In an innovative move to enhance the security of decentralized finance (DeFi) enthusiasts, SafePal and 1inch have announced a giveaway of limited-edition hardware wallets. The initiative, revealed on Monday, aims to reward active DeFi users who engage in transactions via SafePal’s mobile wallet swap aggregator, a clever pivot from the typical token airdrop strategy that often falls prey to automated exploitations.
A New Era for DeFi Incentives
The giveaway will see 300 co-branded hardware wallets distributed to dedicated users. This novel approach seeks to nurture a community that values self-custody, a principle increasingly vital amid the DeFi sector’s rapid expansion. SafePal CEO Veronica Wong highlighted the campaign’s intention: “Token airdrops tend to inflate metrics without long-term engagement. Walletdrops like this favor DeFi-native users and reinforce security best practices.”
This initiative comes at a time when decentralized exchanges are making significant strides, capturing a record-setting 30% of global crypto spot trading volume in June. The shift underscores a burgeoning preference for permissionless, peer-to-peer trading over centralized platforms, indicating a transformative moment in the cryptocurrency landscape. As explored in our recent coverage of resilient trends in crypto, the DeFi sector continues to showcase its robustness amid market fluctuations.
SafePal and 1inch: Strengthening Self-Custody
For SafePal, the giveaway is part of a broader strategy to expand and enhance its product offerings. Recent upgrades have improved their hardware wallets’ security features, and new blockchain integrations have been added. The introduction of SafePal Mini—a Telegram-based wallet—and a revamped yield aggregator with staking support for networks like Solana reflect the company’s commitment to innovation.
Meanwhile, 1inch continues to solidify its presence in the DeFi space by bridging decentralized and centralized liquidity across over 200 blockchains. The partnership with SafePal serves as a reminder of the critical importance of self-custody, especially as the industry navigates the aftermath of past centralized exchange failures. “As DeFi scales, reinforcing user-owned asset management is critical,” said 1inch co-founder Sergej Kunz. This aligns with recent investments in DeFi infrastructure, such as Paradigm’s funding of Kuru Labs, which aims to enhance liquidity solutions.
The Road Ahead for DeFi Security
This hardware wallet giveaway could mark a turning point in how DeFi projects incentivize genuine user engagement. By prioritizing committed, self-custody-focused users, SafePal and 1inch are setting a precedent that others in the industry may soon follow. As decentralized exchanges continue to gain traction, initiatives like these may become essential in fostering a secure and reliable DeFi ecosystem.
However, the success of this campaign hinges on its ability to genuinely engage the DeFi community while steering clear of the pitfalls that have plagued token airdrops. Will this initiative inspire a broader shift towards self-custody in the DeFi world? Only time will tell.
As the cryptocurrency market evolves, the lessons learned from this innovative approach could shape future strategies for community engagement and security in the DeFi sector. The coming months will reveal whether this shift in tactics will resonate with users and encourage a deeper commitment to the principles of decentralization and self-custody.
Source
This article is based on: SafePal and 1inch to Give Away Hardware Wallets to Boost DeFi Security
Further Reading
Deepen your understanding with these related articles:
- Bitget Wallet Celebrates the Launch of Zero-Fee Crypto Card during EthCC
- Bitcoin Treasury Company Rumble to Launch Crypto Wallet With MoonPay
- Ethereum DeFi Project Ondo Aims to Take on Robinhood With Jump Into Tokenized Stocks
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
