SafeSnap is a new solution for fully decentralizing the governance in blockchains. It will combine with Gnosis Safe. The combination will enable the decentralized execution of blockchain governance proposals. Decentralized governance is the next step toward a fully decentralized financial system. It helps the DeFi platforms provide more secure and reliable governing mechanisms.
Final Steps Toward Full Decentralization
Decentralized financial services are moving very fast to become the first option for payment, staking, investment, and so on. Ethereum has played a vital role in this expansion. But the systems still need many components to become fully secure and decentralized. The governance system in most of the DeFi platforms still needs to become decentralized. Executing proposals should change, and SafeSnap is here to solve the final challenges.
Gnosis wants to combine the current decentralized governance mechanisms and provide a comprehensive, secure one. Progressive decentralization, safe asset management, and off-chain voting are the existing solutions that will be combined in the new solution from Gnosis. In simple terms, Gnosis wants to make Gnosis Safe the operating system for DAOs. Gnosis Safe will be combined with Snapshot, a decentralized governance platform that results in SafeSnap. SafeSnap will enable the decentralized execution of crypto governance proposals. On-chain execution of off-chain votes will be available through this new module, too.
Many DeFi platforms plan to use SafeSnap in their governance mechanism. Among the most popular platforms that will use SafeSnap are Yearn, SushiSwap, Synthetix, Balancer, mStable, PoolTogether, dHedge, BrightID, Stakewise, EPNS, and of course GnosisDAO.
Gnosis says SafeSnap is in the final steps to become fully ready for every DeFi platform. The team says about the plans:
“SafeSnap has been through internal testing, along with a successful audit, and we want to continue to follow security best practices by opening a public bounty program for up to $50,000. Together with projects using SafeSnap, we’ve launched and contributed funds to the HoneypotDAO, using SafeSnap, of course, that will issue rewards for the SafeSnap bug bounty.”
Gnosis Safe is currently the first DAO structure for many DeFi platforms. SafeSnap will be added as a module and especially solve the off-chain voting challenge. It’s an oracle-like solution. SafeSnap helps people build new proposals.
SafeSnap somehow completes Gnosis Safe. It’s a new module that moves the platforms toward complete decentralization. The ability of off-chain voting can be very tempting, and we can expect more DeFi platforms to deploy Gnosis solutions in their core structures.
If you found this article interesting, here you can find more DeFi News