Palm Safe
A multisig wallet provides a more secure way of managing digital assets by requiring multiple owners to sign off on transactions, reducing the risk of a single point of failure. In contrast, a single-signature wallet has only one owner who holds the private key, making it vulnerable to loss or theft.
To address this issue, Gnosis Safe was forked to create Palm Safe, allowing the creation of multisig wallets on the Palm network, known as safes. With Palm Safe, multiple owners can hold and transfer funds or NFTs to and from the wallet, and threshold signing can be implemented to ensure that a proposal is executed only if a certain number of approvals are attained. Safes can also interact directly with smart contracts.
- Links to safe factory contract deployment addresses on Palm network were reviewed & accepted by Safe team, and can be found in https://github.com/safe-global/safe-deployments
Pre-requisites:
- Ensure you have a MetaMask wallet created
- Ensure Palm network is added (or Palm Testnet)
- Ensure you have some PALM in your wallet
Navigate to https://safe.palm.io/welcome and follow these steps:
- Log into the site with MetaMask
- Click "Create New Safe" button
- Give your Safe wallet a name so you can easily refer back to it
- Add one or more signer addresses
- Specify the minimum signer threshold required for a transaction to go through, e.g 2/2, 3/5 etc depending on number of signers.
- Review all looks OK
- Accept, and confirm transaction in MetaMask
Pre-requisites:
- Your safe has been created
- You are logged in with MetaMask as one of the nominated signers for the safe
- You (and the other signatories) have some PALM in wallet for gas fees
Navigate to https://safe.palm.io/ and follow these steps:
- Click the "New Transaction" button
- Select "Send Tokens"
- Enter recipient, choose PALM or other token from Asset drop-down, add Amount
- Review transaction & submit
- Confirm transaction in MetaMask
Each signer (up to the safe's threshold) then needs to do these steps:
- Click on pending transactions from dashboard
- Review transaction & accept
- Confirm transaction in MetaMask
The PALM will be sent immediately once the safe's signing threshold is met.
