SafeDAO Governance Analytics Report Thread

[v3naru]

SafeDAO Governance Analytics Report #1: April 2024

We are excited to publish the first release of the SafeDAO Governance Analytics Report, covering key governance metrics and insights for April 2024. This report marks a significant milestone in our efforts to enhance transparency and foster informed decision-making within the SafeDAO community.

Special thanks to @Andre on his help in reviewing the initial version of the report.

Key Findings:

1. Token Transferability Impact:

• Votable Supply Increase: Post-transferability, votable supply rose from 231.8M to 331.89M SAFE Tokens (+43.18%).

  Disclaimer: The reported increase in votable supply may not fully capture the subtleties of actual token votable supply. Our data model accounts for vesting tokens linked by delegation or signature. Tokens available for voting but not actively linked are not included. While the primary rise is due to Gnosis treasury and SafeDAO <> Gnosis Joint Treasury tokens, the actual increase from other sources is slightly less than reported.

• Voting Power Distribution: Significant reshaping with broader base inclusion but notable concentration at the top (e.g., GnosisDAO Treasury with 68.4M SAFE).

• New Delegates: Over 132 new delegates, enhancing diversity but yet to see how active these new delegates will be in participating in SafeDAO governance.

• Sell-off Among Delegators: Post-transferability, 104 existing delegates experienced an average voting power reduction of 30.2%, indicating a significant sell-off by their delegators.

2. Governance Metric Monitoring:

• Participation Rate: Increased to 20.41% in April from 19.32% in March.
• Unique Voters: Decreased to 1,057 in April from 1,322 in March (-20.05%).
• Voting Power: Average participation voting power increased to 47.3M SAFE Tokens.
• Delegate Engagement: Slight increase in active delegates and decrease in inactive ones, reflecting improved engagement.

3. Proposal Outcomes:

• Unpause SAFE Token Contract: Near-unanimous support with high participation, marking a crucial milestone.
• OBRA Safe Token Utility Sprint 1: Strong consensus and high engagement, highlighting strategic alignment.
• Treasury Management Proposal: Significant support but notable opposition, indicating areas needing further discussion.

4. Shifts in Voting Power Dynamics:

• Power consolidation among top 10 voters, with growing influence in the broader community, especially within the Top 201-500 voters.

Governance Impact and Strategic Implications:

• The enablement of token transferability marks a pivotal development in SafeDAO’s governance, promising greater inclusivity and democratic potential. However, it necessitates enhanced mechanisms to manage new participants and ensure robust governance.

For a detailed analysis, you can view the full report here: SafeDAO Governance Analytics Report #1: April 2024.

[v3naru]

SafeDAO Governance Analytics Report #2: May 2024

We’re excited to share with you the SafeDAO Governance Analytics Report for May 2024. This edition continues our commitment to enhancing transparency and informed decision-making within the SafeDAO community.

Key Findings:

1. Votable Supply and Voting Power Distribution:

• Votable Supply Changes: The votable supply slightly increased to approximately 334.4 million SAFE tokens from 331.9 million in April. This modest growth reflects ongoing adjustments in token distribution among stakeholders, highlighting the dynamic nature of the votable supply.

• Voting Power Distribution: While the top 10 voters still control a significant portion of the total voting power at 51.37%, their share has slightly decreased, marking a positive step towards reducing power consolidation. Additionally, there’s an observable shift in voting power towards lower-tier voters, particularly in the 201-500 bracket, which saw the largest percentage growth in voting power. This adjustment indicates a more balanced distribution of voting power.

2. Governance Metric Monitoring:

• Participation Rate: Dramatically decreased to 4.64% from April’s 20.41%. This significant drop highlights the need for strategies to re-engage the community and boost participation.
• Unique Voters: Dropped sharply to 269 from 1,057 in April, emphasizing the reduced engagement in this month’s governance activities.
• Delegate Engagement: May saw a decrease in active delegates alongside a small increase in inactive ones, indicating a shift towards reduced engagement within SafeDAO.

3. Voter Dynamics:

• Existing Voters: Significant shifts observed; 24 voters increased their stake, while 76 decreased, including 30 dropping to zero, indicating a significant disengagement.

• New Voters: 57 newcomers brought potential voting power of 20.9M SAFE tokens, possibly altering governance dynamics depending on their participation levels.

4. Proposal Outcomes:

• [SEP #25] Palmera Module: Saw nearly unanimous support with minimal opposition, despite 21.31% abstaining over concerns about the audits funding request process.

• [SEP #26] Three-Part Research Series: Also strongly supported, but highlighted the need for alternative funding strategies, as suggested by the 20.47% abstention rate.

Governance Impact and Strategic Implications:

This month’s report highlights the challenges of maintaining high participation and the importance of adapting strategies to improve community engagement more effectively. Enhancing mechanisms to onboard new participants and ensure robust governance remains a priority.

For a detailed analysis, you can view the full report here: SafeDAO Governance Analytics Report #2: May 2024.

[v3naru]

SafeDAO Governance Analytics Report #3: June 2024

We’re excited to share the SafeDAO Governance Analytics Report for June 2024, continuing our commitment to transparency and informed decision-making within the SafeDAO community.

Key Findings:

Votable Supply and Voting Power Distribution:

• Votable Supply Changes: The votable supply remained stable at approximately 334.4 million SAFE tokens, unchanged from May 2024.

• Voting Power Distribution: The top 10 voters controlled 51.4% of the total voting power, almost unchanged from May. There were slight decreases and increases among other voter brackets, reflecting stable power distribution with minor fluctuations.

Governance Metric Monitoring:

• Participation Rate: Decreased to 3.65% from 4.64% in May, highlighting a continued decline in engagement.

• Unique Voters: Increased to 266 from 229 in May, indicating broader community participation.

• Voting Power (Average voting power on proposal): Dropped to 12.2M SAFE from 15.5M SAFE in May, showing decreased engagement.

• Delegates Voting: 29 delegates voted at least once, down from 32 in May, continuing the challenge of maintaining engagement.

• New Voters: 16 new voters, down from 31 in May, aligning with lower overall engagement.

Voter Dynamics:

• Existing Voters: 29 increased their voting power by 2.89M SAFE, while 38 decreased by 4.88M SAFE. 19 voters’ voting power dropped to zero.

• New Potential Voters: 19 new potential voters holding 2.72M SAFE voting power.

