When did it become standard practice for newly launched tokens to allocate >50% to team + investors? @EtherFi: 56% @ethena: 55% @CelestiaOrg: 53% For a different approach, see: @safe: 23% (launching on April 23 👀) @worldcoin: 23% @wormholecrypto: 24% @Aptos: 32% @SuiNetwork: 34% @alt_layer: 34% @Optimism: 36% @Starknet: 38% @SeiNetwork: 40% @arbitrum: 44%
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In 2022, @safe raised $100M at a $1.25B valuation Now, we're less than 12 hours away from the SAFE token becoming transferable 1/ Let's look into the tokenomics, token utility, adoption metrics ($102 billion TVL!), and more 👇
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Today, a proposal to make the SAFE token transferable has entered the review phase of Safe governance. Should it be approved in the forthcoming governance vote, @safe will have a transferable token as early as April 23. The only steps left after today are the following: 1. At least 3 delegates/Guardians need to signal the maturity of the proposal before April 1, 23:59 UTC 2. Proposal needs to be submitted to Snapshot before April 2, 23:59 UTC 3. Safe token holders need to vote in favour of the proposal on Snapshot during the voting phase (April 4 - April 15) 4. Following the voting phase, there is a 3-day SafeSnap/Reality timeout period + 5-day cooldown period before the token contract can get unpaused Assuming all goes according to plan, the token is set to become transferable on April 23 🎉 This would be a huge milestone for SafeDAO and the beginning of a new chapter on a journey that started more than 7 ½ years ago with @StefanDGeorge's initial commit to the Gnosis MultiSigWallet repo. That was on September 8, 2016! Two years later, in July 2018, the first audited version of the Gnosis Safe Contracts was released: Version 0.0.1, which included for the first time support for modules to extend functionality. In early 2022, @GnosisDAO then voted to spin out Gnosis Safe, which subsequently rebranded to Safe and announced a $100M raise at a $1.25B valuation. Investors included @1kxnetwork @paraficapital @bcap @cbventures @LongHashVC, etc. Some time later, in September 2022, SafeDAO and the non-transferable SAFE token launched. An initial vote on enabling transferability which was initiated by me failed to get a majority of voting power behind it, and 5 milestones were agreed upon before voting again on making the token transferable. Those milestones have all been completed with the Safe Token Utility Framework being the last one earlier this year. With the token transferability now being so close, it's also worth looking into the adoption metrics for Safe, and they are nothing short of remarkable: it secures a staggering $125 billion in assets, and more than 7.5 million @safe smart accounts have been deployed. A significant portion of these accounts were deployed by @worldcoin, which sets up a Safe for each of their World App users. Beyond that, Safe smart accounts are also trusted by some of the leading figures in the Ethereum community: @VitalikButerin for example holds 243,000 ETH in his Safe, almost all of his holdings; @punk6529 is also an eager user of Safe and has shared some fantastic guides for it on his account. Read the proposal to unpause the SAFE Token Contract (Enabling Transferability) on the SafeDAO forum: forum.safe.global/t/draft-un…
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A @safe multisig connected to @ethena holds over $10 billion worth of ENA 🤯 That's an impressive size even for Safe, far surpassing the previous record holders which are a @safe linked to @Optimism with $4.1B in OP, and one associated with @0xMantle containing $4B in MNT.
