Original | Odaily Planet Daily
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Author | Azuma

In September 2022, the decentralized asset custody protocol Safe (formerly Gnosis Safe) opened the application for the airdrop of SAFE tokens to about 43,000 eligible users. However, due to the initial non-transferable status of SAFE since the TGE, users who received the airdrop have been unable to trade or cash out their SAFE tokens.

More than 500 days later, with the SafeDAO community voting in mid-April to approve the proposal to "activate the transfer function of SAFE," the Safe team has confirmed that SAFE will officially activate the transfer function today (April 23), which also means that the token is about to "remove the shackles" and enter a normal circulation state.

With the imminent circulation of SAFE, several leading exchanges including OKX and Bybit have announced that they will list SAFE as soon as possible, providing more room for imagination for airdrop recipients and the entire Safe community.

This morning, Safe community governance member @Daniel published a lengthy article on X, detailing the historical information about Safe's product positioning, economic model, and circulation status. Based on this, this article will extract and explain the key information, hoping to help everyone prepare for SAFE.

Project history and financing status

Safe, formerly known as Gnosis Safe, was initially just a multi-signature tool for managing IC0 funds for the Gnosis team. However, the team later decided to promote this internal tool as a public service.

With the development of the project itself and the iteration of industry narratives (especially the rise of the concept of account abstraction), Safe is no longer a simple multi-signature tool, but has transformed into a modular smart contract account infrastructure, aiming to gradually replace the mainstream EoA accounts with default smart contract accounts, laying the foundation for further popularization of cryptocurrencies.

Safe has only had one round of public financing. In July 2022, Safe announced the completion of a $100 million strategic financing round, led by 1kx, with participation from Tiger Global, A&T Capital, Blockchain Capital, Digital Currency Group, IOSG Ventures, Greenfield One, Rockaway Blockchain Fund, ParaFi, Lightspeed, Polymorphic Capital, Superscrypt, and 50 other strategic partners and industry experts.

According to The Block's report at the time, Safe's valuation in this round of financing was $1.25 billion, meaning that the investors' share of SAFE was 8%, which also aligns with the later public token economic model of Safe.

Odaily note: A comparison of SAFE's team allocation and institutional allocation with some other mainstream tokens.

Size of the Safe ecosystem

According to the official disclosure from Safe, some key data of the current Safe ecosystem are as follows:

• Supported networks: 14, mainly covering the Ethereum network and the wider EVM ecosystem;

• Number of integrated projects: over 190, mainly serving DAOs for treasury management, and assisting various DeFi, NFT, and institutions in fund custody;

• Deployed smart contract accounts: over 8 million;

• Processed transactions: over 46 million;

• Total funds under custody: over $100 billion…

In addition to the basic data, what is more influential is that Safe has always been favored by some top players in the industry.

Another major project created by Sam Altman, CEO of OpenAI, Worldcoin, defaults to using Safe to deploy smart contract accounts for its users; Vitalik, co-founder of Ethereum, is also a loyal supporter of Safe, holding 240,000 ETH through a Safe smart contract account, almost the total amount of ETH he holds; Bybit also has two hot wallets that use Safe's smart contract accounts.

Token economic model

According to the official disclosure of Safe's token economic model, the total supply of SAFE is 1 billion, with the specific allocation as follows:

• Core contributors allocation: 15%;

• Foundation allocation: 15% (including 8% for investors);

• Ecosystem allocation: 5%;

• User allocation: 2.5%;

• Community treasury allocation: 60%.

In addition, the theoretical initial supply of SAFE is about 427 million, with the initial circulating supply outside the community treasury being approximately 143.4 million, with the specific allocation as follows:

For detailed token unlocking progress, please refer to the following figure.

However, as a pioneering project in the emerging track of smart contract account infrastructure, and with the relatively special circulation and status of SAFE since its TGE in 2022, it is difficult to find similar projects for valuation comparison.

Nevertheless, considering that most newly listed projects have performed well in terms of FDV recently, and the fundamental situation and imagination of the track of Safe itself are of high quality, we hold a rational optimistic attitude towards the opening performance of SAFE.

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