SafePal Weekly Update (Week 1, May 2021) 

Hi everyone,

Today is Mother’s day. Don’t forget to send your best wishes to the ladies who love us the most in this world! SafePal wishes every mother a healthy and pleasant time within every moment of their lives. ❤️❤️

The first week of May is a hard-working week with every SafePal team member busy doing than showing. A lot of you have been asking about the progress of Earn and S2. The following are some early-bird details. Hope you like it!

1. The latest update of SafePal Earn

As mentioned in our earliest roadmap disclosed in January, SafePal Earn is expected to be live in Q2, which is 2 months left. Though we know that you’ve been sitting tight waiting for its final release, the actual developmental progress of Earn takes longer than expected due to several reasons:

  1. The rapid user growth and the bull market have brought up new problems that need to be solved with higher priority. In the last quarter, the rapidly growing user base has increased the concurrent pressure in the back-end architect. Meanwhile, the bull run throughout February to April has not only pushed BTC and ETH to new ATH, but also caused a series of network congestion on Ethereum and Binance Smart Chain. These issues have created a chain effect impacting the wallet services. In March, April, and earlier this week, we have witnessed several incidences of blockchain congestion. A lot of users have reported failed transfers, long pending periods, and incorrect wallet balances. All these challenges have changed our original plan and we are fully aware that we need to allocate all the dev resources to make sure the wallet service is normal and stable again. This action will certainly slow down the ongoing developmental tasks including Earn.
  2. The series of DeFi hacking cases have alarmed us about the importance of security, hence we decided to lengthen the security audit cycle. The original plan was to invite one security audit team to go through all the codes once the team completes the development. Yet the DeFi hacking cases that happened in the last few months are strong warning signs of how disastrous it could be if security isn’t treated seriously. As Earn is an aggregator that allows users to stake their LP tokens to earn interests in the easiest way, it’s our responsibility to make sure nothing goes wrong. Hence we have invited 3 security audit teams to review the Earn codes once the coding task is completed. Though this decision will obviously lengthen the product launch timeline, the team thinks security is more important than anything else. Right now, we are still undergoing the final test stage. Some bugs and compatibility issues were found, therefore we will have to roll back and review all the details again. It usually takes back-and-forth testing and iteration before a product can finally be launched.

Recently a lot of you have been asking about the latest progress of Earn and we deeply appreciate your attention and support. Please rest assured that it is our mission to enable every user to manage and grow their crypto assets safely and easily. This long-term goal remains unchanged, thus our plan to build what we think users need most will not be easily changed as well. Please spare more patience. We look forward to introducing this product to everyone as early as possible, just like you do.

2. A glimpse at SafePal S2

This is a topic that a lot of users have been asking too. Firstly we are sorry to say that the delivery of S2 is delayed due to the reasons mentioned in our previous CEO’s letter. Today we will answer some of the more frequently asked questions about S2 in the community. For more updates, welcome to stay tuned on our blog or Twitter for our newest announcements!

Q1. What advantages does S2 have compared to S1?

S2 will adopt the same air-gapped signing mechanism like S1 does. It will come with a bigger battery to support longer daily usage, a better camera for faster scanning during a transfer approval, some advanced features, such as multi-seed-phrase storage, that make it a perfect fit for hardcore users or sophisticated traders.

Q2. How does S2 look like? Will it have a bigger screen? Will it support biometric technology such as fingerprint?

From appearance, S2 looks quite alike S1. It isn’t built with a bigger screen, because a screen is the most power-consuming component on the device and we have to carefully balance between the screen power consumption and the battery capacity. There are a lot of similar trade-offs in the hardware design procedures. As for biometrics technilogy, it is not the best technology to implement at this stage after in-depth research. Hence we didn’t implement this technology in S2.

Q3. Will the price of S2 be higher than S1?

Possible. But it’s not finalized yet.

Q4. Tell us more about the latest update on S2

All the hardware design, prototype building, sampling have been completed. The only remaining part is mass production. The procurement team has been actively sourcing for the necessary components on the market. We will surely share in the weekly update once any progress is made.

3. Customer support is speeding up. Still don’t hear any feedback from your previous email? Tell us your ticket ID

We’d like to sincerely apologize again for the slower CS response in the last couple of months due to the high traffic and rapidly growing user inquiries. As mentioned in the last update, we have been hiring CS agents and new CS members have joined the team in the last 2 weeks. We are looking to gear up the CS support and here are some pro tips if you would like to seek faster support for your inquiry:

  1. Submit the request from the SafePal website, instead of other channels. A lot of users have directly emailed support@safepal.io for help but this is not the right gesture to seek official support anymore. Please submit the request from www.safepal.io by clicking the ‘HELP’ button at the right lower corner of the webpage. Here is a guide on how to do it. The request form can help the CS team to collect the necessary information of different request types and assign the tickets to the agents in different groups. It will enable faster digestion of the request descriptions and more professional support. Please do NOT submit the request in other channels, such as Twitter or Telegram, for your safety and privacy.
  2. State the problem clearly and provide sufficient details. We have to say that simple and short descriptions like “Help me retrieve my funds” or “swap order stuck” are not helpful for the CS team to quickly understand the inquiries and solve the problems. It is always better to state the problem in as many details as possible and screenshots, TX ID, or videos will be very helpful as well. A clear problem description can shorten the communication cycle and enable the CS agents to provide the fastest and more useful guidelines for the questions.
  3. Do not submit your request repeatedly. Repeated tickets might be assigned to multiple agents at the same time. This will cause resource waste, hindering the CS team to support as many users as possible in the same time. Please submit a request each at a time and avoid submitting repeated tickets. If you still don’t receive any feedback on a ticket, please tag us on our support Twitter account and we will try to respond to your ticket as soon as we can.

Thank you for your cooperation! We will do ou rbest to serve every user as fast as possible. Appreciate your patience.

4. SafePal X BakerySwap NFT design event is completed. Congratulations to the 3 NFT creators!


Hope you’ve enjoyed this weeks’ update. Have a nice, warm and thankful weekend and Mother’s Day! ❤️❤️🍻🍻

Best,

SafePal Team

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