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Every group of friends, family members and roommates will have access to a shared @safe multisig wallet that looks and feels like a WhatsApp/Telegram group chat We’ve seen how multiplayer gaming took the world by storm, soon we’ll see the advent of multiplayer finance 2023 🚧🏗️
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If you are holding more than $500M worth of crypto — choose @safe You'll be in good company: 36 out of the 100 whale addresses with $500M+ are already Safe smart accounts
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There are now more than 2 MILLION Safes 🎉 It took @safe 5 years to cross the 1M mark, and only 5 months after this milestone we're now at double that number Key drivers behind the recent growth are @worldnetwork's World app and @PolymarketHQ, both of which use Safe under the hood
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The proposal to make the SAFE token transferable just passed. This means that Safe, prev. Gnosis Safe, will have a token that can be traded starting April 23! Why you should pay attention: 💰 ∼$100B in assets secured by @safe (this is equivalent to the value of funds @binance holds on behalf of all its users!) 🌍 Used by @worldcoin which deploys a Safe for every user of their World App (4M+ Safes already deployed!) 🤖 Infra for AI (majority of all Safe txs on Gnosis Chain already made by AI agents from @autonolas) 📈 Centralized exchanges like @Bybit_Official (s/o @benbybit) use Safes as hot wallets 👨‍💻 @VitalikButerin has almost all his ETH holdings in a Safe
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Many people always ask: "Wen SAFE token transferable?" Until now it was difficult to give an answer, but since the Token Utility Framework is now live on Snapshot, and likely to get accepted, the answer is actually quite straightforward: April 23, 2024 (48 days from now)* The full timeline until token transferability is as follows: March 6 - March 18: Snapshot voting on Token Utility Framework --- March 18, 00:01 UTC: Start of Season 2 Sprint 2 --- March 25, 23:59 UTC: Deadline for posting a proposal to unpause token contract/enabling token transferability on the Governance Forum March 25 - April 1: Review phase (proposal needs to get 3 delegate/Guardian approvals) April 2, 23:59 UTC: Deadline for submission of proposal to Snapshot April 4 - April 15: Snapshot voting on enabling transferability April 15 - April 18: SafeSnap/Reality 3-day timeout period April 18 - April 23: SafeSnap/Reality 5-day cooldown period April 23: @safe token is transferable! 🎉 (When exactly the token will become transferable on April 23 depends on the time the proposal is submitted to Snapshot on April 2. But the earliest possible time for token transferability is 0:00 UTC, while the latest possible time is 23:59 UTC.) *The timeline obviously will be different if no proposal is posted on the Forum by March 25, or if the proposal fails to gather enough community support.
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10 MILLION total transactions have been made by @safe accounts 🎉 - 4.5M txs on 💜@0xPolygon - 2.7M txs on 🦉@gnosischain - 1.3M txs on 🦇@ethereum - 0.6M txs on 💙@arbitrum - 0.35M txs on 🔶@BNBCHAIN - 0.2M txs on 🔴@optimismFND - 0.35M txs on other chains
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Could there be anything that has higher priority? @CoWSwap (inspired by a post from @0xWenMoon a few months ago)
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Either 1) build for crypto-natives or 2) abstract away all complexity and don't even show if/how your app uses crypto You don't want to be somewhere in the middle of this and have to educate mainstream users about gas fees, seedphrases I don't think this is a hot take, is it?
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The "Introducing Gnosis 3.0" forum post is worth a read: forum.gnosis.io/t/introducin… It's full of interesting insights into the past, present and future of Gnosis 👀 This year promises to be truly monumental for @GnosisDAO Key drivers for that are: - SAFE token transferability (likely to happen in April, see my previous tweet) - continued growth of @gnosispay - launch of Gnosis Wallet
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"Isn't Safe just a multisig for teams?" No, @safe is a Swiss Army Knife cc @auryn_macmillan
🤔 @safe is a Swiss Army Knife...
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Just like @optimismFND, which stores over $6B worth of OP in Safes, @arbitrum also relies on @safe to secure some of its Treasury and Vesting allocations About 5.3B ARB, valued at more than $7.5B, is currently stored in Safes That brings total assets secured by @safe above $55B
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People often think of @safe wallets as a team only solution. While this might have been true in early 2020, the user base has since evolved significantly. Today, individuals make up more than 99% of @safe users, including notable ones like @VitalikButerin and @punk6529
Replying to @ptrwtts @0xKofi
The above is why I use a multisig (@safe) for >90% of my personal funds 🙂 M-of-N, some keys held by you (but not enough to block recovery), the rest held by other people you trust. Don't reveal who those other people are, even to each other. Decentralize your own security.
