Protected, a number one multi-sig and good account infrastructure supplier, is shifting to introduce new utility for its SAFE token and advance the undertaking’s roadmap in the direction of progressive decentralization.
A Feb. 13 governance proposal goals to introduce new use instances for the SAFE token throughout the undertaking’s ecosystem, increasing on its present utility as a car for governance voting. The proposal notes that SAFE ought to comprise a car for reaching the “technical, financial, [and] governance decentralization” of key elements of the Protected undertaking, along with tokenizing worth derived from the expansion of Protected’s ecosystem.
The proposal suggests issuing SAFE as a reward for account customers, solely permitting abstracted usernames to be claimed through SAFE, allocating SAFE to a module that will act as a protocol-native insurance coverage fund, and incorporating the token into its proposed Price Engine.
The doc argues for deliberately maintaining SAFE’s utility separate from the operation of good accounts. It added that further utilities for SAFE will seemingly be launched via governance sooner or later.
The plan progressed from neighborhood dialogue to a proper draft proposal on Feb. 26. A number of governance delegates have since expressed assist for shifting the plan to a proper vote.
Protected spun out from Gnosis in mid-2022. The undertaking then airdropped the SAFE token to virtually 22,000 customers, closed a $100M funding spherical, and launched a Swiss Basis tasked with overseeing its off-chain property.
The workforce famous that Protected has since loved important development despite the 2022 downtrend, together with a 1,000% improve in secure accounts created and a 2,100% rise within the variety of energetic month-to-month customers. Roughly 1.4% of all cryptocurrency transactions are actually executed from Protected accounts.
In line with Dune Analytics, Protected accounts maintain $102B value of property, equating to 4% of the mixed cryptocurrency market cap, based mostly on information from CoinMarketCap.
Transferring in the direction of SAFE unlocks
If handed, the token utility proposal would mark the completion of the ultimate roadmap milestones required to allow token transfers. SafeDAO beforehand voted towards making the token transferable in November 2022, as an alternative establishing 5 requisite preconditions for the unlock.
Mentioned standards embrace the conclusion of token claims in December 2022, ratifying a “structure” in February 2023, establishing a governance framework in October, formalizing a framework for distributing budgets and different protocol sources in November, and lastly the present proposal outlining utility for SAFE.
Whereas the present proposal passing would full the ultimate milestone required for unlocking SAFE, a separate proposal would wish to move governance to allow token transfers.
“SafeDAO is nearing completion of all 5 milestones outlined in its roadmap in the direction of token transferability,” Protected instructed The Defiant. “This potential unlock could possibly be triggered by a neighborhood vote to make the SAFE token tradable, fueling wider adoption.”
