---
# System prepended metadata

title: GIP-97 - karpatkey SafeDAO <> GnosisDAO Joint Treasury Delegation

---


# GIP-97 - karpatkey SafeDAO <> GnosisDAO Joint Treasury Delegation 

[poll type=regular results=always close=2020-11-18T17:45:00.000Z]
* In Favour 
* Against
[/poll]


```
GIP: 97
title: karpatkey SafeDAO <> GnosisDAO Joint Treasury Delegation
type: Meta
created: 2024-04-01
```

## Abstract

With the SafeDAO having achieved all milestones laid out in [SEP #3](https://snapshot.org/#/safe.eth/proposal/0xdcd7f8cb197c7132296d802e538df2a565fbe4f8af400f1afbed06b54a808060) and approaching its token transferability, we propose to delegate treasury management of the joint SafeDAO <> GnosisDAO treasury to karpatkey. 

This proposal is being passed in duplicate through Safe governance: https://forum.safe.global/t/draft-karpatkey-safe-dao-treasury-management-core-unit/4893?u=karpatkey. With the passing of this proposal, GIP-97, GnosisDAO shall vote favourably on the corresponding SafeDAO proposal.



## Motivation

Having accomplished the objectives outlined in [SEP #3](https://snapshot.org/#/safe.eth/proposal/0xdcd7f8cb197c7132296d802e538df2a565fbe4f8af400f1afbed06b54a808060), including the creation of a constitution, a governance framework, a system for resource distribution, and the definition of token utility, SafeDAO has completed all the necessary steps for its token transferability.

With the foundational elements of SafeDAO in place, the focus naturally shifts to the efficient and strategic management of the DAO's assets. Alongside the token transferability, the unlocking of the [joint treasury](https://etherscan.io/address/0xd28b432f06cb64692379758b88b5fcdfc4f56922) between GnosisDAO and SafeDAO will take place. We propose delegating the joint treasury management to karpatkey as part of the mandate.

## Specificaiton

According to [GIP-29](https://forum.gnosis.io/t/gip-29-spin-off-safedao-and-launch-safe-token/3476), 5% of the SAFE tokens are allocated to a shared treasury by SafeDAO and GnosisDAO intended to fund rewards beneficial to both the Safe and Gnosis communities.

We propose that GnosisDAO entrust the management of this collective treasury to karpatkey as an extension of [GIP-58](https://snapshot.org/#/gnosis.eth/proposal/0x867149a44d4f2324520f9f0f8a0d91988b26e4ba4d8662635b29ca733a1354b8). With karpatkey's deep involvement in both projects it is positioned optimally to manage the joint treasury efficiently and align the interests of both communities.

The joint treasury will be used to create liquid Safe markets with up to 2.5M $SAFE used for incentivising $SAFE DEX liquidity on the Gnosis Chain.

Additionally, the joint treasury will be used to provide liquidity for Safe on Ethereum and Gnosis Chain as well as support the Safe price. Upon potential diversification of the treasury in the future, karpatkey shall also use these assets for staking (ETH / GNO), LPing or other means to gather yield on the assets. Given the initial 100% treasury composition of native tokens (SAFE), karpatkey will provide a more detailed strategy as these become feasible.

The joint treasury will be included on our [reports page](https://reports.karpatkey.com/), allowing the community to monitor positions and actions taken with the treasury holdings.

### Implementation

To implement active treasury management and make the delegation effective the current signers, Safe Foundation and Gnosis DAO, will amend the existing joint treasury safe to a 3/6 MS with 2 karpatkey signers, 4 signers to be appointed by the current signers, and a Module Safe controlled by SafeDAO and GnosisDAO which itself will always have full control over the joint treasury. 

A corresponding Safe will also be deployed on Gnosis to expand the joint treasury's presence to the chain.

### Fees

2% annual fee on assets under management, paid in monthly instalments in either ETH, stablecoins or Safe token at the discretion of karpatkey and what is feasible based on the treasury composition.

Fees are calculated as `jointTreasury * 0.02 / 12` at 23:59 UTC on the last day of each month and will be paid from the joint treasury.
