Wouldn't it be great if you could actually use your magic internet money on real stuff and not just digital artifacts most people frankly don't really get? GnosisPay let's you do just that. Gnosis Pay is a debit card with which you can spend EURe or GBPe. Yes it works just like a regular debit card issued by your bank.

It looks like an ideal solution to offramp your crypto, potentially bypassing central exchanges and other entities. It does come with some privacy issues as every card transaction is a transaction on the Gnosis chain and hence the timing, amount of the transaction, and smart wallet who signed the transaction is visible to everyone. However, if you are careful to not fund your Gnosis Safe with a wallet connected to a public social profile (ENS, farcaster, lens, tribe etc) you should be fine.

Dashboard available on Dune. Mint your favorite chart by selecting the blue Mint button at the top right and cycle through the available charts

After the initial launch with those OG NFT incentives and reward points, the growth in new cards issued has slowed down. The black line on the graph shoots up and then kinda flattens out, a clear sign of what happens when you launch a product (with incentives) before the demand (aka user behavior) is really there. You can also nicely see that there are clearly more users (aka wallet addresses) who have ordered a GnosisCard (black line) compared to those who have used a GnosisCard (green line). And even those who do have a card are using it sporadically, maybe only when the rewards are right.

What about the pink line? These are smart wallet transactions of EURe that are not done with the Gnosis card.

While not everyone's using their Gnosis Card regularly, it looks like those who are using it are slowly making it a habit (black line is trending up). However, while they use the card more frequently, they use it to pay for smaller amounts (light green line). This might not be a bad thing. Users go from one-off purchases to smaller more consistent usage.

When Gnosis Pay launched, card holders who had at least 0.1 GNO on their Gnosis Pay Safe during the snapshot period were rewarded 1% to 4% cashback on their purchases (GIP-110). The more GNO you had the higher your cashback. The future of this rewards program was uncertain as the allocated funds were depleted. Thanks to a recent proposal (GIP-133), the reward program will continue for some time while the community is discussing a revised rewards program.

When the Gnosis card came out, 15 days passed between transaction 2 on 13th December 2023 and transaction 3 on 1st January 2024. It is has dropped steadily and now every 30 seconds someone uses their Gnosis Card. That's an amazing achievement. For those curious to know, transaction 1 and 2 were only 4 seconds apart.

note: I first mentioned that the gap is a little over 2 days. However, this was the average gap between purchases for an individual card user.

Gnosis Card seems to be a fallback option when funds aren't available on other cards. Frequent users, those who use their Gnosis card more often than the average user, spend less per transaction. The full picture is a bit more nuanced than that. Loyal users spend more on smaller purchases, averaging around €26.81 per week. Non-loyal users spend €244.01 on average compared to €133.04 for loyal users.

But maybe this makes sense? People are using their Gnosis Card for daily purchases, things like groceries, going out for dinner. Isn't that what we, the crypto world, want? For crypto to actually replace fiat.