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In January this year, there were 1M Safes In April, @safe crossed the 2M mark Today, this number is at 4M 🎉 Most of this growth is driven by @worldnetwork, and while Safe has always been the SCW standard that secured the most assets, it now has the highest # of users as well
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If you log in to @Polymarket with your wallet, a @safe smart account is automatically created for you in the background. Using that Safe, you could then trade in their newly created prediction market on the valuation of the SAFE token 👀
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My frens from Safe are now using the term "multiplayer finance" in their job openings what figma did to photoshop ... what google docs did to word... @safe does to finance multiplayer > singleplayer That's true for games, software and finance Let's meme this into existence
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Last month I saw this post where someone paid their taxes with @monerium, and ever since then I wanted to replicate it ... and so I did it now with a small tax payment. With success! From my @safe! Tech stack for paying taxes in 2023: EURe @safe @gnosischain @WalletConnect
👋One of our users just paid their taxes with Monerium EURe!🧵
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.@safe protocol is the core building block enabling multiplayer finance not only companies but also friends, bands, clubs & sports leagues will manage their money, spending, and investments through apps powered by @safe all complexity (incl. gas fees) abstracted away soon 👀
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It took @safe less than 30 days to get from 6M to 7M deployed smart accounts 🤯 Reaching the first 1M deployed Safes meanwhile took ~5 years And while cumulative charts are usually pretty horrible, they do a great job highlighting how remarkable this is
7 million @Safe smart accounts are deployed now, from at least 4 million unique users. 🥳 The smart account flippening is near!
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3/ In 2022, @GnosisDAO then voted to spin out Gnosis Safe They subsequently rebranded to Safe and raised $100M from investors such as @1kxnetwork, @DCGco, @cbventures, @KrakenVentures, @bcap, @paraficapital, @fenbushi, @Signum_Capital, @Consensys, @LongHashVC + others
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🐬 The EOA -> @safe smart account flippening is getting closer on OP Mainnet! That's all because of @worldcoin whose share of all Tx Fees on OP Mainnet is 36.5% And since World App uses @safe underneath, every @worldcoin user has a Safe smart account The share of gas spent on Safe txs vs other txs should approximately be the number above - and given the enormous growth of @worldcoin, it's only a question of time when the flippening occurs!
Continually amazed at the scale of @worldnetwork... Largest app on OP Mainnet by a large margin (ETH fees)
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Mainstream users won't come for decentralization. They'll come for great products. With @DecentraHQ, we're turning group chats into the home of your shared finances - whether that is for your band, sports club, family, school class, or weekend side hustle. Built on @safe
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Interesting to see that @WaymontCo is now building on top of @safe If I remember correctly, they started with MPC and at one point Jai mentioned that they had a "way more opinionated design than Gnosis" In crypto not all roads lead to Rome, they instead lead to @safe
Replying to @eladmallel
GM! @WaymontCo Self-Custody has all of this and is built on Safe. Would be honored to show you around if you're interested 🫡
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7 out of the top 10 wallets tracked by @DeBankDeFi are Safes 🤯 These seven @safe accounts alone hold tokens worth ∼$33 billion
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11/ Some other fun facts about @safe before we wrap this up: - @VitalikButerin holds more than 240,000 ETH in a Safe, almost all his holdings - Two of @Bybit_Official's hot wallets are Safes - The majority of all Safe txs on @GnosisChain are made by AI agents from @autonolas
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There are 24 hours left to vote on SEP-5, but it’s already the @safegovernance proposal with the highest voter turnout snapshot.org/#/safe.eth/prop…
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12/ If you enjoyed this thread, please consider giving the original post a like 🤝 And stay tuned for when the SAFE token becomes transferable shortly before 6AM UTC tomorrow! 🫡
In 2022, @safe raised $100M at a $1.25B valuation Now, we're less than 12 hours away from the SAFE token becoming transferable 1/ Let's look into the tokenomics, token utility, adoption metrics ($102 billion TVL!), and more 👇
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One of the funniest things I've seen in a while: PWN posted an obvious April Fool's joke, and all the airdrop farmers and mercenaries take it at face value and don't get the joke. They grew their Twitter account from 3K to 18K followers in 15 hours 🤯
No more denying the Inevitable. We joined forces with @Nation3DAO to present the first digital sovereign nation CBDC! Become eligible for an airdrop: 1)follow @pwndao & @Nation3DAO 2)retweet this post 3)submit your address on cbdc.pwn.xyz & share a verification tweet
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2/ The history of Safe (previously Gnosis Safe) goes back as far as 2016 when the Gnosis team built a multisig wallet to secure the ICO funds they raised What started as an internal tool would soon be used by other teams and individuals like @VitalikButerin and @punk6529