Delegate Status Shifts:

• Active Delegates: Decreased to 66 from 70 in May.
• Inactive Delegates: Increased to 37 from 30 in May.
• Ghost Delegates: Decreased to 131 from 133 in May.

Proposal Outcomes:

1. [SEP 27] Governance Amendments Season 2, Sprint 4

   • Category: Governance
   • Overview: Allows flexible voting on governance amendments throughout the season.
   • Participation: 258 voters, 12.1M SAFE tokens cast.
   • Contentiousness: Nearly unanimous support.
   • Top 20 Voters: All supported the proposal.

2. [SEP 28] OBRA Budget Amendments Season 2, Sprint 4

   • Category: OBRA Initiatives
   • Overview: Manages OBRA budget with three redistribution options.
   • Participation: 255 voters, 12.2M SAFE tokens cast.
   • Contentiousness: Highly contentious, with a nearly equal split between two main options.
   • Top 20 Voters: Divided, with a slight majority favoring even distribution (Option 2).

Governance Impact and Strategic Implications:

This month’s report still highlights the challenges of maintaining high participation and the importance of adapting strategies to improve community engagement more effectively. Enhancing mechanisms to onboard new participants and ensure robust governance remains a priority.

For a detailed analysis, you can view the full report here: SafeDAO Governance Analytics Report: June 2024.

[v3naru]

SafeDAO Governance Analytics Report #4: July 2024

We’re pleased to share the SafeDAO Governance Analytics Report for July 2024, continuing our commitment to transparency and informed decision-making within the SafeDAO community.

Key Findings:

Votable Supply and Voting Power Distribution:

• Votable Supply Changes: The votable supply slightly increased to approximately 336.8 million SAFE tokens from 334.4 million in June, reflecting a modest growth of 0.71%.

• Voting Power Distribution: The top 10 voters controlled 51.03% of the total voting power, a slight decrease from 51.4% in June. There was notable growth in the middle and lower tiers, with the top 51-200 voters increasing by 7.53% and the top 201-500 voters by 9.40%.

Governance Metric Monitoring:

• Participation Rate: Increased slightly to 3.89% from June’s 3.65%, reflecting a modest rise of 0.24%. Despite this uptick, the participation rate remains relatively low, highlighting the need for enhanced community engagement.

• Unique Voters: Decreased to 209 from 266 in June, indicating a reduction in the breadth of participation within the SafeDAO community.

• Voting Power (Average voting power on proposal): Increased to 13.01M SAFE from 12.21M SAFE in June, suggesting a consolidation of influence among fewer voters.

• Delegates Voting: 32 delegates voted at least once, up from 29 in June, indicating a slight improvement in delegate engagement.

Voter Dynamics:

• Existing Voters: 24 voters increased their voting power by 5.17M SAFE, while 35 decreased by 8.65M SAFE. 12 voters’ voting power dropped to zero.

• New Potential Voters: 20 new potential voters holding 6.46M SAFE voting power.

Delegate Status Shifts:

• Active Delegates: Decreased to 45 from 66 in June.
• Inactive Delegates: Increased to 57 from 37 in June.
• Ghost Delegates: Remained unchanged at 131 from June to July.

Proposal Outcomes:

1. [SEP 29] Nounish Safes - Rocketman

   • Category: OBRA Initiatives
   • Overview: Requests $30,000 in USDC to develop a Revolution Protocol extension.
   • Participation: 174 voters, 18.8M SAFE tokens cast.
   • Contentiousness: Highly contentious with a nearly equal split between the top two options.
   • Top 20 Voters: A few high-power voters’ decisions significantly influenced the outcome, result in the rejection of the proposal.

2. [SEP 30] Native Split Delegation on Mobile with Notifications about Delegate Participation - Goverland

   • Category: OBRA Initiatives
   • Overview: Aims to implement the Split Delegation feature into the Goverland App (iOS).
   • Participation: 173 voters, 10.1M SAFE tokens cast.
   • Contentiousness: Nearly unanimous support.
   • Top 20 Voters: Strong support for “Accept”.

3. [SEP 31] Next Generation Frontend for Decentralized Safe Registry

   • Category: OBRA Initiatives
   • Overview: Requests 96,000 USDC to build a new frontend with an optimized UI/UX and a Telegram bot.
   • Participation: 184 voters, 17.6M SAFE tokens cast.
   • Contentiousness: Highly contentious with a nearly equal split between top two options.
   • Top 20 Voters: Divided opinions with a slight majority favoring the rejection.

4. [SEP 32] Continuation of Governance Accessibility and Participation Enhancement at SafeDAO - StableLab

   • Category: OBRA Initiatives
   • Overview: Requests $24,000 to enhance community updates and foster discussions.
   • Participation: 186 voters, 8.18M SAFE tokens cast.
   • Contentiousness: Nearly unanimous support but failed to reach quorum.
   • Top 20 Voters: Strong support for “Accept”.

5. [SEP 33] Safe Accounts for NFC Tags - Citizen Wallet

• Category: OBRA Initiatives
• Overview: Seeks $10,000 to fund the creation of a Safe Module for NFC tags.
• Participation: 193 voters, 10.2M SAFE tokens cast.
• Contentiousness: Nearly unanimous support.
• Top 20 Voters: Strong support for “Accept”.

Governance Impact and Strategic Implications:
In July, SafeDAO faced engagement challenges with voter participation consistently below average. SEP #29 and SEP #31 were highly contentious, revealing divided community opinions. SEP #30, SEP #32, and SEP #33 saw strong support, but SEP #32 failed to reach quorum despite broad backing, underscoring the need for increased participation. High voting power significantly influenced outcomes, highlighting the importance of strategies to balance participation and enhance community engagement. Ensuring robust governance and onboarding new participants remain priorities to address these issues.

For a detailed analysis, you can view the full report here: SafeDAO Governance Analytics Report: July 2024.

[Nneoma_StableLab]

Great insights, thanks for this. Really highlights where more focus is required in terms of inspiring more participation and engagement in governance.

[v3naru]

SafeDAO Governance Analytics Report #5: August 2024

We are pleased to share the SafeDAO Governance Analytics Report for August 2024, continuing our efforts to provide transparency and foster informed decision-making within the SafeDAO community.

Key Findings:

Votable Supply and Voting Power Distribution:

• Votable Supply Changes: The votable supply remained relatively stable at approximately 336.89 million SAFE tokens, reflecting a minor increase from 336.8 million in July 2024.

