The quarterly report of Gnosis Ltd: strategy, product performance, network health, and marketing overview.
Leadership statement
Q2 was the quarter we put our reasoning in public: the Economic Case series published in June lays out the unit economics and strategic rationale for Chain, Pay, and Gnosis App. Events then tested that reasoning, with a hack, our first major distribution deal, and a hard decision about Gnosis App’s future.
On Gnosis Chain, the defining story is the EEZ. The response since we announced it at EthCC has been overwhelmingly positive, and the core-protocol work merged this quarter brings the contracts close to mainnet, where real experimentation can begin. The EEZ block at DappCon covered the full arc: Martin’s bird’s-eye view, Jordi on real-time proving, Philippe on the Gnosis Chain transition, and Vitalik and I on possible zones in the EEZ. We will bring the GIP on Gnosis Chain’s future to the DAO soon; informal feedback so far is resoundingly pro-EEZ. I look forward to Gnosis Chain hopefully joining the EEZ by the end of the year, initially in a limited capacity, expanding to full support over the following 9 to 12 months.
Gnosis Pay had its hardest week and its best distribution win in the same month. A critical bug in the Zodiac delay module forced a multi-day service halt in early June; over 99% of users were restored within a week, with every affected Safe replaced and re-linked to existing cards, no reissuance needed. Three weeks later the MiniPay Card launched on Celo through Opera’s wallet, putting our card infrastructure in front of 16M+ activated wallets: the B2B thesis working as intended. We build the rails once, and partners bring distribution we could never buy.
On Gnosis App: growth has been linear, and linear is not good enough for a consumer product. With dozens of wallets failing and the mainstream use case yet to materialize, a wallet team needs to be nimble and fully focused on its users, and operating inside an organization of Gnosis’s breadth made that harder. We still believe Circles is a strong hook and differentiator, and Q2 bears that out: active minters more than doubled and 69 builders shipped 74 mini-apps in the Circles Garage. The consequence was a difficult one: we significantly reduced the team, and a focused group will bring a proposal to the DAO to fund Gnosis App independently. Whatever the outcome, Gnosis App will cease to be part of Gnosis Ltd in Q3. These decisions were taken in the first week of July, after the quarter closed, so they are not reflected in the Q2 product sections. I wanted the Gnosis community and token holders to hear this from us now; full details will follow in the coming funding GIPs.
Friederike Ernst, Co-founder
The quarter at a glance
Closed-quarter figures. Q2 2026 ran 1 April to 30 June 2026.
| Group KPI | Q2 2026 (closed) | Q1 2026 | QoQ | Source |
|---|---|---|---|---|
| Gnosis Chain — transactions | 25,818,351 | 18,912,820 | +36.5% | Cerebro |
| Gnosis Pay — total payments | 561,252 | 563,561 | −0.4% | Cerebro |
| Gnosis Pay — payment volume (USD) | $26,420,000 | $27,390,000 | −3.6% | Cerebro |
| Gnosis App — active card users | ~800 | ~500 | +60% | CRC Cashback Analytics |
| Gnosis App — daily active users (last day) | 1647 | 1011 | +62% | Gnosis Analytics |
| Gnosis App — weekly active users (last week) | 4533 | 3225 | +40% | Gnosis Analytics |
| Circles — registered humans | 25,391 | 15,616 | +62.6% | Cerebro |
| Circles — active minters (excl. blacklisted) | 8,859 | 4,165 | +112.7% | Dune |
| Circles — total backers | 874 | 655 | +33.4% | Dune |
- The Fusaka hard fork activated on Gnosis Chain on 14 April 2026, completing a mandatory protocol upgrade with approximately a 6% participation drop and no chain downtime; the next upgrade target is Glamsterdam.
- Gnosis Pay went multi-chain on 23 June, launching the MiniPay Card on Celo through Opera’s wallet, giving 16M+ activated wallet users the ability to spend stablecoin balances anywhere Visa is accepted across Europe, Africa, Latin America, and Southeast Asia.
- A critical bug in the Gnosis Pay delay module was disclosed on 1 June; card services were restored for over 99% of users by 6 June, with every affected Safe replaced and re-linked to existing cards without reissuance.
- The Circles Garage closed on 29 June after six weeks and 69+ builders shipping working mini-apps on the Circles protocol, from a local town economy to interview-practice tools.
- Circles active minters more than doubled QoQ (+112.7% to 8,859), outpacing the already-strong 62.6% growth in registered humans, indicating that existing participants are engaging more deeply with the protocol.
