SafeBoost with Beefy x Safe x Gnosis
If you’ve been using Beefy for any length of time now, you’ll know that we just looove to Boost! 🔥 We love a Partner Boost… We love a Grant Boost... These days, we even love to give away our profits as Boosts!
But the best scenario of all is an "Ecosystem Boost": that’s when we bring together community funding with a raft of partners and an onslaught of incentives over a long period of time. When those much sought-after opportunities arise, you can always count on Beefy to double down, and deliver delightful yield directly to your portfolio. And deliver, we will!
Today, we’re excited to announce a new partnership with Safe and Gnosis to launch their SafeBoost campaign operated by karpatkey - a 6-month long ecosystem incentive program, aimed at stimulating activity on Gnosis Chain through Safe smart accounts. Through SafeBoost, many of the most established names in DeFi are coming together to accelerate adoption for one of Web 3.0’s most sophisticated ecosystems.
Let us tell you more. 👇
Gnosis x Safe
In case you’ve been living under a rock, Gnosis is one of the biggest and oldest players in DeFi. The project started as a prediction market under the ConsenSys group in 2015. The team then launched their own community in 2017, and transitioned to a DAO in 2020. Today Gnosis operates its own chain, has developed a full stack of decentralization solutions, runs a venture capital wing, and boasts one of the largest treasuries in the industry. Beefy launched on Gnosis Chain in late 2023.
One of Gnosis’ biggest contributions to Web 3.0 has been its incubation and development of novel projects, which later spin off to build their own communities and legacies. The most notable example of this is Safe - the world’s largest supplier of smart accounts and multi-signature wallets. Today, Safe secures over $100 billion dollars in assets for hundreds of thousands of users, including the vast majority of Beefy’s treasury. And with the recent launch of Safenet, they’re now aiming to solve the problem of liquidity fragmentation with instant cross-chain transactions.
Though Safe DAO spun out of GnosisDAO in 2022, the two have remained joined at the hip with large mutual governance token positions and a joint treasury operated by karpatkey - DeFi’s largest asset manager and another Gnosis-affiliated project. Now the pair are teaming up once again together with karpatkey to accelerate Safe’s adoption on Gnosis Chain 📈.
SafeBoost
This latest initiative will deploy 250,000 SAFE tokens from the Gnosis-Safe joint treasury over the course of 6 months. The program is approved and publicly funded by both GnosisDAO and Safe DAO, so it’s a reliable source of additional yield for the next few months. All kinds of activities conducted from Safe smart accounts on Gnosis Chain will be eligible to participate in the program, with details of specifically incentivized activities being shared throughout.
Regular Safe users will be familiar with the Safe{Pass} initiative on Ethereum Mainnet, where users were awarded points in the Safe UI based on their activities, and those points converted into vesting SAFE tokens. SafeBoost will function in much the same way, with a private, offchain algorithm for calculating points and a conversion of points into SAFE tokens. Users can view their points and activities through the SafeBoost Dune Dashboard, which is prepared and maintained by karpatkey with updates added each week.
As described in the terms, Safe users on Gnosis Chain will earn points for activities based on the following metrics:
- Transaction Count - the number of transactions made from Safe accounts;
- Transaction Volume - the volume in dollar terms of transactions flowing from Safe accounts;
- Assets Stored - the value in dollar terms of assets stored in Safe accounts; and
- Regular Use - the routine use of Safe accounts throughout the period.
Beware: to be eligible for SafeBoost points in a given week, you must transact at least $1 (USD) in value and volume in the course of that week. (So make sure to keep a few dollars outside of your Beefy positions for weekly activities!)
In short: use Safe on Gnosis Chain and earn rewards for your efforts. It’s a simple win-win.
Beefy Activities
As a launch partner for SafeBoost, Beefy will be facilitating a number of reward activities throughout the program, and delivering bonus rewards to users accessing Beefy on Gnosis Chain through their Safe accounts.
To participate, simply set up your Safe on Gnosis Chain, migrate over some funds, and then use the Safe to deposit those funds into boosted Gnosis products on Beefy. You can do this using WalletConnect or Rabby to trigger transactions to your safe.
The precise mix of products to be incentivized will be confirmed as it evolves throughout the program. Though the precise points calculation is confidential, we can confirm that you’ll earn points based on a mixture of the number of products you’re using, the value of your positions and the frequency of your interactions. So get using all our Gnosis products to maximise your chances!
For our bonus rewards, Beefy will be contributing our own share from our core-direct profit distribution in [BIP:85]. We plan to incentivize a few products at a time for short durations, and rotate across our roster of products over time. Each week, we’ll calculate the share of activities completed by each user, and use that to divide up the available pot of incentives between them. And with the recent launch of Balancer V3, we’re excited to be bringing out more Gnosis Chain throughout the course of the program.
To start with, the first Beefy-boosted products will be:
In short, there’s a lot of ways to earn more with SafeBoost!
Ecosystem Boost
As we said at the beginning, there are few better opportunities than an ecosystem-wide boost! We’re thrilled to be supporting Safe and Gnosis as they turbocharge the adoption of smart accounts across Gnosis Chain. And we’re pleased to be working alongside many other partners in doing so.
Head to the Safe app to get started with a smart account and see details of all the great activities you can take part in through SafeBoost.
SafeBoost Terms | Gnosis Proposal | Safe Proposal | Beefy on Gnosis