SafeDAO Approves SAFE Token Transferability Proposal for September 22nd


Success in the SafeDAO vote triggers the transferability of SAFE tokens, which is achieved via SafeSEP22.

SafeDAO successfully voted to enable the transferability of SAFE tokens, and SafeSEP22 has already followed suit. This launched SafeDAO into a new age, as the business revealed it via an X post on Tuesday morning. “There has been an execution of SEP22!” “The Safe Token Contract is officially uncaused, and SAFE is transferrable,” SafeDAO’s X post said.

The proposal, which makes SAFE tokens transferrable, requires using the SafeSnap module to execute the token contract’s uncaused function. This means that SAFE tokens that were previously locked may now be transferred, but tokens that are still in the lock contract cannot.

The value of SAFE fell by more than 26% after the token was unlocked, reaching $2.72 as of press time. There is a maximum supply of one billion tokens and a circulating supply of 427 million tokens, according to CoinMarketCap. The fully diluted worth of Safe surpasses $2.74 billion.

Nearly two years have passed since SafeDAO’s token launch via airdrops in October 2022. The longer lock time is due to SafeDAO’s governance mechanism, according to a Safe spokesman. According to the SafeDAO spokesperson, the five milestones set to trigger a reevaluation of the transferability problem were driven by community governance, which is why token transferability was enabled.

The Safe Insider reports that a DAO vote session took place on April 15 after a year of detailed debate on these goals. An astoundingly high percentage of participants (almost 99%) backed the idea to enable transferability by unpausing the Safe token contract.

The spokesman further underlined the importance of this breakthrough by claiming that the responsibility for token transferability does not lie with a small number of key contributors but with the DAO governance and its members.

Finally, the spokesperson acknowledged the excitement among certain parts of the community around the possibility of making the Safe token transferrable, which confirmed SafeDAO’s dedication to gradual decentralization. Protected infrastructure, equitable governance, and open resource distribution are all things that must be prioritized.

Also Read: The Creator of Cardano Rejoices Over Advancement Towards “Global Scale”

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