To ensure the successful launch of its DAO (decentralized autonomous organization), Gnosis Safe announced plans Thursday to airdrop 50 million SAFE tokens to thousands of Safe wallets.
Gnosis Safe uses smart contracts to support its multi-signature wallet. A multi-signature or multisig wallet requires more than one person’s signature to execute transactions. Gnosis Safe allows users to securely store Ethereum and ERC20 tokens and interact with decentralized applications.
Last month, Gnosis Safe, originally a product in the Gnosis ecosystem, rebranded to Safe after spinning off from Gnosis. Members of the Safe community also voted to launch the SafeDAO and the SAFE token.
Along with the announcement of the airdrop, Safe shared a spreadsheet containing over 45,000 eligible Ethereum addresses. Safe users who created their address before the February 9, 2022, proposal to launch the SafeDAO are eligible for the airdrop.
“By giving control over the core components of the Safe ecosystem to the SAFE Token holders, the SafeDAO is enabled to introduce value capture and reward programs that supercharge the Gnosis Safe ecosystem flywheel,” wrote Safe co-founder Lukas Schor in the proposal.
Safe says that the SafeDAO will send at least 400 SAFE tokens to 21,935 addresses, or just over half of the eligible wallets.
Safe says the goals of the airdrop include decentralizing SAFE governance, rewarding active users, and raising awareness of Safe and SafeDAO.
Gnosis Safe provided a breakdown of the allocations in the announcement posted on its forum. Of 45,025 Safe wallets created before the proposal, 10,453 never made a single transaction. Still, 21,935 Safe wallets contain SAFE tokens, the largest containing 129,339.85, and the average active wallet containing 2279.46.
“[The February proposal] presented plans of launching a SAFE token. 5% of the total supply is allocated to reward users for their past contributions and usage,” Safe co-founder Tobias Schubotz wrote in the forum post. “Of those 5%, half will be available immediately, and the remaining half will be vesting linearly over 4 years.”
Another goal, Schubotz wrote, is community ownership.
“Long term, we envision the Safe as a community-driven project. It is empowering to own a part of the product they use,” he wrote.
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