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With the $SAFE token likely becoming transferable on April 23, many have asked me what valuation I expect the token to have. Honestly, I have no idea. So I decided to reach out to my frens at @Polymarket, and they agreed to set up a market for it: polymarket.com/event/safe-ma…
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Today, my proposal to enable the transferability of the SAFE token went live on Snapshot — and you can now vote on it. I'm not usually the threadooor, but today I make an exception to talk about why I authored this proposal and what I think the pros and cons are. 1/9
SafeDAO proposal voting phase starting: [SEP #2] „Community Initiative To Unpause Token Contract (Enabling Transferability)“ has been uploaded to Snapshot and is ready to be voted on. Voting ends on Nov 10, 2022, 12:14 PM UTC. snapshot.org/#/safe.eth/prop…
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Since bets are currently en vogue: I’m pretty sure that @safe protocol will store more than 1 trillion dollar worth of liquid assets in five years from now Who wants to bet against it? I’m down for $1K at 50-50 odds (inflation-adj, so any hyperinflation doesn’t skew results)
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5/ Apart from the $100M raise, @safe did not have any other funding rounds, but rather got incubated by @GnosisDAO The result: minimal VC ownership (8%), all acquired at a valuation of $1.25 billion Compare this with some of the other popular tokens:
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4/ Angel investors who participated in the strategic raise include @punk6529, @hasufl, @LefterisJP, @corbpage, @onurakpolat, @tarungupta1475, @k06a, @evgeth, @evabeylin, @SCBuergel, @poolpitako, @deacix, @WillPapper + many more
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Safe{Wallet} Safe{Core} … Safe{Invoker} @safe seems to be the team best positioned to build the most trusted and widely adopted invoker contract(s) for 3074
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In the one hour since the prediction market went live, there has been roughly $750 in trading volume. Although this volume isn't enough to draw definitive conclusions, it's starting to reveal into which direction the market will go:
With the $SAFE token likely becoming transferable on April 23, many have asked me what valuation I expect the token to have. Honestly, I have no idea. So I decided to reach out to my frens at @Polymarket, and they agreed to set up a market for it: polymarket.com/event/safe-ma…
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10/ Alongside @worldnetwork, hundreds of other projects are building on top of @safe, with many having raised substantial VC funding and likely considering launching a token It's possible that SAFE holders/stakers could end up receiving airdrops from many of those projects 👀 NFA
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SEP #5 UPDATE: Earlier this year, @safe token holders voted in favour of redistributing 32M unredeemed tokens from the initial user airdrop: 1) 16M tokens were granted as an additional allocation to the 11K users who had previously claimed some SAFE tokens Since yesterday, these additional tokens can now be redeemed on app.safe.global --- for a detailed guide on SEP #5 and the redemption process, here’s the link to the FAQ: help.safe.global/en/articles… 2) Another 16M tokens were set aside to be distributed via future proposals, with the goal of expanding the # of token holders beyond the aforementioned 11K users To date, unfortunately, there has been not one proposal regarding the distribution of the second half of the unredeemed tokens. So I would like to take this tweet today as a call for action: If you can think of interesting ways to distribute some or all of these 16M tokens to value-aligned users (or builders), in a sybil-resistant manner, then come to the Safe forum and write a proposal! (My DMs are open if any help or feedback is needed!)
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6/ Tokenomics for the SAFE token are generally solid Appx. 60% of the total supply is allocated to Community Treasuries (SafeDAO, GnosisDAO) Airdrop to users and ecosystem already happened in 2022, but an Activity Program will soon be announced to reward more users 👀
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Even though @GnosisDAO's success as a prediction market platform was limited, their influence on that sector still lives on today @Polymarket for example is using the Gnosis Conditional Tokens Framework and they also created 10k+ Safes for their users Gnosis🤝Polymarket🤝Safe
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Interesting to compare how much voting power/tokens were allocated to the team and investors in the last major token launches: Safe: 23% Optimism: 36% Arbitrum: 44% Hashflow: 47% Starknet: 49.9% Safe is clearly an outlier, and arguably the fairest token launch in a long time
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"License fee for the Safe community" sounds like SafeDAO will benefit from the fees generated by native swaps and potential future native apps for (re)staking, bridging, and more It would be extremely bullish if @safe is not following the Uniswap model, where frontend fees only benefit equity holders of Uniswap Labs — as opposed to UNI token holders
Replying to @safe
💰 Benefit from a low 0.4% fee with the first month free! Fees collected by CoW Protocol contribute to a license fee for the Safe community, supporting growth, innovation, and community engagement initiatives.