- Gnosis App swap volume grew 124.9% QoQ to $702,700, with peak daily swappers reaching 294, a 65.2% increase over Q1, driven in part by the Give & Earn referral programme launched in May.
- EEZ core-protocol R&D advanced materially in Q2, with cross-chain call hardening, static call support, and rollup-ID registry protections merged into the eez-core-protocol repository.
Product overview
Gnosis App (& Circles)
Closed-quarter figures. Q2 2026 ran 1 April to 30 June 2026.
Gnosis App
| KPI | Q2 2026 (closed) | Q1 2026 | QoQ | Source |
|---|---|---|---|---|
| Gnosis App - active card users | ~800 | ~500 | +60% | CRC Cashback Analytics |
| Gnosis App - daily active users | 1647 | 1011 | +62% | Gnosis Analytics |
| Gnosis App - weekly active users | 4533 | 3225 | +40% | Gnosis Analytics |
Circles
| KPI | Q2 2026 (closed) | Q1 2026 | QoQ | Source |
|---|---|---|---|---|
| Registered humans | 25,391 | 15,616 | +62.6% | Cerebro |
| Active minters (excl. blacklisted) | 8,859 | 4,165 | +112.7% | Dune |
| Total backers | 874 | 655 | +33.4% | Dune |
Gnosis App
Q2 was spent reshaping the app around the Circles-first approach outlined in the Q1 report, with the neobank under the hood: a full UX overhaul and a set of new features, live now at app.gnosis.io. iOS approval landed after weeks of back and forth with Apple; the App Store release is imminent, with Android to follow.
In parallel, we worked with the marketing team on the foundations for user acquisition across channels: the referral program, organic TikTok, paid Meta ads, and Circles Garage.
Full Q2 metrics for the app are in the numbers section above. In short: growth is real but linear, not exponential yet. Two things slowed the quarter: the restructuring early in Q2, and the June Gnosis Pay service halt that left cards inactive for several days.
Note also that the reshaped app only went live in mid-to-late June, so Q2 numbers mostly reflect the pre-rebuild app; the new version has not yet been brought to market with full acquisition focus.
As mentioned earlier, the app is being spun out of Gnosis Ltd into an independent company to provide the right conditions for its success. Depending on the GIP outcome, from Q3 the app reports to the DAO as a portfolio company rather than a budget line within Gnosis Ltd’s GIP.
Source: Gnosis Analytics
Circles
This quarter Circles continues its deep integration into Gnosis App, with activations at ETHPrague and DappCon 2026 in Berlin in June.
Registered humans reached 25,391 by quarter-end, up 62.6% on Q1’s 15,616. Active minting grew faster still: non-blacklisted active minters, meaning users who create at least 80% of the CRC they are entitled to, reached 8,859, up 112.7% from 4,165. That minters grew almost twice as fast as registrations is the quarter’s clearest sign that new accounts are engaging rather than sitting dormant. Backers, users who invest $100 into their own CRC and the protocol, grew to 874, up 33.4%.
Circles deepened its integration into Gnosis App and featured at ETHPrague and DappCon 2026 in Berlin in June. On the merchant side, a pilot with events platform Dandelion is underway and a second with Amsterdam merchants is about to launch.
The Give & Earn referral programme launched in May, paying €10 in CRC to both referrer and new cardholder on the first qualifying spend. Alongside it, CRC transfers in the app gained on-chain payment notes, a small but useful touch for peer-to-peer use. The mid-June “Economic Case for Gnosis App” forum post set out the consumer thesis publicly: Circles distribution, not swap volume, is the product.
The Circles Garage, a six-week hackathon for mini-apps built on Circles (particularly ones controllable with the Gnosis App passkey), ran from mid-May to a closing ceremony on 29 June. Sixty-nine builders shipped 74 mini-apps, from a local town economy to an interview-practice tool that pays in CRC and a general-purpose wallet toolbox, with a sample live at https://circles.gnosis.io/. It was enabled by a new mini-app framework for building advanced Circles functionality quickly, stronger admin tooling, and “magic links”, mass referral links that community admins share to speed onboarding.
The quarter’s UX overhaul also introduced a reputation score, and a custom group whose group-CRC minting is gated on an off-chain oracle, here the reputation score itself.
