I Need Advice on Setting Up Multi-Sig Wallet for a DAO Project

General Technical
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Hey guys… :wave:

I am working with a small team on launching a new DAO focused on decentralized art curation. We are in the early stages and are currently exploring the best ways to secure our treasury using a multi-signature wallet.

We are considering Gnosis Safe for this purpose, but since this is our first time setting up a multi-sig wallet, I’d love to hear from those with experience. What are some best practices we should follow? Are there any potential pitfalls we should be aware of? Additionally, we’re interested in knowing how to efficiently manage transactions without adding too much friction for the signers.

I also check this: https://forum.gnosis.io/t/need-a-developer-for-simple-prediction-mkt-setupmendix But I have not found any solution. Could anyone guide me about this.

Your help will be grateful for me.

Thanks in advance!

Respected community member! :smiling_face_with_three_hearts:

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I haven’t done a setup for a DAO but played a bit with the safe app and would recommend you doing the same. Cause fees on gc are so low, it would cost you only a fraction of xDAI to try it out before proceeding further with real funds or maybe switch to a more expensive chain. Safe{Wallet} Help Center and Support. is a helpful page to start with. Also you might like to join the safe discord for further questions: Safe Community

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The setup is pretty straightforward. Based on my experience, I would suggest:

  • The deployer address who will deploy the Safe multisig needs some gas balance to execute the Tx. If you are doing so on a L2, Rabby could cover the deployment cost
  • It can be easier to have the list of co-signers ready, to input them
  • Feel free to tag the addresses, so tracking who signs and who’s missing is easier. These tags are only stored on your PC, hence there is no risk of data leakage
  • The signers’ threshold is a tricky decision, the higher the safer, but please also take into consideration how many transactions you are going to do, if high, you may prefer to have a lower signing threshold, otherwise getting all the signatures every time is a nightmare
  • Set up also a dedicated channel on Discord or Telegram to notify signers of the need for a new signature
  • It could be more efficient to have only one wallet executing the transactions. This way you need to fund only one address and the other can just sign
  • If you plan to have multiple cross-chain Safe, you may take into consideration the Multisafe tool from Smol.dapp that lets you use the same address cross-chain and other nice stuff
  • Once deployed, you can consider setting up already the recovery process
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