[UPDATE]
Hey everyone, as mentioned in our last Safe Community Call #9 we’re moving full steam ahead with the implementation of SEP #5. Here’s an important update from the Safe Ecosystem Foundation.
Concerning the timeline, Safe’s core contributors are currently diligently handling the technical aspects and the start of the redemption period is expected to be July 27, 2023.
In terms of the redemption deadline, the original proposal specified July 1, 2023. The Safe Ecosystem Foundation is reinterpreting the redemption deadline in SEP #5 to 3 months post-redemption start (effectively moving it to October 27, 2023). This is approximately the same time frame between the Snapshot vote, March 29, 2023, and the initial deadline of July 1, 2023 (94 days). This adjustment preserves the proposal’s executability and does not require the need for another proposal changing the deadline.
As steward of SafeDAO, the Safe Ecosystem Foundation exercises its right to implement proposals in a commercially reasonable manner and to interpret proposals in line with the proposal’s intent. We believe this solution balances an efficient approach and the objective of the deadline to have a cutoff date for the redemption. Just to clarify, the Safe Ecosystem Foundation intends to interpret proposals only in exceptional cases. In the future, more attention and support will be given to ensure that proposals are formulated in an executable manner.
We’ll keep you posted on the progress as we get closer to the start date.