• Voting Power Distribution: The top 10 voters controlled 50.85% of the total voting power, a slight decrease from 51.03% in July. The top 201-500 voters saw a notable increase of +7.13%, and the top 501-1000 voters grew by +5.89%. These shifts suggest a modest redistribution of voting power towards the lower tiers, even as the top 10 remain dominant.

Governance Metric Monitoring:

• Participation Rate: Slightly increased to 4.44% from 3.89% in July, indicating a modest rise in engagement.

• Unique Voters: Decreased to 163 from 209 in July, reflecting a reduction in voter participation across the broader community.

• Voting Power (Average voting power on proposal): Increased to 14.95M SAFE from 13.01M SAFE in July, suggesting a consolidation of influence among fewer, more engaged voters.

• Delegates Voting: 27 delegates voted at least once, down from 32 in July, continuing the decline in delegate engagement.

Voter Dynamics:

• Existing Voters: 38 voters increased their voting power by 6.64M SAFE, while 28 decreased by 7.38M SAFE. One notable increase was malikelbay.eth, with over 75.28% increase in voting power, strengthening his influence in governance decisions.

• New Potential Voters: 22 new potential voters holding 1.64M SAFE voting power, adding diversity to the voter base.

Delegate Status Shifts:

• Active Delegates: Decreased to 41 from 45 in July.
• Inactive Delegates: Increased to 62 from 57 in July.
• Ghost Delegates: Remained relatively stable at 132.

Proposal Outcomes:

1. [SEP 34] Resource Lock Module - Cometh & Gnosis Guild & OneBalance

   • Category: OBRA Initiatives
   • Overview: Requests 75,000 USDC to develop a module for SAFEs enabling cross-chain interactions.
   • Participation: 149 voters, 15.74M SAFE tokens cast.
   • Contentiousness: Minimal, with 75.91% supporting “ACCEPT.”

2. [SEP 35] Improve voting UI/UX with SAFE on mobile

   • Category: OBRA Initiatives
   • Overview: Aims to enhance mobile voting UI/UX via the Lighthouse app.
   • Participation: 152 voters, 14M SAFE tokens cast.
   • Contentiousness: Minimal, with 82.07% supporting “ACCEPT.”

3. [SEP 36] Simulations/Demos and Tidbits for All Safe Use Cases

   • Category: OBRA Initiatives
   • Overview: Seeks 24,000 USDC to create interactive guides for Safe wallet use.
   • Participation: 156 voters, 15M SAFE tokens cast.
   • Contentiousness: Minimal, with 98.97% supporting “ACCEPT.”

Governance Impact and Strategic Implications:
Despite the slight increase in participation, voter turnout in August remained low, continuing to present a challenge for SafeDAO. While the strong consensus on proposals indicates alignment within the community, the influence of high-voting power participants continues to significantly shape outcomes. Moving forward, addressing low turnout, fostering broader participation, and re-engaging inactive delegates will be essential priorities.

For a detailed analysis, you can view the full report here: SafeDAO Governance Analytics Report: August 2024.

[v3naru]

SafeDAO Governance Analytics Report: September 2024

We are pleased to present the SafeDAO Governance Analytics Report for September 2024. This month saw an influx of 9 proposals, higher than usual, reflecting a growing governance activity within SafeDAO. This report continues our efforts to promote transparency and provide key insights that inform governance decision-making within the SafeDAO community.

---

Key Findings:

Votable Supply and Voting Power Distribution

• Votable Supply Changes:
  The votable supply of SAFE tokens decreased slightly to 335.47M, down from 336.89M in August, indicating minor adjustments in votable supply distribution among stakeholders.

• Voting Power Distribution:
  

  
  
  In September 2024, the top 10 voters controlled 50.96% of the total voting power, a slight increase from 50.85% in August. The voting power among the top 11-50 voters showed a minor decrease of -0.31%, while the top 51-200 voters experienced a more notable decrease of -2.35%. However, the top 201-500 voters saw a significant increase of +4.42%, and the top 501-1000 voters experienced modest growth of +1.52%. These shifts indicate a relatively stable distribution of power at the top, while the lower tiers show more dynamic changes.

---

Voting Participation Trend

• Participation Rate:
  In September 2024, the participation rate dropped to 3.27% from 4.44% in August, signaling a decline in voter engagement. This reversal of the previous month’s improvement highlights the need for ongoing efforts to strengthen community participation in governance.

• Unique Voters:
  The number of unique voters increased to 240 from 163 in August, marking a modest rise of 47.24%. While this is a positive shift, more efforts are required to broaden participation and involve more members in decision-making.

• Voting Power:
  Average voting power per proposal dropped significantly to 11.00M SAFE from 14.95M SAFE in August, a -26.39% decline. This suggests that larger voting power participants were less active, indicating potential disengagement among high-influence voters.

• Delegate Participation:
  Delegate participation saw a notable rise, with 41 delegates voting at least once, up from 27 in August, marking a +52% increase.

• New Voters:
  The onboarding of new voters decreased, with only 13 new voters casting their first vote in September, down from 22 in August. This drop reflects a slowdown in fresh voter engagement within the SafeDAO governance process.

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Voter Dynamics

Existing Voters:
Among existing voters, 24 increased their voting power, adding 4.083M SAFE tokens, while 46 saw decreases, with 15 voters dropping to zero voting power, resulting in a total reduction of 7.958M SAFE tokens. Notable examples include:

• stablelab.eth: Voting power surged by +1273%, representing about 1.38% of the proposal quorum, strengthening their influence in SafeDAO governance.

• governance.karpatkey.eth: Voting power increased by +16.63%, now representing 7.51% of the proposal quorum, further solidifying their influence in decision-making.

New Potential Voters:
September introduced 21 new potential voters, collectively holding 3.252M SAFE tokens.

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Delegate Status Shifts

• Active Delegates:
  Active delegates increased to 45, up from 41 in August, indicating improved engagement in governance activities.

• Inactive Delegates:
  The number of inactive delegates remained at 62 in both August and September 2024.

• Ghost Delegates:
  Ghost delegates, those who have never voted, decreased slightly to 125 from 132, signaling a positive trend toward re-engaging previously inactive participants.

These shifts suggest positive momentum in delegate engagement, but continued efforts are necessary to sustain this participation and further reduce inactivity.

