Find answers to some of the most commonly asked questions here.
A Safe (formerly Gnosis Safe) is a multi-sig smart contract wallet designed to help in the management of crypto assets.
A Safe can have multiple owners (referred to as Signers). To ensure secure transactions, every action taken within the Safe requires confirmation from a predefined minimum number of Signers, referred to as a threshold.
Your Safe will have one or more Signers. These are the addresses that have the authority to approve and submit transactions. You may add additional Signers by providing their wallet addresses, such as those of your teammates or your hardware wallets.
The Threshold of a Safe determines the minimum number of Signers whose approval is required for a transaction to be executed. Selecting a higher threshold enhances the security of your Safe.
Please note that adding, removing, swapping the Signers, or changing the threshold of a Safe constitutes an on-chain transaction, for which you will be required to pay a network fee.
Most traditional cryptocurrency wallets, such as Trust Wallet or Exodus Wallet, necessitate a single signature for transaction authorisation and employ a single private-public key pair to execute transactions.
In contrast, multi-signature (multi-sig) wallets mandate the approval of more than one user for transaction execution, offering more decentralisation and security than single-signature wallets.
For instance, in a multi-sig wallet with three Signers and a predetermined threshold of two signatures, the consent of at least two Signers is essential for transaction execution. This requirement differs from single-signature wallets, which rely solely on the individual owner's authorisation.
Coinshift does not impose a requirement for all Signers within your organisation to utilise its application. Signers are permitted to employ any user interface of their preference, provided it maintains cross-compatibility with your designated Safe.
Nonetheless, we strongly advise all Signers to adopt Coinshift in order to increase operational efficiency within your Safe and team collaboration.
Please refer to the Add Tokens To Your Portfolio section for a detailed guide on incorporating custom tokens into your Coinshift portfolio.
Coinshift currently supports the following wallets:
Yes, transactions on Coinshift need to be executed in order. Failure to do so may compromise the integrity of your Safe's balance and state.
Consequently, Coinshift will freeze all transactions until they are executed correctly. For additional information, please refer to the Queue section.
A Safe can accommodate as many Signers as your organisation considers appropriate or necessary. However, we suggest maintaining at least two Signers. Excessive numbers of Signers could potentially result in delayed transaction approvals and executions, depending on the efficiency of communication and collaboration within your organisation.
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Coinshift is a simple, flexible, and efficient multi-chain treasury management application for DAOs and crypto-related companies. Benefits include
- An intuitive multi-chain and multi-safe management experience in one unified dashboard.
- Massive time savings with efficient workflow and advanced roles for all wallets associated with a Safe.
- Contact tagging.
- Transaction labeling.
- Non-signer proposal.
- Multi-token mass payout.
- Payment streaming.
- Salary automation.
- And more...
Currently, users do not have the ability to directly delete or modify an organisation from their Coinshift dashboard. For such changes, please submit a request through our Discord channel, and our team will assist accordingly.
Migrating your Coinshift Safe currently on v1 over to v2 is not difficult. Simply follow the instructions laid out in this link to do so.
It is essential to execute transactions sequentially. Attempting to process them out of order may cause your transactions stuck.
If you suspect this issue is affecting your pending transactions, please consult the Queue tab, located under the Transactions section. To resolve the problem, initiate the execution of transactions with lower nonce values.
Users can remove a Safe from their organisation by using the Remove Safe option. Read the link to know more about how you can remove a Safe.
Signers and non-signers (or "Members") serve different roles within a Safe. Signers possess the authority to approve transactions, while Members hold non-functional power. Consequently, the procedures for adding these two user types are distinct.
Can I export a report (e.g. USDC burn in the last 6 months across all Safes) and upload this to my accounting solution?
You can export reports with Coinshift.
Navigate to the Export CSV option in the History tab (under the Transaction section). This option will allow you to download a .csv file containing the transaction history of all your Safes housed within your organisation. This file can be utilised for various accounting or auditing requirements as needed. Read this article for more information.
Coinshift takes data protection seriously, ensuring that your sensitive user data, such as contacts, labels, and transaction metadata, is only visible to members within your organisation. Access to this sensitive information is not granted to individuals outside your organisation. Additionally, data stored in Coinshift's database is encrypted, and our backend refrains from logging any sensitive information to Datadog.
Currently we support:
We plan to launch other EVM and non-EVM chains.
Signers have the authority to reject an on-chain transaction provided it has not yet attained consensus.
Linking your wallet at Coinshift is a verification step, requiring you to sign a message during login/ Sign up to confirm address ownership. Importantly, this procedure does not grant Coinshift permission to execute transactions on your behalf, ensuring a secure user experience.
Although wallet addresses (EOAs) generally maintain the same address across chains, Safe addresses are distinct. When a Safe is created, the smart contract address is not reserved by default, resulting in different addresses for various networks. Consequently, it is crucial to exercise caution when transferring funds to or from Safe addresses, ensuring transactions are conducted on the appropriate network.
Please contact customer support if you have questions about Coinshift that remain unanswered after reading this documentation or are in need of tech support. We will reply to your inquiry as soon as possible.