๐ŸŽš๏ธChange Threshold

Adjust the Safe's threshold.

At Coinshift, the term threshold refers to the minimum number of signatures required from Safe Signers to authorise a transaction. The Safes, designed for multiple Signers, utilise multi-signature functionality for secure and transparent transactions.

When creating a Safe, it is essential to specify the Safe's Signers and establish its threshold. The threshold is expressed as X out of Y Signers, meaning that X out of Y Signers must approve a transaction for execution.

Safe Signers can adjust the threshold as needed.

Follow these steps to modify the threshold value:

Step 1: Accessing the change threshold option

Navigate to the Accounts section. Select the desired Safe and expand it. Now, click on the ellipses, and the Change Threshold option will become visible (highlighted in red in the accompanying screenshot).

Step 2: Modify the threshold and create proposal

To modify the threshold, open the drop-down menu and choose from the available options.

Assigning multiple Signers to a Safe is highly recommended, as it substantially increases security and promotes transparency in treasury management through the decentralisation of control.

Click the Create Proposal button to generate a proposal for other Safe Signers to review and either approve or reject.

Step 3: Action on Proposal

Signers can take one of three actions on a proposal:

  • Proposal Rejection- If any Safe Signer rejects the proposal, it will be discarded Off-Chain.

  • Proposal Approval and Execution- If the number of votes in favor of the proposal meets Safe's required threshold, the transaction will be carried out, resulting in an adjusted threshold accordingly.

  • On-Chain Transaction Rejection- Even after a proposal has been approved, it can still be turned down in the on-chain stage. This can happen if a Safe Signer initially approves the proposal, moving it into the on-chain queue, but other Safe Signers decide to use the On-Chain Rejection option to stop the transaction.

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