As part of the process of spinning out of Gnosis and launching a DAO, Safe will distribute a number of SAFE to reward past users. 50M SAFE are allocated for past users, which is 5% of the total supply of the token. On August 17, 2022, we posted a proposal 17 on how to allocate these tokens to the Safe forum, in order to gather community feedback.

Lots of feedback has been received directly on the forum as well as on Twitter 4 and Discord. While it is impossible to create the perfect SAFE distribution rules, this post is an iteration and improved version of the initial proposal.

Goals As a reminder, the following goals have been set:

Decentralization: SAFE governance would benefit most if the token is widely distributed. Reward usage: More active users should receive more tokens than less active ones Reward past usage but prefer potential future active governance participants, i.e. accounts that care about the Safe. Raise awareness for the Safe as a project and DAO Recipients should get a “meaningful” amount, i.e. users should care about it and tx fees for claiming shouldn’t make it economically unwise to claim SAFE tokens allocated to them. Ownership: Long term, we envision the Safe as a community-driven project. It is empowering to own a part of the product they use. Changes made The following is a summary of the modifications made:

Move cut off date ahead: From February 9, 2022 to August 18, 2022 The original proposal excluded all Safes created before GIP-29 2. This excluded ~50% of all Safes created on Ethereum mainnet since more than 40k Safes have been created within the last 6 months. The Safe community should be as wide as possible, hence the change to the date the initial proposal was made on the forum which was August 18, 2022.

Assets to consider: Include not only ETH, WETH but also DAI, USDC, USDT The original proposal only considered ETH and WETH stored in Safes which excluded all other tokens, including stable coins. This decision was made to keep things simple. Stable coins however are crucial for Defi. Many community members store significant amounts in stable coins, hence we additionally consider now the value stored in DAI (incl. SAI), USDC and USDT which are the top 3 stable coins stored in Safes 1 by their total value.

What about other derivatives such as cDAI, aDAI or stETH? We have to draw the line somewhere. We see the vanilla stable coins as basic enough to include them, however when it comes to other wrapped/derived versions of them, we encourage the respective teams to submit DAO proposals to reward past usage and value accordingly.

As part of the process of spinning out of Gnosis and launching a DAO, Safe will distribute a number of SAFE to reward past users. 50M SAFE are allocated for past users, which is 5% of the total supply of the token. On August 17, 2022, we posted a proposal 17 on how to allocate these tokens to the Safe forum, in order to gather community feedback.

Lots of feedback has been received directly on the forum as well as on Twitter 4 and Discord. While it is impossible to create the perfect SAFE distribution rules, this post is an iteration and improved version of the initial proposal.

Goals As a reminder, the following goals have been set:

Decentralization: SAFE governance would benefit most if the token is widely distributed. Reward usage: More active users should receive more tokens than less active ones Reward past usage but prefer potential future active governance participants, i.e. accounts that care about the Safe. Raise awareness for the Safe as a project and DAO Recipients should get a “meaningful” amount, i.e. users should care about it and tx fees for claiming shouldn’t make it economically unwise to claim SAFE tokens allocated to them. Ownership: Long term, we envision the Safe as a community-driven project. It is empowering to own a part of the product they use. Changes made The following is a summary of the modifications made:

Move cut off date ahead: From February 9, 2022 to August 18, 2022 The original proposal excluded all Safes created before GIP-29 2. This excluded ~50% of all Safes created on Ethereum mainnet since more than 40k Safes have been created within the last 6 months. The Safe community should be as wide as possible, hence the change to the date the initial proposal was made on the forum which was August 18, 2022.

Assets to consider: Include not only ETH, WETH but also DAI, USDC, USDT The original proposal only considered ETH and WETH stored in Safes which excluded all other tokens, including stable coins. This decision was made to keep things simple. Stable coins however are crucial for Defi. Many community members store significant amounts in stable coins, hence we additionally consider now the value stored in DAI (incl. SAI), USDC and USDT which are the top 3 stable coins stored in Safes 1 by their total value.

What about other derivatives such as cDAI, aDAI or stETH? We have to draw the line somewhere. We see the vanilla stable coins as basic enough to include them, however when it comes to other wrapped/derived versions of them, we encourage the respective teams to submit DAO proposals to reward past usage and value accordingly.