Safe Protocol’s governance token, known as Safe, has officially entered the trading market. An announcement from the platform’s team confirmed the start of trading activities for the token on April 23. Following its release, the token experienced a significant price drop of over 19%, currently valued at $2.89. Despite this decline, the fully diluted market valuation of the Safe token remains substantial, exceeding $2.8 billion according to the latest figures from Coingecko.
Extended Token Lockup and Release Decision
Originating from an airdrop event in October of 2022, SafeDAO tokens underwent an almost two-year lockup period. A spokesperson from Safe commented on the lengthy freeze, attributing it to deliberate decisions made by SafeDAO management. This period of immobility ended only after recent DAO deliberations which concluded with over 99% of voting participants favoring the proposal to enable token transferability, thus pausing the Safe token contract to allow these adjustments.
Safe Listed for Spot Trading on OKX
Following the token’s release, the cryptocurrency exchange OKX was quick to incorporate SAFE into its trading options, listing it for spot trading. The exchange initiated deposit operations for the token on April 22, with withdrawal features following a day later. This listing includes pairing the Safe token with USDT, following thorough evaluations by the exchange’s review team.
Considered Points
- The decision to unlock and trade Safe tokens was heavily influenced by DAO member votes.
- Despite an initial price drop, the token maintains a high market valuation.
- Quick listing on prominent exchanges indicates growing market acceptance.
The launch and subsequent trading of Safe Protocol’s governance token marks a significant milestone for the decentralized finance platform. As trading continues and the market adjusts to the new token, stakeholders in the cryptocurrency space will closely monitor its performance and integration into broader exchange platforms to assess its long-term viability and impact on the DeFi ecosystem.
