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Gnosis Safe launches SafeDAO, Safe Token – Decrypt

Safe (formerly Gnosis Safe) today announced the launch of its SafeDAO and Safe Token.

Even as the crypto bear market continues to hit the industry, Decentralized Autonomous Organizations, better known as DAOs, remain a popular way for people to organize online, build communities, and raise money. funds.

Originally designed as a digital asset management platform for DAO treasuries within the Gnosis ecosystem, Safe spun off after a DAO vote in July, followed by the announcement of the airdrop of 50 million SAFE tokens across thousands of Safe Wallets last month.

Safe says its mission is to make Web3 ownership more accessible, collaborative, and secure.

“Safe’s ‘DAO-fication’ offers two benefits in particular,” said Safe co-founder Christoph Simmchen. Decrypt.

“First, it ensures that Safe, in its role as critical infrastructure for many projects, is not exposed to a single point of failure, but rather can be operated and maintained by the community over the long term,” he said. -he declares. “Second, the structure of a DAO allows for a decentralized approach, so Safe can be scaled to many use cases and user groups at the same time, as different groups can work across different verticals.”

“Security is already critical infrastructure,” Simmchen added. “Besides being a digital asset management platform, it is also a composable decentralized custody protocol and is widely used in Web3.”

“Every Web3 asset, identity, and data project can use the Safe protocol,” he explained, calling Safe “agnostic use case.”

Along with the launch of SafeDAO, Safe tokens can now be claimed by the more than 43,000 eligible Safe users who will act as stakeholders who can delegate their vote to specific DAO members or, as the DAO calls them, “gatekeepers”. “.

“Voting rights can be delegated to vision-aligned Guardians for those who plan to be less active in governance participation themselves,” the project explained.

A popular myth that Simmchen wants to bust is that Safe is a multisig, or digital wallet that works with multiple signature addresses.

“Safe is not a multisig; it is much more than that,” he said. “Safe is a future-ready and customizable custodian architecture that is characterized by its programmability, modularity and composability leading to a dynamic ecosystem of projects building on it.

According to Safe, no one can hold more than 10% of the voting rights of DAOs. Simmchen explains that this is to show the decentralization of the DAO from the beginning. He said the Safe ecosystem aims to empower builders and contributors and find decentralized growth in all pockets of the web3 through proposals on SafeDAO.

“We believe that SafeDAO will ensure the development of this key infrastructure on which much of Web3 depends,” Simmchen said.

Simmchen said the exciting thing about the Safe community is that it includes various stakeholders, each with their own ideas about the future of the project.

“Before DAO launched, there was no structured way for the community to effectively coordinate its future plans,” he said. “That’s changing with the SafeDAO, and I’m excited to see where the discussion of future plans evolves.”

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