New Proposal: Reworked SAFE distribution for users

As part of the process of spinning out of Gnosis and launching a DAO, Safe will distribute a number of SAFE to reward past users. 50M SAFE are allocated for past users, which is 5% of the total supply of the token. On August 17, 2022, we posted a proposal on how to allocate these tokens to the Safe forum, in order to gather community feedback.

Lots of feedback has been received directly on the forum as well as on Twitter and Discord. While it is impossible to create the perfect SAFE distribution rules, this post is an iteration and improved version of the initial proposal.


As a reminder, the following goals have been set:

  • Decentralization: SAFE governance would benefit most if the token is widely distributed.
  • Reward usage: More active users should receive more tokens than less active ones
  • Reward past usage but prefer potential future active governance participants, i.e. accounts that care about the Safe.
  • Raise awareness for the Safe as a project and DAO
  • Recipients should get a “meaningful” amount, i.e. users should care about it and tx fees for claiming shouldn’t make it economically unwise to claim SAFE tokens allocated to them.
  • Ownership: Long term, we envision the Safe as a community-driven project. It is empowering to own a part of the product they use.

Changes made

The following is a summary of the modifications made:

Move cut off date ahead: From February 9, 2022 to August 18, 2022

The original proposal excluded all Safes created after GIP-29. This excluded ~50% of all Safes created on Ethereum mainnet since more than 40k Safes have been created within the last 6 months. The Safe community should be as wide as possible, hence the change to the date the initial proposal was made on the forum which was August 18, 2022.

Assets to consider: Include not only ETH, WETH but also DAI, USDC, USDT

The original proposal only considered ETH and WETH stored in Safes which excluded all other tokens, including stable coins. This decision was made to keep things simple. Stable coins however are crucial for Defi. Many community members store significant amounts in stable coins, hence we additionally consider now the value stored in DAI (incl. SAI), USDC and USDT which are the top 3 stable coins stored in Safes by their total value.

What about other derivatives such as cDAI, aDAI or stETH? We have to draw the line somewhere. We see the vanilla stable coins as basic enough to include them, however when it comes to other wrapped/derived versions of them, we encourage the respective teams to submit DAO proposals to reward past usage and value accordingly.

Set share between tokens distributed based on activity and value stored to 50:50 (was ⅔:⅓ before)

Some Safes are used to store value, others are used to regularly transact. We would like to support any use case and should not be opinionated on what is the better use case. Hence switching to 50:50 feels more fitting.

Minimum number of txs made: Reduce to 1 (was at 3 before)

One of the criteria in the original proposal was to include Safes that made at least 3 transactions. This was a rather arbitrary restriction and was removed. The number of tokens allocated will just consider the number of transactions made, relatively.

Minimum value stored in Safes: No minimum value required now (was 1 ETH before)

In the original proposal, Safes that stored 1 ETH over time were included. This restriction was removed since it again sets an arbitrary restriction. Instead, the number of tokens allocated will just consider the value stored over time, relatively.

Minimum number of SAFE per eligible Safe: 100 (was 400 before)

Since the restrictions on number of transactions made and value stored were lifted, the number of tokens that each Safe receives is reduced in order to ensure a fair distribution to actual users.

Safe users on other EVM Chains

For the time being we will abstain from including Safe users on other EVM chains from the initial allocation but would encourage community proposals for a retroactive allocation focused on each EVM ecosystem that Safe has been deployed to. One reason we have decided to limit the SAFE allocation to only Ethereum mainnet is due to technical complexity, another one is the fact that mainnet was by far the most important chain for the Safe and key to its popularity and trust.

Summary: How are SAFE allocations calculated?

What Safes to include?
  • All Safes created before Aug 18, 2022, when the original post was made.
  • Consider all official master copies (singletons) on Ethereum mainnet
    • 0x8942595A2dC5181Df0465AF0D7be08c8f23C93af (0.1.0)
    • 0xb6029EA3B2c51D09a50B53CA8012FeEB05bDa35A (1.0.0)
    • 0xaE32496491b53841efb51829d6f886387708F99B (1.1.0)
    • 0x34CfAC646f301356fAa8B21e94227e3583Fe3F5F (1.1.1)
    • 0x6851d6fdfafd08c0295c392436245e5bc78b0185 (1.2.0)
    • 0xd9db270c1b5e3bd161e8c8503c55ceabee709552 (1.3.0)
    • 0x3e5c63644e683549055b9be8653de26e0b4cd36e (1.3.0L2)
  • Fetched via Dune
Fetch ETH spent on txs
  • For each Safe, calculate how much ETH was spent on transactions.
  • Include “regular” txs as well as module txs
  • Fetched via Dune (Query 1, 2, 3)

Fetch value of assets stored over time

  • Fetch the asset balance at the end of each day.
  • Multiply USD value with the number of days it was stored in a Safe
  • Assets to consider
    • ETH, WETH
      • Use the average USD price on each day as the price.
      • Fetched via Dune.
    • DAI (and SAI), USDT, USDC
      • Assume price of 1 USD, disregard fluctuations around peg.
      • Fetched via Dune
Calculate SAFE allocations
  • 50M SAFE to allocate.
    • Allocate 50% based on ETH spent on txs
    • Allocate 50% based on USD value of assets stored over time
  • Apply smoothing functions
    • ETH spent on txs: x^(½)
    • Value stored over time: x^(⅓)
  • Each eligible Safe should receive at least 100 SAFE
  • Calculated via script.

