We’d like to kickstart our token mechanism with an initial generation of OWL tokens.

Should the total OWL supply decrease to 50% of this first supply, we will — again — refer back to this simplified mechanism, in case our final token mechanism is not in place yet at that time.

Gnosis will not participate in this initial OWL generation mechanism with the GNO tokens in the vault.

OWL tokens can be used to pay for the equivalent of 1 USD in fees on some applications developed by Gnosis and can be seen as coupons created for locking down GNO.

The first of those applications is the Dutch Exchange (“DutchX”) — OWL tokens can be used to pay up to half of the platform fees. OWL used to pay for fees are not credited to Gnosis or any other market participants but are instead consumed (“burned”). If a user has OWL in their linked wallet when trading on the DutchX, the user will get prompted before executing the order to allow (or prevent) the DutchX contract to use the OWL for partial fee payment.

Initial OWL Generation

OWL tokens are generated by locking GNO tokens.

For this initial generation of OWL tokens, we provide an interface for you to lock a number of your GNO tokens starting 21st of June, 2018, at 1am CEST until 21st of July, 2018, at 12:59am CEST in a smart contract on the blockchain. Hence, you will have 30 days to lock your GNO in order to generate OWL. The amount of OWL tokens that will be generated is independent of when you lock your GNO during this time frame.

Step 1: You will see the amount of GNO you are holding in your wallet. The date displayed will be 21st of July, 2018, 1am CEST.

Make sure your wallet is connected to the Ethereum Mainnet (not to Rinkeby or other testnets). We also recommend to check the gas price of your transaction.

One locked GNO will generate 10 OWL, or any fraction of GNO will generate x10 OWL tokens. Every GNO can only be used once to generate OWL in this initial OWL generation process.

The generated OWL will immediately be credited to your linked wallet address. Please note that your wallet needs to hold ETH to pay the gas costs for the transaction.

Step 2: Lock all or a fraction of your GNO.

To lock your GNO, you will have to confirm the transaction on MetaMask twice:

The first confirmation allows the smart contract to access the GNO (you will have to do this only once).

The second confirmation submits your transaction. While the transaction is being processed, the notice “transaction in process” will be displayed. Once the notice disappears, your transaction should have been executed successfully.

To verify the transaction, feel free to check Etherscan or the new balance of OWL tokens in your wallet. Before you do so, don’t forget to add OWL as a new custom token to your wallet for the balance to become visible.

The correct token address is: 0x1a5f9352af8af974bfc03399e3767df6370d82e4.

You can lock more (other) GNO anytime during the 30-day period mentioned above.

Locked GNO tokens cannot be traded or transferred until 21st of July, 2018, at 1am CEST. From 21st of July, 2018, at 1am CEST on, you may reclaim your GNO on this interface (make sure to provide the same wallet address used to lock the GNO). The reclaimed GNO will then be sent back to your linked wallet address (which needs to be the same they initially came from). All locked GNO will be claimed at once.

Step 3: As of 21st of July, 2018, at 1am CEST, you may reclaim your GNO.

To reclaim your GNO, you will also have to confirm the transaction with MetaMask. While the transaction is being processed, the notice “transaction in process” will be displayed. Once the notice disappears, your transaction should have been executed successfully. To verify the transaction, feel free to check Etherscan or the new balance of GNO tokens in your wallet.

DO NOT use a wallet for which you do not have access to the private key! We recommend that you reclaim your GNO within 8 weeks starting July 21st, 2018, to ensure that the interface remains available. While your GNO would not be lost in the smart contract, we would like to ensure that you have a great user experience using the interface.

Advanced users, of course, may interact with the smart contract directly.

While we have tested and verified the interface using the MetaMask wallet, we cannot guarantee that other ERC20 wallets are supported. We highly recommend MetaMask — the use of other wallets is at your own risk. We have tested and verified the interface with the Chrome Browser and thus highly recommend to use Chrome.

Please make sure to read the Terms and Conditions also available on the interface before you start locking your GNO.

🦉 Lock your GNO now!

LightWallet will be terminated

To facilitate participation in our token sale last April, we have created the Gnosis LightWallet. However, we’ve now decided to terminate the wallet use. If you hold any funds in the Gnosis LightWallet, please either restore your Gnosis LightWallet in MetaMask or MyEtherWallet using your recovery phrase or move your funds to another wallet until September 30th.

Please make sure that your LightWallet contains sufficient ETH to transfer the funds to another wallet.

Stay tuned for our new wallet solutions which aim to set a standard for secure fund management on Ethereum!