months of research and talking to users, decided to build a one-of-a-kind solution.
Introducing Polygon Bridge for Gnosis Safe —the most convenient way for Web3 teams to transfer their Safe assets between Polygon and Ethereum. The integration enables users to enjoy the benefits of Safe’s multisig technology without sacrificing security, cost, and convenience.
This means Web3 teams, like DeFi protocols and DAOs, can repurpose their Safe assets without spending an arm and a leg on gas.
Each Gnosis Safe wallet has a unique smart contract address associated with its respective blockchain network—an inconvenience for users who want to move funds between Safe addresses on different chains. Polygon Bridge for Gnosis Safe was developed to address the issue and, as a standalone app, offers more security and better user experience handling deposit and withdrawal status tracking than other workarounds.
User-Specific Use Cases:
Connecting Your Wallet: Polygon Bridge for Gnosis Safe currently supports three wallets including Metamask, Coinbase, and Wallet Connect. Simply click on your wallet of choice and sign to get started.
Selecting Your Gnosis Safe: After connecting to the app, you will be shown a list of all Gnosis Safe Addresses associated with your wallet. If you don’t currently have a Safe Address, you will be given the option to create one.
Switch Between Safe Addresses: Clicking here will show you users a list of all Safes associated with their wallet address. It’s important to note that two different Safe addresses are needed to get started—one safe for Polygon and another for Ethereum.
Viewing Your Assets: The Assets Page will be the first page you see when you connect your wallet. This page shows all of your balances and lets you select the tokens you can transfer to Ethereum.
The Bridge Interface: This is where the transaction occurs. The Select dropdown in the From section lets you choose the token you want to transfer to ethereum. The To section lets you pick the safe address where you want the tokens to be transferred to.
You can change the nonce by clicking on the additional settings.
Transactions: The Transaction Page shows you a history of all transactions including those that are pending. Clicking on a transaction will reveal transaction details. If the transaction is pending, users will be given the option to sign, reject, or execute.
Join us this Thursday, Aug. 11 at 7 a.m. EST for a live demo where we’ll walk you through the platform and answer any questions you have. Sign up here.
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