Setting up a Gnosis SAFE
Connect a signer wallet as the first step to creating your Gnosis Safe. You’l notice that Gnosis Safe supports a wide range of signer wallets. Make sure you have some crypto in your signer wallet as Safe deployment requires paying transaction fee (e.g. Ethereum Safe deployment will require some ETH).
Next, click on
Create New Safeand enter a name for your new Safe. Please note that the name is stored locally on your computer, thus other signers, Gnosis, and/or another third party will not have access to this name.
This step is critical as it assigns the rights to submit and approve transactions to other signers of your SAFE multi-sig wallet.
Here, you can add as many signers as you want by adding their wallet addresses or ENS name. The signers can later be added or removed via multi-sig transactions.
Gnosis SAFE uses an
M-of-Nconfirmation threshold model to execute transactions. For example, a 3-of-5 threshold means a transaction requires 3 of the 5 assigned signers to approve the transaction in order to execute it.
In this last step, you will be assigning this confirmation threshold for a transaction or to make any changes to your Safe's settings. The number and threshold of signers depend on the size of your team, the objectives of the Safe, and access to signers (e.g. security and efficiency).
Selecting the confirmation threshold is critical as you won’t be able to make changes or transact your with your Safe if you do not satisfy the signing threshold.
Review all the parameters carefully and hit
Submitto create your Safe account. Follow the on-screen instructions to finalize.