---

Proposal Outcomes

1. [SEP 37] Contribution Efficiency System (CES) Extension - Areta

   • Category: OBRA Initiatives
   • Overview: Seeks to extend the CES to maintain continuity for SafeDAO’s OBRA initiatives during a transitional period of organizational restructuring.
   • Participation: 145 voters, 10.16M SAFE tokens cast.
   • Contentiousness: Minimal, with 94.73% supporting the proposal.

2. [SEP 38] Governance Accessibility and Participation Enhancement - StableLab

   • Category: OBRA Initiatives
   • Overview: Proposes a strategy to boost governance participation through refined community initiatives and governance updates.
   • Participation: 135 voters, 9.82M SAFE tokens cast.
   • Contentiousness: Moderate, with 90.96% support, but failed to meet quorum.

3. [SEP 39] Public API Development and Continuation of SafeDAO Governance Analytics

   • Category: OBRA Initiatives
   • Overview: Aims to extend the SafeDAO Governance Analytics Dashboard and reports for six months with additional API for public data access.
   • Participation: 129 voters, 10.52M SAFE tokens cast.
   • Contentiousness: Minimal, with 94.31% supporting the proposal.

4. [SEP 40] Governance Cycle Amendments Season 3, Sprint 3

   • Category: Governance
   • Overview: Proposes changes to the governance cycle, including removing Phase 0, introducing a proposal change freeze period, and shortening the voting period.
   • Participation: 137 voters, 6.60M SAFE tokens cast.
   • Contentiousness: Minimal, with 98.89% support, but did not meet quorum.

5. [SEP 41] Safe Ecosystem Roundups and Highlights by FinOps3

   • Category: OBRA Initiatives
   • Overview: Builds on the FinOps3 partnership to produce bi-weekly Safe Ecosystem Roundups and 10 highlight campaigns showcasing Safe Builders’ solutions.
   • Participation: 138 voters, 8.09M SAFE tokens cast.
   • Contentiousness: Moderate, with 76.38% support, but failed to meet quorum.

6. [SEP 42] Simulations and Report: Safings Accounts and Safe Vaults - Kolektivo Labs & Hopper Protocol

   • Category: OBRA Initiatives
   • Overview: Explores the potential value of Safings Accounts and Safe Vaults for the SAFE token economy using data from Safe {Pass}.
   • Participation: 153 voters, 12.26M SAFE tokens cast.
   • Contentiousness: Minimal, with 98.27% supporting the proposal.

7. [SEP 43] ZK Email Account Recovery

   • Category: OBRA Initiatives
   • Overview: Proposes implementing a secure account recovery system using the ZK-Email SDK for digital wallets, compatible with EIP 7579 and legacy Gnosis Safes.
   • Participation: 151 voters, 11.05M SAFE tokens cast.
   • Contentiousness: Moderate, with 92.66% support and some abstentions.

8. [SEP 44] Creating SafeDAO’s First Revenue Stream - Community-Aligned Fees

   • Category: OBRA Initiatives
   • Overview: Introduces SafeDAO’s first revenue stream to enhance token utility and governance, supporting ecosystem vibrancy.
   • Participation: 167 voters, 15.28M SAFE tokens cast.
   • Contentiousness: Minimal, with 99.26% support.

9. [SEP 45] Implementation of Transition Period for Committees and Councils Structure

   • Category: Governance
   • Overview: Signals intent to adopt a Committees and Councils Structure and introduces a transition period while pausing new OBRA initiatives.
   • Participation: 165 voters, 15.23M SAFE tokens cast.
   • Contentiousness: Minimal, with 95.42% support, though with a higher level of abstentions.

---

Governance Impact and Strategic Implications

In September, SafeDAO saw an influx of proposals, with 9 proposals voted on. However, voter participation remained low, reflecting a broader challenge in sustaining engagement. While most proposals met quorum, SEP 38, SEP 40 and SEP 41 fell short due to insufficient participation.The reduction in voting power participation from high-influence voters further highlights the need to re-engage more delegates and voters. Moving forward, SafeDAO must prioritize strategies to address low turnout, foster broader participation, and activate both new and existing delegates to ensure a more balanced and inclusive governance process.

---

For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: September 2024.

Note: We’re trying out a new format for this update. Let us know if you have any feedback!

[v3naru]

SafeDAO Governance Analytics Report: October 2024

This month’s report captures the unique circumstances of SafeDAO’s governance activity, as the transition period for the Committees and Councils structure has paused new OBRA proposals. While the metrics reflect this temporary lull, the ongoing data offers insights into voting power shifts and delegate status, setting the stage for renewed engagement when governance resumes.

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Key Findings:

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Votable Supply and Voting Power Distribution

• Votable Supply Changes:
  The votable supply of SAFE tokens increased significantly to 366.12M, up from 335.47M in September, suggesting heightened token activity or delegation as the transition phase progresses.

• Voting Power Distribution:

In October 2024, the top 10 voters saw a marked increase in their share, now controlling 53.96% of the total voting power, up from 50.96% in September. This shift highlights a significant consolidation among the top voters, with their voting power increasing by 15.54%. The top 11-50 voters observed a minor increase of +1.60%, while the top 51-200 and 201-500 voters experienced rises of +4.30% and +3.02%, respectively. Meanwhile, the top 501-1000 tier showed a slight decrease of -0.88%, reflecting a small reduction in influence among this group. These changes reveal a concentration at the top and growth in the middle tiers, showcasing the evolving distribution of influence within SafeDAO.

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Voting Participation Trend

Due to the lack of proposals in October, no data was recorded across standard participation metrics, such as Participation Rate, Unique Voters, Voting Power, Delegate Participation, and New Voters. These metrics are expected to resume as new proposals are introduced, allowing for an assessment of any shifts in engagement.

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Voter Dynamics

Existing Voters:
An examination of voting power shifts among existing voters in October saw notable changes:

• Increases: 21 voters collectively added 6.803M SAFE tokens. Notable examples:

  • governance.karpatkey.eth: Voting power rose by +13.04%, now representing 8.49% of the 10M proposal quorum, solidifying their role within SafeDAO governance.

• Decreases: 90 voters saw reductions totaling 23.481M SAFE tokens, with 32 dropping to zero voting power. Examples include:

  • utopiagovernance.eth: Voting power declined by -50.43%, now at 2.65% of the quorum, marking a substantial reduction in influence.