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I'm very excited about what @safe is building in regards to native apps with "community aligned fees" 👀 I have always thought that Safe, with its $100B TVL, is uniquely positioned to natively offer swaps, (re)staking, and more to its Safe{Wallet} users - many of whom are whales
Replying to @safe
💰 Community aligned fees 👀 Watch this space in the next few weeks, as we announce our first foray into community-aligned fees on new native apps on Safe{Wallet}.
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7/ Initial circulating supply will be 420M (42% of SAFE supply) If we exclude the community treasuries, the non-treasury circulating supply is appx. 143,4M SAFE tokens
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Does anyone know what the current status of @CoWSwap's L2 expansion plans are? I read last year that they first wanted to reduce some of the protocol's complexity to make it easier to scale to more chains, which is fair but with soaring DEX volume on L2s, a quick deployment on @base and @arbitrum is now of strategic importance. The daily and weekly volume of L2's like Arbitrum is quickly approaching what we see on Ethereum Mainnet. And I'm not even talking about the total trade count which is already like 2x-3x higher on each chain.
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8/ The utility of the SAFE token primarily involves governance of SafeDAO, overseeing a $102 billion ecosystem For additional utility, "value capture" mechanisms such as a Smart Account Fee Engine have been brought up in the SafeDAO forum 👀 forum.safe.global/t/smart-ac…
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SEP-5 “Redistributing Unredeemed Tokens From User Airdrop Allocation” is now live on Snapshot 🗳️ It’s been a long journey, with multiple iterations, a temperature check and 190 comments in the SafeDAO forum Here’s an overview of the voting options and some additional context👇
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9/ Safe is not a product, but a huge ecosystem built around @safe smart contract accounts @worldnetwork has for example deployed over 4M+ @safe smart accounts for its users, and will make them the primary user account on their new World Chain which launches this summer
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Powered by @safe 🤝 Since the beginning of this year, @Polymarket has deployed 2600+ new @safe smart accounts for users who sign in with their existing wallet
Excited to share that @Polymarket has raised $70m: A $45m Series B led by Founders Fund and insiders 1confirmation and ParaFi + @VitalikButerin, & Dragonfly And a $25m Series A led by General Catalyst + Polychain, @jgebbia, & more 🔮🧵
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Bybit/Mantle 🤝 @safe Not only did @Bybit_Official just announce that it will list $SAFE on April 23, but they also store at least $8B+ in Safes: - Two of their hot wallets use @safe, holding a combined $1.6B in USDT and ETH - @0xMantle holds $6.5B worth of MNT in Safes
📣 #Bybit will list $SAFE on 23 April and launch a major community event to reward your journey on @safe. Stay tuned for updates! #TheCryptoArk #BybitListing
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I don't think they act in bad faith when it comes to the low-float. They genuinely believe that they'll manage to get 500M+ humans to sign up. And then I can understand that they don't want to give like 20% of the token supply to the first 4M users they have right now.
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👀
SEP22 has been executed! The Safe Token Contract is officially unpaused and SAFE is transferable, ushering a new era for Safe{DAO} 🔰
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7 million Safes created. What an incredible new high score! 🎉 But what makes this number all the more impressive is that we know that at least 4 million of those @safe accounts are controlled by unique humans as they were created through @worldnetwork's World app on @Optimism
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When did it become standard practice for newly launched tokens to allocate >50% to team + investors? @EtherFi: 56% @ethena: 55% @CelestiaOrg: 53% For a different approach, see: @safe: 23% (launching on April 23 👀) @worldcoin: 23% @wormholecrypto: 24% @Aptos: 32% @SuiNetwork: 34% @alt_layer: 34% @Optimism: 36% @Starknet: 38% @SeiNetwork: 40% @arbitrum: 44%
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You can't compare those two things. The better comparison is a company that previously had $6B in expenditures/yr, and now less than $500M/yr. And it might actually make for the first time ever a profit, which it can use to re-purchase shares from the market. (simplified)
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Everyone has to decide for themselves for what they want to vote As a matter of principle, I abstain from voting on any proposal I’ve authored But if it weren’t for that, I’d vote for Option 4: A+B, using ½ for A and ½ for B This is in my opinion a fair and balanced choice 👇
SafeDAO proposal ending in two days: [SEP #5] Redistributing Unredeemed Tokens From User Airdrop Allocation Voting ends on: Mar 29, 2023, 3:01 PM UTC. snapshot.org/#/safe.eth/prop…
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It's honestly—from a builder's POV—extremely irresponsible to build your own smart account framework when you could use @safe which is battle-tested and lets you benefit from the associated network effects. Glad that Safe as a standard is close to escape velocity and has this "natural monopoly" in the space. The next 2 years will probably decide whether Safe will get the last meters over the finish line, and thus to escape velocity. Or not. Happy to see that Safe is taking the right steps here with the grants program and the increased focus on hackathons.