Gnosis Pay
Closed-quarter figures. Q2 2026 ran 1 April to 30 June 2026.
| KPI | Q2 2026 (closed) | Q1 2026 | QoQ | Source |
|---|---|---|---|---|
| Total payments | 561,252 | 563,561 | −0.4% | Cerebro |
| Payment volume (USD) | $26,420,000 | $27,390,000 | −3.6% | Cerebro |
| Peak monthly active users (distorted due to hack) | 18,744 | 9,289 | +101.8% | Cerebro |
| Cashback paid (USD) | $262,000 | $297,400 | −11.9% | Cerebro |
The quarter split into two halves. May was the high point, with 218,573 payments and $10.13M in volume. A critical bug in the Zodiac delay module was disclosed on 1 June. Card services were suspended, then progressively restored through the week of 4 June. Every affected Safe was replaced and re-linked to existing physical and virtual cards, with no new card issuance required. The team responded quickly, communicated openly, and owned the incident, which brought support from users. Weekly active users fell to a low of 3,129 during the outage week before recovering to 4,805 by 29 June. The incident was impactful, but the response limited the long-term damage. Volume held up better than the outage suggests: we retained roughly 80% of volume through the incident, and usage returned to median levels by the end of June.
Source: Gnosis Analytics
B2B2C GTM: Minipay Launch
The quarter’s most significant distribution event arrived on 23 June: Gnosis Pay went live on Celo, but more importantly it is powering the MiniPay Card for Opera’s MiniPay wallet. MiniPay has 16M+ activated wallets. Eligible users can add the card to Apple Pay or Google Pay and spend stablecoin balances anywhere Visa is accepted. The card is issued through Monavate; settlement to Visa happens in real time with local-currency conversion at the merchant end. The launch also extends Pay’s card infrastructure to a second chain.
The rollout is going live in phases across Africa, the EU, Latin America, and Asia, with KYC flows being optimised for each new jurisdiction in phases.
Gnosis Pay v2
Gnosis Pay v2 is an enterprise product built for fintechs like MiniPay. It improves on v1 across customer experience, privacy, and the operational controls enterprises expect. Withdrawals are now instant as the three-minute delay module from v1 is gone, so users can move funds back to their own address straight away. Privacy is stronger, because transactions are aggregated into a single daily settlement rather than posted one by one. v2 also works with gas stations, which v1 did not. It ships with the alarms and escalation paths enterprise partners need for security and compliance. The team is finalising multi-tenancy now and expects to start onboarding partners onto v2 at the end of August, with a migration from v1 to follow.
Gnosis Chain
Closed-quarter figures. Q2 2026 ran 1 April to 30 June 2026.
| Network KPI | Q2 2026 (closed) | Q1 2026 | QoQ | Source |
|---|---|---|---|---|
| Transactions (quarter) | 25,818,351 | 18,912,820 | +36.5% | Cerebro |
| Staked GNO | 334,900 | 368,400 | −9.1% | Cerebro |
Gnosis Chain processed 25,818,351 transactions in Q2, up 36.5% from Q1. June alone contributed 8,911,769 transactions, up 6.2% month-over-month, continuing a consistent upward trend through the quarter. Staked GNO fell 9.1% to 334,900, a movement worth monitoring across subsequent quarters.
The Fusaka hard fork activated on 14 April at epoch 1,714,688. Validator participation dropped approximately 6% at activation, with operators who had not yet updated falling out of sync. This is considered healthy. A post-mortem for the DAppNode-specific issues was published to the chain specs repository alongside the Balancer incident post-mortem filed earlier in the quarter. The next named upgrade target is Glamsterdam.
Stablecoins on Gnosis Chain
Seven new fiat-backed stablecoins were added to Gnosis Chain:
- Six Latin American stablecoins from Ripio: wARS, wBRL, wMXN, wCOP, wCLP, and wPEN, each backed 1:1 by local currency reserves. They are live but not yet traded. We will deploy initial liquidity and scale it as use cases roll out, several of which are already planned.
- tGBP, a British pound stablecoin issued by an FCA-registered firm, backed 1:1 with GBP. Fiat on/off ramps are in place, and yield incentives for tGBP holders are planned.
Closed-quarter figures. Q2 2026 ran 1 April to 30 June 2026.