New Potential Voters:
In October, 40 new potential voters entered SafeDAO, holding a combined 36.441M SAFE tokens. This influx, potentially influenced by the recent SAFE listing on Upbit, expands the voter base and presents new opportunities for governance engagement.

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Delegate Status Shifts

• Active Delegates:
  The count of active delegates remained stable at 45.

• Inactive Delegates:
  Inactive delegates also remained steady at 62.

• Ghost Delegates:
  The number of ghost delegates decreased from 125 in September to 122 in October.

These stable figures indicate a consistent core of engaged delegates, with room for continued efforts to mobilize inactive and ghost delegates as governance activity resumes.

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Proposal Outcome

There were no proposals in October 2024 as SafeDAO implemented the Transition Period for its Committees and Councils structure, temporarily pausing new OBRA proposals. This restructuring is anticipated to enhance governance processes, and proposal activity is expected to resume once the transition is complete.

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Governance Impact and Strategic Implications

In October, the consolidation of voting power among top participants and stable engagement metrics reflect a core of committed voters awaiting resumed governance activities. SafeDAO’s transition phase emphasizes the need to maintain readiness among delegates and foster broader participation when proposal activity recommences. As new governance processes emerge, encouraging broader voter and delegate involvement will be key to fostering a dynamic and inclusive governance environment.

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For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: October 2024.

[v3naru]

SafeDAO Governance Analytics Report: November 2024

We are pleased to present the SafeDAO Governance Analytics Report for November 2024. This month saw the continuation of 3 proposals, reflecting ongoing governance activity. This report highlights key metrics and insights to promote transparency and support informed governance within the SafeDAO community.

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Key Findings:

Votable Supply and Voting Power Distribution

• Votable Supply Changes:
  The votable supply of SAFE tokens increased to 376.06M, up from 366.12M in October, reflecting a growth of +9.95M SAFE (+2.72%). This steady rise highlights increased token activation and delegation activity within the SafeDAO ecosystem.

• Voting Power Distribution:

In November 2024, the top 10 voters controlled 52.63% of the total voting power, up slightly from 52.11% in October. The top 11-50 voters saw a significant increase of +9.12%, while the top 51-200 voters experienced a minor decrease of -0.32%. Modest growth was recorded among the top 201-500 voters (+0.99%) and the top 501-1000 voters (+0.25%). These changes reflect a consolidation of power at the top, coupled with incremental growth in the middle and lower tiers.

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Voting Participation Trend

• Participation Rate:
  Participation rose marginally to 3.32%, up from 3.27% in September, indicating stable engagement among voters but underscoring the need for broader involvement.

• Unique Voters:
  Unique voters dropped to 157, down from 240 in September, a significant decline of -34.58%, highlighting the need for re-engagement efforts.

• Voting Power:
  Average voting power per proposal increased to 12.51M SAFE, up from 11.00M SAFE in September, marking a rise of +13.68%, suggesting concentrated participation among larger holders.

• Delegate Participation:
  Delegate participation decreased to 32, down from 41 in September, reflecting a -22% decline in active delegate engagement.

• New Voters:
  The number of new voters casting their first vote decreased slightly to 12, from 13 in September, signaling a decline in onboarding new participants.

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Voter Dynamics

Existing Voters:
Among existing voters, 41 increased their voting power, adding 13.12M SAFE tokens, while 55 experienced decreases, with 27 losing all voting power. This resulted in a total reduction of 14.81M SAFE tokens. Notable examples include:

• malikelbay.eth: Voting power increased by +41.71%, now representing 2.55% of the quorum.
• evgeny.eth: Voting power decreased by -18.07%, now representing 4.96% of the quorum.

New Potential Voters:
November introduced 29 new potential voters, collectively holding 14.53M SAFE tokens. This reflects steady diversification of the voter base, with the potential to influence governance if actively engaged.

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Delegate Status Shifts

• Active Delegates:
  Active delegates decreased to 36, down from 45 in September, indicating reduced engagement among core participants.

• Inactive Delegates:
  Inactive delegates rose to 70, up from 62 in September, reflecting a trend of disengagement among previously active delegates.

• Ghost Delegates:
  Ghost delegates decreased slightly to 120, down from 122 in September, reflecting minimal progress in activating previously inactive delegates.

These shifts underscore the need for targeted strategies to reactivate inactive delegates and sustain participation within SafeDAO.

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Proposal Outcomes

1. [SEP 46] Safe Boost on Gnosis Chain

   • Category: Token Supply
   • Overview: Introduced a rewards program on Gnosis Chain to encourage activity, distributing 250,000 SAFE tokens.
   • Participation: 140 voters, 12.98M SAFE tokens cast.
   • Contentiousness: Moderate, with 85.38% supporting “ACCEPT.”

2. [SEP 47] [OBRA] Lagoon by HopperLabs

   • Category: OBRA Initiatives
   • Overview: Developed decentralized infrastructure for on-chain asset management.
   • Participation: 141 voters, 12.23M SAFE tokens cast.
   • Contentiousness: Minimal, with 92.78% supporting “ACCEPT.”

3. [SEP 48] [OBRA] User-friendly Role Generation

   • Category: OBRA Initiatives
   • Overview: Simplified role generation within Safe{Wallet} for non-technical users.
   • Participation: 149 voters, 12.30M SAFE tokens cast.
   • Contentiousness: Minimal, with 97.29% supporting “ACCEPT.”

---

Governance Impact and Strategic Implications

In November, SafeDAO faced low voter turnout, with participation metrics falling below category averages. Despite this, all proposals achieved strong consensus. SEP 46 saw moderate contention, while SEP 47 and SEP 48 garnered near-unanimous support. The steady growth in votable supply and the onboarding of new voters highlight opportunities for broader engagement. Moving forward, SafeDAO must prioritize strategies to re-engage inactive delegates, attract new voters, and sustain participation to ensure balanced and inclusive governance.

---

For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: November 2024.

[v3naru]

SafeDAO Governance Analytics Report: December 2024

We are pleased to present the SafeDAO Governance Analytics Report for December 2024. This month saw the continuation of 4 proposals, highlighting ongoing governance activity. The report focuses on key metrics and insights to enhance transparency and support informed decision-making within the SafeDAO community.

