{"id":259445,"date":"2024-03-05T18:56:43","date_gmt":"2024-03-05T13:26:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=259445"},"modified":"2024-03-05T18:56:43","modified_gmt":"2024-03-05T13:26:43","slug":"safedao-prepares-to-vote-on-new-token-utility-and-move-towards-safe-unlocks-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/safedao-prepares-to-vote-on-new-token-utility-and-move-towards-safe-unlocks-crypto-news\/","title":{"rendered":"SafeDAO Prepares To Vote On New Token Utility and Move Towards SAFE Unlocks – Crypto News"},"content":{"rendered":"
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Safe, a leading multi-sig and smart account infrastructure provider, is moving to introduce new utility for its SAFE token and advance the project\u2019s roadmap towards progressive decentralization.<\/p>\n

A Feb. 13 governance\u00a0 proposal<\/a>\u00a0aims to introduce new use cases for the SAFE token within the project\u2019s ecosystem, expanding on its current utility as a vehicle for governance voting. The proposal notes that SAFE should comprise a vehicle for achieving the \u201ctechnical, economic, [and] governance decentralization\u201d of key components of the Safe project, in addition to tokenizing value derived from the growth of Safe’s ecosystem.<\/p>\n

The proposal suggests issuing SAFE as a reward for account users, exclusively allowing\u00a0 abstracted usernames<\/a>\u00a0to be claimed via SAFE, allocating SAFE to a\u00a0 module<\/a>\u00a0that would act as a protocol-native insurance fund, and incorporating the token into its proposed\u00a0 Fee Engine<\/a>.<\/p>\n

The document argues for intentionally keeping SAFE\u2019s utility separate from the operation of\u00a0 smart accounts<\/a>. It added that additional utilities for SAFE will likely be introduced through governance in the future.<\/p>\n

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The plan progressed from community discussion to a formal\u00a0 draft proposal<\/a>\u00a0on Feb. 26. Several governance delegates have since expressed support for moving the plan to a formal vote.<\/p>\n

Safe spun out from Gnosis in mid-2022. The project then airdropped the SAFE token to almost 22,000 users, closed a $100M funding round, and launched a Swiss Foundation tasked with overseeing its off-chain assets.<\/p>\n

The team noted that Safe has since enjoyed significant growth in spite of the 2022 downtrend, including a 1,000% increase in safe accounts created and a 2,100% rise in the number of active monthly users. Approximately 1.4% of all cryptocurrency transactions are now executed from Safe accounts.<\/p>\n

According to Dune Analytics, Safe accounts hold\u00a0 $102B<\/a>\u00a0worth of assets, equating to 4% of the combined cryptocurrency market cap, based on data from CoinMarketCap.<\/p>\n

Moving towards SAFE unlocks<\/h2>\n

If passed, the token utility proposal would mark the completion of the final roadmap milestones required to enable token transfers. SafeDAO previously voted against making the token transferable in November 2022, instead establishing five requisite preconditions for the unlock.<\/p>\n

Said criteria include the conclusion of token claims in December 2022,\u00a0 ratifying<\/a>\u00a0a \u201cconstitution\u201d in February 2023,\u00a0 establishing<\/a>\u00a0a governance framework in October,\u00a0 formalizing<\/a>\u00a0a framework for distributing budgets and other protocol resources in November, and lastly the current proposal outlining utility for SAFE.<\/p>\n

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