On Friday, the @gnosisdao community voted to spin-out the @gnosisSafe project and launch the $SAFE token.
A thread on what that means for the future of the project and Web3 in general. 👇
A thread on what that means for the future of the project and Web3 in general. 👇
First of all I‘d like to express how grateful I am about the excitement around this proposal. More than 900 community members voted, the biggest voter turnout in the history of @gnosisdao. This itself is a huge achievement! 🏅
snapshot.org/#/gnosis.eth/p…
snapshot.org/#/gnosis.eth/p…
What was actually decided? 🗳️
↪️ Gnosis Safe will spin-out of Gnosis
🇨🇭 A newly founded non-profit foundation will safeguard strategic assets until the project is sufficiently decentralised
🪙 A $SAFE token will be launched to govern the project and support decentralisation
↪️ Gnosis Safe will spin-out of Gnosis
🇨🇭 A newly founded non-profit foundation will safeguard strategic assets until the project is sufficiently decentralised
🪙 A $SAFE token will be launched to govern the project and support decentralisation
Why do a spin-out? ↪️
Gnosis Safe has been a project within the Gnosis family for a long time. What became clear is that scaling many different project within Gnosis became increasingly hard. As probably the most important resource was missing: focus.
Gnosis Safe has been a project within the Gnosis family for a long time. What became clear is that scaling many different project within Gnosis became increasingly hard. As probably the most important resource was missing: focus.
Gnosis 2.0 💡
With the merge with the xDai chain, Gnosis has a clear new mission as a project: to establish the new @gnosischain as the canary chain for Ethereum. With it's new-found focus, it became clear that spinning out Gnosis Safe was a win-win for both projects.
With the merge with the xDai chain, Gnosis has a clear new mission as a project: to establish the new @gnosischain as the canary chain for Ethereum. With it's new-found focus, it became clear that spinning out Gnosis Safe was a win-win for both projects.
Gnosis Safe has become critical web3 infrastructure. It secures DAO treasuries, bridges, investments squads and NFT collections. It is used to store $70B worth of digital assets on ETH L1 alone (it was above $110B before the market correction) and billions more on other networks. 
Safe Protocol 📜
While most still see Gnosis Safe as just a "Multisig wallet", it is much more than that! It is a composable smart-contract account creating a new standard for fully programmable accounts. Gnosis Safe raises the bar for both usability and security in Web3.
While most still see Gnosis Safe as just a "Multisig wallet", it is much more than that! It is a composable smart-contract account creating a new standard for fully programmable accounts. Gnosis Safe raises the bar for both usability and security in Web3.
Gnosis Safe is middleware 🏗️
Gnosis Safe is not just a single product. It is the basis of an ecosystem of solutions that leverage the Safe Protocol. It is the foundation on which an ever-increasing share of Web3 is being built.
Gnosis Safe is not just a single product. It is the basis of an ecosystem of solutions that leverage the Safe Protocol. It is the foundation on which an ever-increasing share of Web3 is being built.
Here's an extensive but still incomplete list of solutions leveraging the Safe Protocol.
https://twitter.com/SchorLukas/status/1511304317218832388?s=20&t=llw-Kztv0txFXVaClVyOGA
Why issue the $SAFE token? 🪙
A designated token for the Gnosis Safe ecosystem allows coordination across its key stakeholders. It allows to progressively decentralise the project and create incentive alignment.
A designated token for the Gnosis Safe ecosystem allows coordination across its key stakeholders. It allows to progressively decentralise the project and create incentive alignment.
Value Capture (1/2) 💱
Because we saw Gnosis Safe always as a public good, we never monetised the project. Even though there were plenty opportunities in the past. We just always felt generating revenue into a for-profit entity would create wrong incentives.
Because we saw Gnosis Safe always as a public good, we never monetised the project. Even though there were plenty opportunities in the past. We just always felt generating revenue into a for-profit entity would create wrong incentives.
Value Capture (2/2) 💱
It got increasingly hard to argue this way. Over the years, internal and external voices became louder to capture value from the project. Launching the $SAFE token will enable stewarding these discussions in a more community-driven way.
It got increasingly hard to argue this way. Over the years, internal and external voices became louder to capture value from the project. Launching the $SAFE token will enable stewarding these discussions in a more community-driven way.
Will there be an #airdrop? 🪂
Yes! Even 2!
👥 User: Everyone that actively used @gnosisSafe in the past. Don't alter your behaviour, snapshot is taken.
🛠️ Ecosystem: Community member that made the project successful. Look out for more details on the application process.
Yes! Even 2!
👥 User: Everyone that actively used @gnosisSafe in the past. Don't alter your behaviour, snapshot is taken.
🛠️ Ecosystem: Community member that made the project successful. Look out for more details on the application process.
What about $GNO holders? 🦉
The @gnosisdao will receive 15% of the total $SAFE supply as part of the spin-out. It is up to the governance process of the GnosisDAO to decide over the use of these tokens, but there will likely be another airdrop directly to GNO holders. 👀
The @gnosisdao will receive 15% of the total $SAFE supply as part of the spin-out. It is up to the governance process of the GnosisDAO to decide over the use of these tokens, but there will likely be another airdrop directly to GNO holders. 👀
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