---

Key Findings:

Votable Supply and Voting Power Distribution

• Votable Supply Changes:
  The votable supply of SAFE tokens increased to 393.84M, up from 376.06M in November, reflecting a growth of +17.78M SAFE (+4.73%). This rise indicates an expansion in the potential voting power available for governance participation. However, actual engagement remains a challenge.

• Voting Power Distribution:
  

  
  
  In December 2024, the top 10 voters controlled 48.79% of the total voting power, down significantly from 52.63% in November, indicating a decline in concentration at the top. The top 11-50 voters increased their share to 30.61% (+17.04%), while the top 51-200 voters rose to 15.85% (+8.03%). The top 201-500 voters saw modest growth to 3.47% (+9.53%), and the top 501-1000 voters slightly increased their share to 0.71% (+5.83%). These shifts reflect a more distributed voting power landscape, with increased participation from mid-tier and lower-tier voters.

---

Voting Participation Trend

• Participation Rate:
  The participation rate decreased slightly to 3.17%, down from 3.32% in November, reflecting a marginal decline of -0.15%, suggesting stable yet slightly waning voter engagement.

• Unique Voters:
  Unique voters increased significantly to 201, up from 157 in November (+28.03%).

• Voting Power:
  Average voting power remained stable at 12.50M SAFE, with a negligible change compared to November. The increase in unique voters alongside stable voting power suggests increased activity from smaller voting power participants.

• Delegate Participation:
  Delegate participation slightly decreased to 30, down from 32 in November (-6%), reflecting a minor reduction in delegate engagement.

• New Voters:
  New voters dropped to 7, down from 12 in November, highlighting a decline in onboarding new participants.

---

Voter Dynamics

Existing Voters:
Among existing voters, 31 increased their voting power by a total of 6.06M SAFE tokens, while 59 experienced reductions totaling 11.06M SAFE, including 30 voters who lost all voting power.

Notable changes include:

• governance.karpatkey.eth: Voting power increased by +22.18%, now representing 10.47% of the quorum.
• dennisonbertram.eth: Voting power increased by +12.66%, now representing 10.97% of the quorum.
• evgeny.eth: Voting power decreased by -11.17%, now representing 4.41% of the quorum.

New Potential Voters:
December introduced 43 new potential voters, collectively holding 32.37M SAFE tokens, reflecting an expanding voter base with the potential to influence governance decisions.

---

Delegate Status Shifts:

• Active Delegates: Increased to 39, up from 36 in November (+8.33%).
• Inactive Delegates: Decreased to 67, down from 70 in November (-4.29%).
• Ghost Delegates: Decreased to 117, down from 120 in November (-2.50%).

---

Proposal Outcomes

1. [SEP 49] Introduction of Committee and Council Structure within Outcomes-Based Resource Allocation Framework (OBRA)

   • Category: Governance
   • Overview: Proposed a new committee and council framework to streamline SafeDAO’s grant allocation process and improve governance accountability.
   • Participation: 165 voters, 14.10M SAFE tokens cast.
   • Contentiousness: Strong support, with 96.26% voting “ACCEPT.”

2. [SEP 50] Establishing a DAO Oversight Committee

   • Category: Governance
   • Overview: Proposed the formation of a Treasury Management Steering Committee to oversee treasury strategy, asset allocation, and accountability.
   • Participation: 171 voters, 8.45M SAFE tokens cast.
   • Contentiousness: Divided, with 57.78% voting “ACCEPT.” Proposal failed due to quorum not reached.

3. [SEP 51] Develop and Integrate Ecosystem Vaults

   • Category: OBRA Initiatives
   • Overview: Sought funding to create custom ecosystem vaults leveraging Safe’s infrastructure to enhance user experience and generate revenue.
   • Participation: 179 voters, 12.18M SAFE tokens cast.
   • Contentiousness: Near-unanimous agreement, with 96.59% voting “ACCEPT.”

4. [SEP 52] Contribution Efficiency System (CES) Bridge Extension

   • Category: OBRA Initiatives
   • Overview: Requested funding to extend the CES for three months to support ongoing initiatives and align with new governance structures.
   • Participation: 186 voters, 15.27M SAFE tokens cast.
   • Contentiousness: Broad support, with 95.46% voting “ACCEPT.”

---

Governance Impact and Strategic Implications

December’s proposals showcased varying levels of voter engagement and alignment. SEP 49, SEP 51, and SEP 52 achieved strong support, reflecting consensus on key governance and operational initiatives. SEP 50 faced a divided voter base, failing to meet quorum despite majority backing.

The increase in unique voters and broader voting power distribution indicate progress toward inclusivity, yet the decline in participation rate and challenges in meeting quorum highlight persistent engagement issues. SafeDAO must continue to mobilize inactive voters and sustain engagement among active participants to foster robust and inclusive governance.

For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: December 2024.

[v3naru]

SafeDAO Governance Analytics Report: January 2025

We are pleased to present the SafeDAO Governance Analytics Report for January 2025. This month’s report focuses on a single proposal, as we aim to provide the insights into voting participation, voter dynamics, and shifts in voting power distribution. While the limited proposal count means some metrics should be interpreted with caution, the data reveals key trends that will inform our ongoing efforts to strengthen SafeDAO governance.

---

Voting Participation Trend

• Participation Rate:

  
  
  In January 2025, the participation rate increased from 3.18% in December 2024 to 4.23%. It is important to note that this figure is based on one proposal, so further observations over a broader range of proposals will be necessary to confirm a sustained trend.

• Unique Voters:
  

  

  Unique voter participation declined to 151 in January from 201 in December 2024—a decrease of approximately 25%. This reduction may be partly attributable to the limited number of proposals this month.

• Voting Power:

  
  
  The average voting power per proposal rose to 16.7M SAFE tokens from 12.5M SAFE tokens in December 2024. This suggests that, although fewer unique voters participated, those who did were wielding higher voting power.

• Delegate Participation:
  Only 27 delegates cast at least one vote, continuing a downward trend from 30 in December 2024, 32 in November 2024, and 41 in September 2024.

• New Voters:
  January welcomed 11 new voters, up from 7 in December 2024. While this modest increase is encouraging, further efforts are needed to broaden community participation.

