Snapshot, Popular DAO Voting Platform, Finally Moves On-Chain, Atop Starknet

robot
Abstract generation in progress

Snapshot Labs, developer of an off-chain voting platform used by 96% of decentralized autonomous organizations (DAOs) including those overseeing leading DeFi projects Lido and Aave, is adding a blockchain-based option, built on the Ethereum layer-2 network Starknet.

Snapshot X, the new governance protocol, makes use of storage proofs – a cryptographic feature that StarkWare, the primary developer of Starknet, has helped to innovate. The technology allows users to prove that assets exist on one blockchain, without needing to use a third party to move them to another.

“By mathematically verifying data across chains, storage proofs eliminate the need for third-party intermediaries, making the process more secure and cost-efficient,” StarkWare wrote in a press release shared with CoinDesk. “For Snapshot X, this means users can vote based on assets held on one chain, while conducting governance on another, without transferring tokens or paying gas fees.”

Snapshot Labs COO Jeremy Musighi told CoinDesk in a message over Telegram that when a user casts a vote on the platform, a proof of their holdings is sent to the layer-1 blockchain.

"On the contract side, Snapshot X verifies this proof,” he said. “Once verified, we can be certain that the user indeed has the balance he claims to have on L1.”

The first vote on Snapshot X, scheduled to take place this week, pertains to a proposal regarding Starknet itself. Community members of Starknet are being asked to decide on the minting mechanism for the project’s new staking proposal.

“From tomorrow, Sept. 10, until Sept. 13, STRK token holders will vote on a staking proposal through the Starknet Governance Hub, a custom-built interface for Snapshot X,” StarkWare wrote.

Read more: Starknet, Layer-2 Chain on Ethereum, to Open Staking By End of Year

Edited by Bradley Keoun.

STRK-7.6%
DEFI-6.33%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)