- Safe tokens plummeted by 42% to $1.88 on April 30th after enabling token transferability.
- DAO paused the token release to facilitate “progressive decentralization.”
- Safe team disclosed the project’s aim to establish the internet’s ownership framework.
Following Safe’s unlocking of token transferability, its native token, SAFE, experienced a significant dip in market movement. According to Coingecko data, Safe traded at $3.26 on April 23rd. However, it is changing hands at $1.88, marking a significant 42% since the resumption of token transfers.
Safe’s token contract resumed on April 23rd, allowing holders to initiate token transfers. Following the project’s decentralized autonomous organization (DAO) decision in 2022, these tokens were restricted for two years.
This decision came after SafeDAO voted on a proposal regarding token transferability, with an overwhelming 99.1% of participants voting in favor of the proposal.
A representative from Safe revealed that the DAO opted to pause the token release to facilitate “progressive decentralization.” The community partnered on a comprehensive roadmap covering governance processes and resource allocation. Per the Safe team, this move ensured project advancement in these areas before token unlocking.
The representative further emphasized that the proposal to enable token transferability was compiled after the DAO’s established goals were met. Per the DAO spokesperson, “Unlocking SAFE token brings more utility to the Safe ecosystem, powering the movement for better user experience through smart accounts. This milestone marks the beginning of a new chapter in the journey to making digital ownership easy and accessible.”
Moreover, the Safe team revealed that regardless of the crypto winter and relaxed token transferability, its user base saw increased adoption, growing by 22 times. Additionally, the representative asserts to have realized $100 billion in assets and created 7.5 million accounts.
Despite these milestones, Safe’s price has slowed after the DAO token transferability resumption, trading at $1.87 during press time.
On another note, the Safe team disclosed the project’s aim to establish the internet’s ownership framework. This framework would grant users sovereignty over their data, identity, and assets within the Web3 landscape.
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