SafeDAO Greenlights Transferability Proposal SEP22 for SAFE Token

• SafeSEP22 activates the transferability of SAFE tokens via a successful SafeDAO vote.
• The token contract is unpaused, enabling the transferability of previously locked tokens.
• Despite the initial dip, Safe’s fully diluted valuation exceeds $2.74 billion, and its circulating supply is 427 million tokens.

SafeSEP22 has activated the transferability of SAFE tokens following a successful vote by SafeDAO. The company announced this via an X post on Tuesday morning, steering SafeDAO into a new era. “SEP22 has been executed! The Safe Token Contract is officially unpaused, and SAFE is transferable,” SafeDAO’s X post stated.

The proposal, which enables the transferability of SAFE tokens, involved executing the unpause method of the token contract via the SafeSnap module. As such, previously locked SAFE tokens have become transferable, while those remaining in the lock contract are ineligible for transfer.

Following the token unlock, SAFE’s value dipped by over 26%, hitting $2.72 at press time. Insights from CoinMarketCap indicate that Safe’s fully diluted valuation exceeds $2.74 billion, with a maximum supply of one billion tokens and a circulating supply of 427 million tokens.

Since its launch via airdrops in October 2022, SafeDAO’s tokens have been locked for nearly two years. A Safe spokesperson noted that the extended lock period is attributed to SafeDAO’s governance process. The SafeDAO representative stressed that the decision to enable token transferability was driven by community governance, with five milestones established to prompt a reevaluation of the transferability issue.

According to the Safe Insider, these milestones underwent thorough discussion over the past year, culminating in a DAO voting session on April 15. Impressively, over 99% of participants supported the proposal to unpause the Safe token contract, enabling transferability. 

The spokesperson also emphasized the significance of this development, asserting that the DAO governance and its members are responsible for token transferability rather than a select group of core contributors.

Furthermore, the representative reaffirmed SafeDAO’s commitment to progressive decentralization by acknowledging the enthusiasm within certain community segments for making the Safe token transferable. This includes prioritizing secure infrastructure, fair governance frameworks, and transparent resource allocation.