Crypto custodian Safe announced that its SAFE token airdrop is live, with more than 43,000 users qualified to claim the tokens. The airdrop represents roughly 18% of the total SAFE token supply of one billion coins, with the remaining tokens set to be distributed to key contributors, investors, and GnosisDAO.
SAFE Airdrop Represents 18% of the Total Supply of 1 Billion Tokens
The airdrop makes up around 18% of the token’s total supply of 1 billion coins, with the remaining tokens set to be distributed to the project’s backers, core contributors, ecosystem guardians, and GnosisDAO. Qualified users can claim their coins until 12:00 AM CET on Dec. 27, 2022.
The move comes as a part of the launch of the new decentralized autonomous organization SafeDAO, which came to light after Gnosis Safe rebranded to Safe following a spin-off from the Gnosis DAO. As a part of the rebrand, Safe raised $100 million in a token sale led by 1kx to facilitate the development of the smart contract account ecosystem.
After the airdrop, the SAFE token owners will gain voting power on SafeDAO. This will also allow the SAFE holders to entrust their voting power to other guardians who share their interests regarding governance issues.
“We are excited to finally hand over the ownership of Safe to the community through the Safe token and SafeDAO. As a public good and fundamental infrastructure for web3, we know that only decentralized governance can guarantee the long-term neutrality of the project.”
– Lukas Schor, co-founder of Safe
What Does Safe Do?
Safe is a multi-signature smart contract wallet that provides businesses and individuals with a secure way to manage large crypto funds. Today, Safe is one of the largest decentralized custody and crypto asset management platforms, with most of its smart contracts running on Ethereum.
Earlier this year, Safe was involved in Terraform Labs’ purchase of $125 million worth of Bitcoin, just several weeks before the crash of TerraUSD (UST) and LUNA. The purchase was part of Terraform’s plan to buy a whopping $10 billion worth of BTC to use as collateral for its algorithmic stablecoin UST.
The SAFE token airdrop comes just weeks after Ethereum Proof of Work (ETHW) was airdropped on FTX. The airdrop was announced right after Ethereum completed its merge from the Proof of Work (PoW) to the Proof of Stake (PoS) model.
This article originally appeared on The Tokenist
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