on Oct 28, 2024
by Gnosis
in Forum
Huge alpha just dropped—read the Q3 GNO Holder Report. The GNO Holder Report is essential reading for anyone holding GNO or thinking about acquiring the token. From a full rebrand to explosive growth across Gnosis Pay, to a newly unveiled VC portfolio, here's everything you need to know about our journey towards ‘Full Stack Decentralization…
Read the full Q3 GNO Holder Report Here
Gnosis Rebrand
We've rebranded. Put another way, we've given a brand to 'Gnosis' for the first time. Instead of spotlighting Gnosis Chain or Gnosis DAO, our new information architecture simplifies a complex ecosystem for non-experts and puts key pieces like Gnosis Chain under the umbrella of a wider Gnosis community governed by GNO.
The new structure encompasses:
Gnosis Studios: products like Pay, Metri, Circles, Hashi
Gnosis VC: a portfolio of 60+ investments across the ecosystem
Gnosis Spinouts: Safe, CoW, Karpatkey and Gnosis Guild
Gnosis DAO: an overview of our decentralized governance process
While those within the ecosystem understood our structure before, we're now working hard to make it coherent for everyone.
Key Project Updates
Metri: Financial Revolution / Financial Evolution
The Metri team has been charging ahead with significant improvements and integrations with Gnosis Pay and Circles. Key updates include enhanced Circles support and Gnosis Pay integration including GNO cashback functionality. While Metri is currently only available as a beta version, a wide release is expected in Q4.
Design efforts are focused on aligning Metri, Pay, and Circles for a seamless user experience. Metri has introduced a simplified UX, native CoW swap flow, and is preparing for the release of Circles v2 with user onboarding, invitations, and migration from v1. The team is also working on a new wallet guardian feature and to enable users to onboard to Gnosis Pay from within Metri.
Circles V2
Circles is fair money designed to create a level playing field in today's economy. Each user creates and exchanges their personal currency under common rules, empowering communities to trade and grow within a resilient, decentralized web of trust, fostering a vibrant and inclusive economy.
Circles V1, developed by the original Circles team, launched in October 2020. In the intervening years 126,978 users minted 365 million CRC. Despite early excitement, technical difficulties limited the scale and adoption of the network. In Q3 Gnosis is excited to launch Circles V2, a fundamental rearchitecting of the protocol that adds new functionalities including:
Group creation and management
Minting collateral into group currencies
Wrapping ERC1155 Circles tokens into ERC20 wrappers
Beyond protocol enhancements, the team is working to bundle Circles as the main focus of Metri. By combining a best-in-class UX, and group creation dynamics geared towards social scale, we believe Circles V2 can be more consequential for the global technology of money than Bitcoin.
Gnosis Pay
Gnosis Pay had a banner quarter, significantly scaling its total card holders, and its average spending per active user. Beyond user-growth, Gnosis Pay launched key features including an industry-leading cashback program (up to 5%), and a beta test of its monerium-enabled IBAN service for non-custodial wallets.
The quarter saw the launch of GIP-110, a cashback rewards system designed to scale total payments volume to 9-figures, and IBAN Beta Testing went live enabling connections to banking rails for 700 OG NFT holders.
Gnosis VPN
The HOPR team is making steady progress towards their goal of launching in Gnosis VPN in early 2025. Key Q3 updates include their Wireguard-based VPN architecture, which integrates the HOPR Session protocol, simplifying GnosisVPN client/server design and leveraging Wireguard's widespread use and UDP compatibility.
The team has implemented HOPR Session protocol optimizations with improved UDP stream parallelization, network segment batching, and fast acknowledgment to enhance efficiency and user experience. HOPRd v2.2.x enhancements include bug fixes and configurable winning probabilities, reducing on-chain interactions and making GnosisVPN more economical.
A smart contract audit by Côme du Crest revealed non-critical issues, informing future improvements in v3.0. The team finalized HOPRd v2.2, focusing on bug fixing and VPN optimization, while developing GnosisVPN PoC components (Client, Server, Registry) and leveraging previous HOPR Session protocol optimizations. The team is on track for completion within the GIP-98 timeframe.
Key Ecosystem Updates
The ecosystem saw significant developments in Q3, including the launch of Shutterized Gnosis Chain on July 11th, 2024. Autonolas achieved a milestone of 1M+ transactions on Gnosis Chain, while GnosisDAO surpassed $3M+ invested in tokenized treasury bills with Centrifuge.
Zeal continued to accelerate its consumer neobank value prop, offering up to 4% cashback and 8% yield on assets. Safe launched the 'Gas Station' featuring gas abstraction for Gnosis Chain transactions, while StakeWise V3 and Uniswap v3 were both deployed to Gnosis Chain.
Gnosis VC
Q3 2024 also saw the creation of Gnosis VC via GIP-102—a $40 million fund designed to support early-stage projects in decentralized infrastructure, real-world assets, and financial rails. At launch, the fund is already invested in four projects across all three target verticals – Monerium, issuer of EURE, the on-chain fiat infrastructure for Web3 builders, Naptha, the decentralized AI workflow orchestrator, and Schuman Financial, the issuer of EURØP, a novel MiCA-compliant euro stablecoin designed to enable secure, regulated, on-chain transactions for euro holders.
Key Numbers
Gnosis Pay Metrics
Gnosis Pay cards, in partnership with Visa, launched on 5th February, 2024, and are currently live in UK and Europe, with plans to expand worldwide. The quarter saw impressive growth:
6,000+ unique users (+25% Q3/Q2)
5,041 cards activated (+27% Q3/Q2)
9,000+ transactions/week (+60% Q3/Q2)
€687K average weekly volume (+102% Q3/Q2)
€9.1M+ total payment volume (+106% Q3/Q2)
20K+ people on the Gnosis Card waitlist (+66% Q3/Q2)
GNO Cashback Program (GIP-110)
In August, the Gnosis DAO passed GIP-110, a program to provide 10k GNO as cashback subsidies to Gnosis Pay users to scale and grow the network. Adoption continues to grow, with:
9,000 GNO stored in Gnosis Pay wallets
300 GNO cashback issued / 10K GNO committed
1,200+ users holding GNO in their GP Safe
$3.0M+ total balances held in GP Safes
Chain Metrics
Gnosis Chain saw substantial growth in Q3, with total value processed increasing 34% compared to Q2. The validator count also grew by approximately 20% Q3/Q2, demonstrating continued network strengthening and decentralization.
Stay connected with Gnosis through our website, X (formerly Twitter), Discord, and blog for more updates and developments.
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