| Stablecoin | Peg | Median daily supply (USD) | Quarter-end supply (USD) | Median daily holders | Transfer volume Q2 (USD) | Contract |
|---|---|---|---|---|---|---|
| WxDAI | USD | $78,974,661 | $68,936,777 | 46,863 | $612,895,234 | 0xe91d…a97d |
| sDAI | USD | $75,018,745 | $66,251,019 | 28,173 | $838,894,772 | 0xaf20…3701 |
| EURe | EUR | $22,340,744 | $21,740,754 | 35,509 | $576,943,424 | 0x420c…3430 |
| USDC | USD | $18,206,153 | $18,232,590 | 83,890 | $199,289,077 | 0xddaf…7a83 |
| USDC.e | USD | $13,221,475 | $13,496,485 | 22,994 | $381,633,500 | 0x2a22…76f0 |
| ZCHF | CHF | $1,102,944 | $992,023 | 193 | $8,520,011 | 0xd4dd…5553 |
| USDT | USD | $995,558 | $755,947 | 29,693 | $37,119,133 | 0x4eca…05c6 |
| GBPe | GBP | $720,434 | $540,731 | 1,143 | $9,796,342 | 0x8e34…7053 |
| svZCHF | CHF | $645,438 | $466,765 | 329 | $3,438,271 | 0x6165…4fe9 |
| BRLA | BRL | $431,242 | $468,233 | 10,580 | $6,116,525 | 0xfecb…3760 |
| Total | $211,657,394 | $191,881,324 | $2,674,646,289 |
Ethereum Economic Zone (R&D contribution)
The Ethereum Economic Zone is co-developed with ZisK and co-funded by the Ethereum Foundation. Its aim is synchronous composability across Ethereum and compatible rollups: the ability to transact across chains as though they shared a single execution environment, without waiting for asynchronous message passing.
During Q2, the eez-core-protocol repository saw material advances in the core protocol contracts. Cross-chain call hardening tightened rollup registration to a one-shot process, preventing re-registration attacks, and bound inbound cross-chain calls to registered entry points with explicit validation. Static cross-chain calls via STATICCALL were added alongside stronger proxy protection, which binds calls to rollups through destination validation — a meaningful step toward production-grade composability. A deferred revert mechanism was also merged, allowing cross-chain execution failures to propagate deferred rather than immediately, improving how composable contracts handle error conditions across chains.
Marketing
Strategic summary
Our focus for the quarter was to support user acquisition and message testing for Gnosis App and to activate the brands at EthCC and later at Dappcon. We also managed communications around the exploit involving the delay module on Gnosis Pay and supported the launch of the MiniPay card.
Specific highlights include a solid improvements on cost-per-acquisition (CPA) for paid media for the consumer app, as we honed in on refined messaging and began to increase spend accordingly. We embedded AI across the marketing and comms function and saw this impact particularly our short form video (SFV) output and social media content improving our posting cadence while guarding quality. We continued to improve metrics and monitoring across the board. Our social presence outside of X grew, with multiple content pieces breaking the first 10k threshold on TikTok and solid performance particularly in YouTube.
We also improved transparency with the community by adding ecosystem sessions to our regular AMAs, and improving DAO documentation and forum UX.
In Q3 we will accelerate our progress in SEO / GEO, having implemented strong fundamentals this quarter and seeing solid initial performance. The focus for this will be Gnosis Pay where high quality content can support the generation of marketing-qualified-leads (MQL) and help put us in the consideration set for larger wallets and FinTechs.
Specific Activations this Quarter
| Campaign | Brand(s) covered | Activation type | Q-window timing | Headline outcome |
|---|---|---|---|---|
| Cannes - Gnosis Dinner, ethCC & WalletCon | Gnosis App, Gnosis Pay, Gnosis Chain | Event | Early April 2026 | Gnosis Pay team presented stablecoin and blockchain iteration framing to fintech audience |
| Give & Earn Season | Gnosis Pay, Circles, Gnosis App | Referral | May 2026 | New card holders earning €10 CRC reward on first €10 spend; drove Gnosis App peak daily swappers to 294 (+65.2% QoQ) |
| Gnosis Ecosystem Sessions | Multi-brand | Event | June 2026 (recurring) | Recurring Discord community call; June session featured Safe, Nethermind, and Bread Co-operative updates |
| Dappcon 2026 | Gnosis Chain, EEZ | Event | 16–17 June 2026, Berlin | Speaker programme and ticket sales live; Gnosis-ecosystem speakers confirmed across execution controls, read privacy, and DeFi mortgages tracks |
| MiniPay Card launch | Gnosis Pay | BD | Late June 2026 | Gnosis Pay powers MiniPay Card for Opera’s 16M+ activated-wallet base; eligible users can add to Apple Pay or Google Pay |
About this report’s contents
This report covers Q2 2026 (1 April – 30 June 2026). All figures are drawn from the Gnosis Analytics (Cerebro) and Dune Analytics data pipelines and are management estimates, not audited accounts. All changes are quarter-over-quarter (QoQ) unless otherwise marked. Full metric definitions, sources, and known caveats are held in a Data reference appendix by Gnosis Ltd.