Safe Token Skyrockets to 2.8 Billion Dollars FDV Following Transferability Approval

Crypto News- The governance token of Safe Protocol, known as Safe, has recently become transferable, marking a significant milestone for decentralized finance enthusiasts. In an announcement by the Safe Governance X.com account earlier this week, it was revealed that the Safe token contract has been officially unpaused, allowing for the transfer of SAFE tokens.

Safe Token Skyrockets to 2.8 Billion Dollars FDV Following Transferability Approval

However, since this unlock, the token’s value has seen a decline of over 19%, with a price of $2.8 at 6 a.m. ET. Despite this, data from Coingecko indicates that Safe’s fully diluted valuation remains substantial, standing at over $2.8 billion. With a maximum supply of one billion tokens and a current circulating supply of 427 million, Safe holds considerable potential in the DeFi space.

These tokens had been inaccessible for nearly two years following their launch via an airdrop in October 2022. A spokesperson for Safe explained that the decision to enable token transferability was driven by the SafeDAO governance process. After a thorough discussion spanning a year, the DAO community voted on April 15, with over 99% of participants supporting the proposal to unpause the Safe token contract.

Empowering Decentralized Governance: Safe’s Commitment to Community-Led Token Transferability

The spokesperson emphasized the importance of decentralized decision-making, stating that token transferability should be determined by the DAO itself rather than a select group of contributors. They acknowledged the community’s eagerness for this development, affirming Safe’s commitment to progressive decentralization and transparent governance frameworks.

OKX Listing Boosts Safe’s Reach: Spot Trading for SAFE Now Available!

In other news, cryptocurrency exchange OKX announced the listing of SAFE for spot trading, further expanding the token’s accessibility. With SAFE deposits opening on April 22 and withdrawals scheduled to begin on April 24, OKX will offer the SAFE/USDT trading pair following a thorough review process.

OKX highlighted Safe’s comprehensive account abstraction infrastructure and industry-standard multi-sig wallet, positioning the project to support various use cases such as AI, staking, gaming, SocialFi, DeFi, and payments. SafeDAO, formerly known as Gnosis Safe, has evolved into a prominent custody solution offered by Gnosis DAO, poised to play a pivotal role in the decentralized finance landscape.