One of the top digital asset management platforms, Safe (previously Gnosis Safe) is releasing its governance token $SAFE on Sept. 28, 2022. Users eligible to claim tokens have until Dec. 26, 2022, at 6 p.m. EST to do so.
What Is the Safe Protocol: The Safe protocol is well known for its multi-signature wallet technology and is trusted by some of the top crypto protocols. ENS, Consensys, Aave and 1Inch are just a few of the popular names operating with Safe.
Currently, Safe is securing roughly $40 billion in self-custodial accounts. The initial token release will be for Core Contributors, Gnosis DAO, Users, Guardians and Backers. Importantly, no single entity is able to acquire over 10% of the tokens, to ensure decentralization and safety for the DAO.
Why is it Important: The impact of shifting control into the hands of users and developers is a big win for decentralization and the long-term neutrality of the Safe protocol.
Lukas Schor, the co-founder of Safe, explained the advantages of the DAO structure, “The SafeDAO governance primarily allows a balance of interests between various stakeholders in the Safe ecosystem. This ecosystem already consists of over 30 builder teams and >100k users that rely on the Safe protocol and have very individual requirements towards core components.”
“As the ecosystem scales, it requires more efficient ways to align different stakeholders on shared standards and investments into additional public good components in the Safe ecosystem. This is similar to how a cooperative enables more efficient interest alignment and shared asset allocation in a traditional business context,” he added.
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The structure makes a lot of sense for such a protocol. If SafeDAO is successful, more tokens and DAO launches are likely to follow. If DAOs begin to improve their efficiency, it is possible they even begin to replace the typical corporate structure. There will be a lot of pressure as SafeDAO continues to ensure the safety of $40 billion in assets and prove to the world the advantages of decentralized governance.