The governance token of the decentralized finance platform Safe Protocol, named Safe, has recently become available for trading. According to an announcement made by the Safe Governance team on April 23 via platform X, trading operations for the Safe token have commenced. After the unlock, the token’s price fell by more than 19% and was trading at $2.89 at the time of writing. According to Coingecko data, the fully diluted valuation of the Safe token is over $2.8 billion.
Noteworthy Statements from SafeDAO
SafeDAO’s tokens, which were initially distributed through an airdrop event in October 2022, had been locked for almost two years. A spokesperson for Safe discussed the reasons for the prolonged freezing of the governance token before its unlocking:
“The decision to make SAFE tokens transferable and the process leading to this point were directed by the SafeDAO management. After the community decided against transferability at the end of 2022, SafeDAO agreed to revisit the vote on transferability as a significant milestone.”
It was noted that this turning point was extensively debated over the past year until the DAO voting period ended on April 15, with more than 99% of participants approving the proposal to pause the Safe token contract and enable transferability:
“Token transferability is a significant event and responsibilities should lie with the DAO. Whether a token should be transferable and when it should happen should be decided by the DAO itself, token holders, and delegates, not by a small core group of contributors.”
OKX Quickly Moves to List Safe
On April 22, cryptocurrency exchange OKX announced that it would list SAFE for spot trading. SAFE deposit operations opened on April 22, and withdrawal operations began on April 23. Following a company review, the exchange will list the SAFE/USDT pair:
“Safe includes a comprehensive account abstraction infrastructure and an industry-standard multi-signature wallet. The project focuses on transforming every Ethereum account into a smart account and enabling new use cases such as artificial intelligence, staking, gaming, SocialFi, DeFi, and payments.”
SafeDAO was previously known as Gnosis Safe, a custody solution offered by Gnosis DAO.