💀 Worst case scenario for AA: All wallets build custom Smart Accounts and we're back to user lock-ins and walled garden systems. ✅ Solution: An open & composable Smart Account framework that uses a shared core but allows for flexibility via plugins.
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Tomorrow, 9/27/2022, is the day @safe launches its $SAFE token. I came to this conclusion because a file in their GitHub repo mentions a "startDate" of 9/27/2018 for their vesting contract for Guardians, exactly 4 yrs ago tmrw. And it is already known that 50% of the ... 1/2
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The original poster should have clarified that it happened last week, and was reverted after a couple hours (github.com/MetaMask/eth-phis…). But honestly the fact that something like this can even happen in the first place is problematic. But appreciate the effort nonetheless.
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Kind of puzzled why the Arbitrum team follows the old airdrop playbook, in complete disregard of the new best practices Why not: - a vested airdrop over 4 years to align interests (no immediate dumping) - community challenge for sybil detection (with reward for valid reports)
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Celestia is certainly legit, but I think they had a hard time getting initial funding when they started the company in 2019 — and so they apparently agreed to seed funding on very bad terms (15.9% of the total supply only for the seed round investors)
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Owners of roughly 8,340 out of 43,575 Safes have claimed their user allocation of @safe's governance token Interestingly, among the "lazy" Safe owners who haven't yet claimed their airdrop is @VitalikButerin who is eligible for 17.4K $SAFE tokens Source: dune.com/safe/token
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Woah! @CoWSwap has finally announced that it is coming to L2s 🎉 It might be the last major protocol that has yet to deploy on any L2.
Replying to @danftz @0xWenMoon
Finally in process, launching in Q2 🥳
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Replying to @hishboy
Surprised that DeSo has 28% of all votes, I don’t recall a single person I know ever using it or fwiw talking about it.
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More than half of all @safe’s in existence are related to @worldnetwork’s mobile app They deployed around > 600K only in the last 3 months 👀
every minute worldcoin is deploying 10 @safe wallets on @0xPolygon where people hold crypto + dollars (@circle), trade with @Uniswap, deposit with @moonpay @RampNetwork, and unlock dapps with world id simple ux 🤝 self custody 🤝 composability = digital money for the world
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You can also use @ricochetxchange, where you're streaming in the funds on a per-second basis, and after a 15 minute accumulation phase it buys $ETH, $WBTC, or other crypto assets. Every 15 minutes, like clockwork.
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I'm pretty sure they won't airdrop their token to the people who join the Odyssey. Why should they? A retrospective airdrop is supposed to reward early users, not those who join some program for new users 1 year after beta launch. It would be mind-blowingly stupid from them.
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without the freedom to exit, all your other rights are imaginary
without the freedom to transact, all your other rights are imaginary
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Replying to @swtkg23 @safe
Not yet, but I’ll let you know as soon as something is out.