This includes all Safes that were created before August 18, 2022 and that made EITHER at least 1 transaction OR stored at least a fraction of ETH, WETH, USDC, DAI (incl. SAI) or USDT.

Safe allocations

The resulting allocations can be found here:

Insights on the allocations:
  • Safes created before August 18, 2022: 88,769
  • Safes with allocated SAFE: 55,719
    • 33,050 Safes never made a single transactions AND never stored any ETH, WETH, DAI (SAI), USDC and USDT
  • Maximum number of tokens allocated to a Safe: 66,248
  • Minimum number of tokens allocated to a Safe: 100
  • Average number of tokens allocated to a Safe: 897
  • Median number of tokens allocated to a Safe: 381
  • Gini coefficient: 0.59

SAFE token was announced in GIP-29 back in February. safe to say that “using” the safe would grant you a token airdrop even before announcing it on august 18th. so, of the %50 newly created safes, which ones are actual users?


The fact that SAFE was willing to pivot on this to ease some of the concerns, particularly over decentralization is a good thing.


Much of intelligent work done here, TBH :heart:

Well done, SAFE Team!!!


You are giving Airdrop only for Eth mainnet users than why are you giving features of other blockchain services i think you should change your mind against all the loyal users also L2

What’s your oppinion comment here


You may need to read lines where the proposal talks about rewarding other EVM chains

Screenshot attached


than what meaning remain for L2 on eth

Yes, L2 and other side chains are remaining but will be consider at a later date different from when Ethereum users will be rewarded


I also expecting some good news from team about L2
Because this step will create a new Era for L2 and Gnosis loyal users


Agree on all points except for the snapshot date change.

With the new proposed date, more than half of the eligible address are new wallets created after the token announcement. Can’t comment of the no. of tokens going to these old and new address or where they fall on the curve.

If the newly created address make up more than half of the allocated tokens then i think some adjustments should be made.

[EDIT] @CaptainTee confirmed that new address after february do not make up more than half of eligible addresses.


snapshot date should be move a little bit to 22 aug or 25 aug to take more ETH users … PLease

Totally agree, L2 like matic with lower gas is much fit for frequantly use case

sounds cool , looking forward

I took a minute to check some data and here is what I got (Probably Not Correct)

Total Number of SAFE created before 9th February (initial snapshot date) – 45,025

Less: Number of SAFE created as at the initial snapshot date but doesn’t have at least 1 transaction (Not Qualified) – 10,453

Total Number of Addresses with at least 1 transaction (All qualified according to the new criteria) – 34,572

Total Number of Qualified addresses as per the new snapshot date (18 August, 2022) – 55,719

Less: Qualified addresses that created SAFE before GIP 19 (9th February, 2022) initial snapshot date – 34,572

Qualified Addresses from the extended snapshot date (18thAugust, 2022) – 21,147

Ratio of Qualified addresses from the first snapshot date (9th February) to Extended snapshot date (18th August) – 61% to 39%


Let’s just keep moving the snapshot until the day of the airdrop so everyone can create 100’s of safes so no one whines and cries about not getting free money. How’s that? Will that work?

They changed the terms of the airdrop and now just because you didn’t qualify you want them to change them again. Where does it stop?

NO ONE will ever be happy no matter what.

Thanks for supporting Gnosis Safe for 10 days.


Haha! You nailed it, friend


Thank you for doing the numbers. I did not go back to the previous proposal to recalculate eligibility.

might want to edit the dates and the ratio of qualified address in your post so that others can understand it quicker.

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This is a complete joke, you want to decentralize yet move the cut off 6 months ahead and reduce transaction requirements to 1 TX, you want to reward the 200 dudes that sat here sybiling safes while gas was at 10 gwei? This is so dumb and needs to be reworked. I will not support this proposal with the added cutoff date and reduced TX count.

Minimum number of txs made: Reduce to 1 (was at 3 before)

Move cut off date ahead: From February 9, 2022 to August 18, 2022

Genuine safe users used the product very early on and frequently. You are making a mistake with this edit. What sense does it make to reward the Sybil’s?
Date should be pushed back or their allocation reduced and capped at 25 tokens or something. Would have taken me 10 minutes to spin up 30 safes and I’d be eligible for thousands of tokens which were taken from real users allocations.


Thanks $Safe team for listening to the community. Sky will be our limit​:heart_eyes::heart_eyes:
No problem from safe team side right now and I hope GNO team will not try to bring us down from there allocation. Whale Play is very dangerous act in distributing Airdrop.

I hope GNO team will learn from cosmos team

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Yeah it makes no sense at all they love Sybil’s apparently