---

Voter Dynamics

Existing Voters:
An analysis of 78 existing voters in January 2025 reveals notable changes:

• Increases:

  • 24 voters increased their voting power, collectively adding 6.461M SAFE tokens.
  • Notable Example:
    • 0xc48b5d…75b6 surged from 681.57 to 200,684 SAFE tokens—a remarkable 29,317% increase—now representing about 2.01% of the proposal quorum.

• Decreases:

  • 54 voters experienced declines, with 28 losing all their voting power, resulting in a total reduction of 15.823M SAFE tokens.
  • Notable Examples:
    • evgeny.eth saw a drop from 441,275 to 289,623 SAFE tokens (-34.39%), representing roughly 2.90% of the proposal quorum.
    • 0x468087…3e0c decreased from 265,791.55 to 218,892.77 SAFE tokens (-17.64%), accounting for approximately 2.19% of the quorum.

New Potential Voters:
January introduced 38 new potential voters, collectively holding 10.335M SAFE tokens. Their addition diversifies the voter base and may significantly influence future governance outcomes.

---

Delegate Status Shifts

• Active Delegates:
  Increased to 40 in January 2025, up from 39 in December 2024 and 36 in November 2024. This gradual uptick suggests improving delegate engagement.

• Inactive Delegates:
  Decreased slightly to 66 from 67 in December 2024, indicating a positive move towards re-engagement.

• Ghost Delegates:
  Declined to 115 in January 2025 from 117 in December 2024, reinforcing the trend of improved delegate activity.

These shifts underscore a slow but steady movement toward a more engaged delegate community, though continued focus on activation and retention remains essential.

---

Proposal Outcome

1. [SEP 53] Governance Amendments Season 4, Sprint 4
   • Category: Governance
   • Overview: This proposal seeks to amend the governance framework by removing the mandate that Sprint 4 is exclusively for governance reviews. The change will allow all four sprints in a season to process governance proposals of any type.
   • Voter Participation:
     151 voters participated, a figure below the average for governance proposals.
   • Voting Power Cast:
     A total of 16.654M SAFE tokens were cast, with a participation rate of 4.32%.
   • Level of Contentiousness:
     The proposal received overwhelming support: 99.76% of voting power (16.6M SAFE tokens) was cast as “ACCEPT,” with only 0.07% as “MAKE NO CHANGES” and 0.17% as “ABSTAIN.” Unanimous backing from the top 20 voters underscores a strong consensus in favor of the amendments.

Implications:
Despite the lower number of unique voters, the near-unanimous approval by key stakeholders validates the proposal’s merits and highlights the need to continuously engage both influential and broader community participants in future governance decisions.

---

Shifts in Voting Power Distribution

• Votable Supply:
  The votable supply remained stable at 393.84M SAFE tokens, unchanged from December 2024.

• Voting Power Distribution:

  
  
  In January 2025, the distribution of voting power shifted subtly. The top 10 voters increased their combined power from 192.10M to 195.10M SAFE tokens (+1.56%), representing 49.51% of the total. In contrast, the top 11-50 voters declined from 120.52M to 118.14M SAFE tokens (–1.97%, or 30.01%), and the top 51-200 group dropped from 62.39M to 61.35M SAFE tokens (–1.67%, or 15.57%). Meanwhile, lower tiers saw modest gains: the top 201-500 voters increased from 13.65M to 13.89M SAFE tokens (+1.79%, 3.53%), and the top 501-1000 voters grew from 2.81M to 2.92M SAFE tokens (+4.16%, 0.74%). These changes reflect a slight consolidation of influence among the top voters alongside marginal growth in the lower tiers.

---

Governance Impact and Strategic Implications

January 2025’s data—albeit from a single proposal—reveals a nuanced governance landscape. The increased participation rate and higher average voting power suggest that influential voters are actively engaging, even as overall unique voter numbers and delegate participation decline. The strong, near-unanimous support for [SEP 53] reinforces confidence in governance amendments while highlighting the need to further broaden community involvement. Moving forward, sustained efforts to activate new and inactive voting power, as well as maintain robust delegate participation, will be key to ensuring a vibrant and inclusive governance process.

For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: January 2025

[v3naru]

SafeDAO Governance Analytics Report: February 2025

We are pleased to present the SafeDAO Governance Analytics Report for February 2025. This month, no proposals were voted on—meaning several participation metrics are not applicable. Nonetheless, our analysis highlights important shifts in voter dynamics and voting power distribution that continue to shape SafeDAO’s governance landscape.

---

Voting Participation Trend

• Participation Rate:
  

  
  
  In February 2025, the participation rate metric is not applicable since no proposals were voted on. This absence suggests that there were no governance initiatives advanced during the month.

• Unique Voters:
  

  
  
  Similarly, the Unique Voters metric is not applicable for February 2025. For context, January 2025 recorded 151 unique voters.

• Voting Power:
  

  
  
  Without any proposal activity, the average voting power per proposal is not available for February 2025. In contrast, January 2025 saw an average voting power of 16.7M SAFE tokens.

• Delegate Participation:
  No delegates cast votes in February 2025, while January 2025 had 27 delegates participating.

• New Voters:
  The metric for new voters is also not applicable in February 2025. In January 2025, 11 new voters cast their first vote.

---

Voter Dynamics

Existing Voters:
An examination of February 2025 reveals significant shifts among 84 existing voters:

• Increases:
  34 voters increased their voting power, adding a total of 11.267M SAFE tokens.

  • Notable Example:
    • auryn.eth experienced a surge from 2,135,681 to 2,371,147 SAFE tokens (an increase of 11.03%), accounting for about 23.7% of the proposal quorum.

• Decreases:
  50 voters saw declines in their voting power, with 20 losing all their voting power, resulting in a total reduction of 11.212M SAFE tokens.

  • Notable Example:
    • utopiagovernance.eth dropped from 265,288 to 108,344 SAFE tokens (-59.16%), now representing approximately 1.08% of the proposal quorum.

New Potential Voters:
February 2025 introduced 17 new potential voters, collectively holding 1.344M SAFE tokens. Their entry diversifies the voter base and could significantly influence future governance outcomes.

Delegate Status Shifts:

Since no proposals were voted on in February 2025, delegate status metrics remain unchanged from January 2025. Continued monitoring and targeted initiatives will be key to enhancing delegate engagement.

---

Shifts in Voting Power Distribution

• Votable Supply:
  The votable supply increased from 393.84M SAFE tokens in January 2025 to 396.54M SAFE tokens in February 2025—an increase of approximately 2.69M SAFE tokens, or about 0.69% growth. This modest expansion in the eligible token base may indicate underlying shifts, even without proposal activity.