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- Without a value capture prior to enabling transferability, the SAFE token may be valued as a pure governance token - Having a token that can be traded also means entering the violent world of liquid and ultra-volatile market pricing. And in a bear market like now ... 6/9
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Optimism currently has a live Foundation Mission to deploy @safe Contracts and backend services for all mainnet and testnet OP Chains in the Superchain. Baseline grant amount is 150K OP (+ infra costs) and there are unfortunately 0 applications so far: github.com/ethereum-optimism…
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Today, a proposal to make the SAFE token transferable has entered the review phase of Safe governance. Should it be approved in the forthcoming governance vote, @safe will have a transferable token as early as April 23. The only steps left after today are the following: 1. At least 3 delegates/Guardians need to signal the maturity of the proposal before April 1, 23:59 UTC 2. Proposal needs to be submitted to Snapshot before April 2, 23:59 UTC 3. Safe token holders need to vote in favour of the proposal on Snapshot during the voting phase (April 4 - April 15) 4. Following the voting phase, there is a 3-day SafeSnap/Reality timeout period + 5-day cooldown period before the token contract can get unpaused Assuming all goes according to plan, the token is set to become transferable on April 23 🎉 This would be a huge milestone for SafeDAO and the beginning of a new chapter on a journey that started more than 7 ½ years ago with @StefanDGeorge's initial commit to the Gnosis MultiSigWallet repo. That was on September 8, 2016! Two years later, in July 2018, the first audited version of the Gnosis Safe Contracts was released: Version 0.0.1, which included for the first time support for modules to extend functionality. In early 2022, @GnosisDAO then voted to spin out Gnosis Safe, which subsequently rebranded to Safe and announced a $100M raise at a $1.25B valuation. Investors included @1kxnetwork @paraficapital @bcap @cbventures @LongHashVC, etc. Some time later, in September 2022, SafeDAO and the non-transferable SAFE token launched. An initial vote on enabling transferability which was initiated by me failed to get a majority of voting power behind it, and 5 milestones were agreed upon before voting again on making the token transferable. Those milestones have all been completed with the Safe Token Utility Framework being the last one earlier this year. With the token transferability now being so close, it's also worth looking into the adoption metrics for Safe, and they are nothing short of remarkable: it secures a staggering $125 billion in assets, and more than 7.5 million @safe smart accounts have been deployed. A significant portion of these accounts were deployed by @worldcoin, which sets up a Safe for each of their World App users. Beyond that, Safe smart accounts are also trusted by some of the leading figures in the Ethereum community: @VitalikButerin for example holds 243,000 ETH in his Safe, almost all of his holdings; @punk6529 is also an eager user of Safe and has shared some fantastic guides for it on his account. Read the proposal to unpause the SAFE Token Contract (Enabling Transferability) on the SafeDAO forum: forum.safe.global/t/draft-un…
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Without tools to protect our privacy on blockchains, we're worse off than with the existing fiat system. I fear that we will one day wake up to a world with government-run chains & mandatory CBDC's. And we paved the way for that with our work, trying to do the exact opposite.
Joke's on them, I don't want their fiat anyway. Seriously though, this is kind of an extremely big deal for privacy advocates. It does't matter how "censorship resistant" the tech is, if the transaction isn't private, it can be censored by off-chain punishment.
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One of the most thoughtful takes I've seen regarding whether or not to enable transferability (I'm glad to see so many people/orgs giving their input as starting a discussion around this topic was the main intention behind proposing SEP #2, and I think I succeeded in that)
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Retroactive Public Goods Funding without a market-like dynamic falls short of its original design and is rightly criticised by @sgoldfed, @lex_node, @DrNickA The ideal flow should look like this: 1. A team wants to build an impactful public good 2. (Angel) investors fund them with e.g. an upfront $100K, in turn they get a share of future RetroPGF proceeds from the team (capped or uncapped) This de-risks the entire operation for the builders, and transfers the financial risk towards investors. The reality is unfortunately much more like this: Builders spend 100s of hours building something, accruing enormous costs, and then having to hope that 1) the scope of what is funded doesn't change and excludes them 2) the impact evaluation is fair Unfortunately, there also won't be any meaningful investment activity without a clear commitment to not make drastic changes to the scope of what is funded and how impact is evaluated. This is comparable to how investors are reluctant to invest in countries where political instability makes long-term planning impossible.
On RPGF: Would you accept the following job: Do your best. Do it without any expectation of pay or reward. I’ll see how well you do and if I’m happy with the results, I might decide to pay you. Maybe. Public good funding is ✅. Expecting people to fund themselves for potentially years and maybe decide to pay them on results is ❌. It leaves people with uncertainty and discourages them from taking the bigger bets that might not succeed. If you have money available, it’s better to distribute it prospectively. For these reasons and others I believe Prospective Public Goods Funding >> Retroactive Public Goods Funding I also don’t love the term “public goods” when referring to contributions made to benefit a specific company or entity. The Arbitrum DAO/Foundatiom does a ton of public goods funding for its ecosystem and Ethereum broadly but generally doesn’t market it as such. What am I missing? Would love to hear where others disagree.