• Voting Power Distribution:
  

  
  
  In February, the distribution of voting power shifted subtly: the top 10 voters increased their combined power from 195.10M to 199.16M SAFE tokens (+2.08%), representing 50.22% of the total; the top 11-50 voters experienced a slight decline from 118.14M to 117.84M SAFE tokens (–0.26%, or 29.70%); the top 51-200 group dropped from 61.35M to 60.99M SAFE tokens (–0.57%, or 15.40%); and the lower tiers contracted further, with the top 201-500 voters decreasing from 13.89M to 13.32M SAFE tokens (–4.14%, or 3.36%) and the top 501-1000 voters falling from 2.92M to 2.84M SAFE tokens (–2.88%, or 0.72%). These changes indicate a slight consolidation of influence among the top voters, accompanied by modest reductions in the mid-tier and lower tiers, reflecting subtle shifts in voter behavior within SafeDAO governance.

---

Governance Impact and Strategic Implications

Although February 2025 did not witness any proposal voting, the underlying data provides valuable insights. Not only was there a modest increase in votable supply, but the observed shifts in voting power distribution—particularly the slight consolidation of influence among the top voters—hint at evolving patterns of voter engagement that may influence future proposals. Continued monitoring of these trends, alongside efforts to stimulate proposal activity, will be crucial for maintaining a balanced and robust governance process.

For a detailed breakdown and further insights, please refer to the full report linked here: SafeDAO Governance Analytics Report: February 2025.

[v3naru]

SafeDAO Governance Analytics Report: March 2025

We are pleased to present the SafeDAO Governance Analytics Report for March 2025. This month, no proposals were voted on—meaning several participation metrics are not available. Nonetheless, our analysis highlights important shifts in voter dynamics and voting power distribution that continue to shape SafeDAO’s governance landscape.

---

Voting Participation Trend

• Participation Rate:
  

  
  
  In March 2025, the participation rate metric is not applicable since no proposals were voted on. This absence suggests that there were no governance initiatives advanced during the month.

• Unique Voters:
  

  

  Similarly, the Unique Voters metric is not applicable for March 2025. For context, January 2025 recorded 151 unique voters.

• Voting Power:
  

  
  
  Without any proposal activity, the average voting power per proposal is not available for March 2025. In contrast, January 2025 saw an average voting power of 16.7M SAFE tokens.

• Delegate Participation:
  No delegates cast votes in March 2025, while January 2025 had 27 delegates participating.

• New Voters:
  The metric for new voters (those casting their first vote) is not applicable for March 2025. In January 2025, 11 new voters participated.

---

Voter Dynamics

Existing Voters:
An examination of March 2025 reveals significant shifts among 91 existing voters:

• Increases:
  29 voters increased their voting power, collectively adding 12.034M SAFE tokens.

  • Notable Examples:
    • malikelbay.eth surged from 253,554 to 354,939 SAFE tokens—a robust increase of 39.99%, now accounting for about 35.49% of the proposal quorum.
    • 0x808.eth increased from 39,606 to 57,006 SAFE tokens (a 43.93% increase), representing about 5.7% of the proposal quorum.

• Decreases:
  62 voters experienced declines—with 28 losing all voting power—resulting in a total reduction of 38.767M SAFE tokens.

  • Notable Examples:
    • delegate.gkvcapital.eth dropped from 700,265 to 567,071 SAFE tokens (-19.02%), currently representing approximately 56.7% of the proposal quorum.
    • lgrig.eth saw their voting power decline from 209,089 to 130,341 SAFE tokens (-37.66%), now accounting for about 13.03% of the proposal quorum.
    • danwu.eth decreased from 268,741 to 167,182 SAFE tokens (-37.79%), representing roughly 16.71% of the proposal quorum.

New Potential Voters:
March 2025 introduced 30 new potential voters, collectively holding 27.498M SAFE tokens. Their entry further diversifies the voter base and increases the capacity for greater engagement in future governance processes.

Delegate Status Shifts:

Since no proposals were voted on in March 2025, the delegate status metrics remain unchanged from February 2025. Continued monitoring and targeted initiatives will be essential to further enhance delegate engagement.

---

Shifts in Voting Power Distribution

• Votable Supply:
  The votable supply increased modestly from 396.54M SAFE tokens in February 2025 to 397.22M SAFE tokens in March 2025—an absolute rise of approximately 677,888 SAFE tokens (about 0.17% growth). This slight expansion in the eligible token base suggests minor underlying shifts in token availability that may gradually influence voter engagement and governance dynamics.

• Voting Power Distribution:
  

  
  
  In March 2025, the distribution of voting power experienced subtle shifts compared to February.

• Top 1-10 voters increased their combined power from 199.16M to 204.83M SAFE tokens—an increase of approximately 5.67M SAFE tokens (+2.85%)—representing about 51.58% of the total based on the March votable supply.
• Top 11-50 voters declined from 117.84M to 113.99M SAFE tokens (a decrease of about 3.85M SAFE tokens, –3.27%), amounting to approximately 28.69% of the total.
• Top 51-200 group experienced a slight contraction, dropping from 60.99M to 59.95M SAFE tokens (a decrease of roughly 1.04M SAFE tokens, –1.70%), representing around 15.10% of the total.
• Top 201-500 tier decreased from 13.32M to 13.11M SAFE tokens (a reduction of approximately 0.21M SAFE tokens, –1.56%), accounting for about 3.30% of the total.
• Top 501-1000 tier saw a minor increase from 2.84M to 2.92M SAFE tokens (an increase of about 0.08M SAFE tokens, +2.71%), representing roughly 0.73% of the total.

These changes indicate a slight consolidation of influence among the top 1-10 voters, accompanied by marginal declines in the mid-tier groups and minimal adjustments in the lower tiers.

---

Governance Impact and Strategic Implications

Although March 2025 did not witness any proposal voting, the underlying data provides some insights. Not only was there a modest increase in the votable supply, but the observed shifts in voting power distribution—particularly the slight consolidation of influence among the top voters. Continued monitoring of these trends, alongside efforts to stimulate proposal activity, will be crucial for maintaining a active and robust governance process.

For a detailed breakdown and further insights, please refer to the full report linked here: SafeDAO Governance Analytics Report: March 2025.