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So, within hours after the SAFE claim page went live, I posted this proposal to the forum. Not because I am a strong proponent of making it transferable — but rather because I believe that the transferability/non-transferability needs to be legitimized by a community vote. 3/9
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... is this desirable? Who knows, but not having a liquid token basically means that you close your eyes to the reality of a bear market with all its agonies and try to escape it by simply not letting anyone tell you what the prices are. 7/9
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I might be the first to initiate a tax payment directly from their @safe, but I surely won't be the last Monerium guide on how to send and receive SEPA payments with your Safe wallet and Monerium IBAN: monerium.com/guides/safe/
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To transfer the $600, which in many cases is actually in the wallet, you need enough money to pay gas fees. But the gas token is not there, and at the very moment you transfer in the tokens to pay for gas, they drain the wallet (including what you just transferred in).
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Let's look at the pros and cons of accepting this proposal and enabling transferability: Pros + A liquid token (with an accompanying grant program/usage incentives) could help get the @safe flywheel going and truly kick-start the smart contract wallet revolution 4/9
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Replying to @melai16stark @safe
Eight days from now (April 23), you’ll be able to trade the token. Regarding CEX listings, nothing is yet publicly announced. The vote only ended today, so please be patient, as there certainly will be more information shared in the next days.
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DAOs can’t compete with centralized entities when it comes to time efficiency. But is that necessarily bad? Compromising on time efficiency in favor of community involvement seems like a good choice if your product already has PMF.
Replying to @0xSydney
4️⃣ Slow Moving DAOs can't compete with centralized entities. To get a proposal from idea to implementation, it takes weeks or months with the absolute minimum being 2 weeks. A startup can move much faster.
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That might be easier to live with, but you should be open-eyed about the fact that this adds nothing to the value of any token. ------- In the end, I made the difficult decision to abstain from the vote — even though I am the initiator of this proposal. 8/9
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I'd love to see a pre-launch perp for SAFE on @aevoxyz. Maybe @juliankoh, @tzehingchan or @DefipokerDegen can help here?
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I'm doing this due to a a couple reasons, but part of the reasoning is that I want to make it clear that the main motivation behind initiating this proposal was to get the community to vote and whatever outcome, I'm sure it will be a victory for the autonomy of SafeDAO. 9/9
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Replying to @iamgingertrash
I apologize for my fellow Austrians, but it's unfortunately not an exception but the norm: Even in relatively rural areas like where I grew up, you will find hardcore "degrowth" advocates and people who do not want to have children because of the environment. Ridiculous.
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+ SafeDAO would open itself up to new members Cons - Opening up is also a risk: The small circle of users, builders, investors and team members who currently decide on key proposals such as whether or not to have a constitution would suddenly not be so small anymore 5/9
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Tbh, they've also screwed themselves. All those stupid cost-plus contacts w/ Lockheed et al., which only incentivize unnecessarily delaying what they we're contracted for Fortunately, this is changing, starts-up are challenging the status quo and pushing the incumbents out
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Thinking of it, we probably also need a @safe-related prediction market: „Will the Safe token become transferable by June 30st?“ Would also be fitting, since Gnosis who famously incubated Safe, started as a prediction market platform
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A thread by @OnChainDen outlining why they decided to not vote in favor of enabling transferability just yet. Worth reading.
SEP #2 enables the $SAFE token to be transferrable We are voting "Make no changes/decide later" Here's why:
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Replying to @ulerdogan
Thanks for taking the time to create such a thorough thread explaining your voting choices! Both "Optimism Resource Center" (vote.optimism.io/retropgf/3/…) and "Optimism Grants Changelog" (vote.optimism.io/retropgf/3/…) only need two more votes to reach quorum.
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Tornado was hit hard last yr when it was targeted by OFAC But 6 months later, TC is far from dead - Weekly deposit volume has stabilized in the range of $4-14M - around 100 unique weekly depositors - total ETH balance in pools increasing Read more 👉 novalisresearch.substack.com…
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$SAFE token by @safe (formerly @gnosisSafe) seems to launch in the coming days Just 4 hours ago, $SAFE tokens were distributed to a number of multi-sigs (according to the distribution structure). The first interaction w/ $SAFE ERC-20 contract since 74 days
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