TL;DR
- Snapshot Labs has launched Snapshot X, an on-chain voting protocol using Starknet’s roll-up technology, eliminating gas fees and enhancing security for DAOs.
- Snapshot X allows users to prove asset ownership on one blockchain without moving them, reducing costs and improving security through storage proofs.
- The Starknet crypto community will be the first to use Snapshot X for a staking proposal vote starting September 10, setting a new standard for DAO governance with cheaper transaction costs.
Snapshot Labs, a prominent developer of DAO voting platforms, has launched Snapshot X, a groundbreaking on-chain voting protocol built on Starknet’s roll-up technology. This innovation aims to revolutionize governance within decentralized autonomous organizations (DAOs) by eliminating gas fees and enhancing security.
Today marks the launch of Snapshot X, our new fully onchain voting protocol now available on the Snapshot v2 interface. It combines the security and verifiability of onchain voting & execution plus the frictionless ease & modularity that Snapshot is known for. pic.twitter.com/FtwyyXmLIW
— Snapshot (@SnapshotLabs) September 9, 2024
A New Era of On-Chain Voting
Snapshot X marks a significant shift from traditional off-chain voting methods, which have been the norm for many DAOs. By leveraging Starknet’s roll-up technology, Snapshot X enables gas-free voting, addressing the cost and inefficiency issues associated with on-chain governance.
This new protocol allows users to prove ownership of assets on one blockchain without moving them, thereby reducing costs and improving security. The protocol utilizes storage proofs, a cryptographic feature developed by StarkWare, to facilitate secure and cost-efficient voting.
When a user casts a vote on Snapshot X, proof of their holdings is sent to the layer-1 blockchain. This proof is then verified on the contract side, ensuring that the user indeed has the balance they claim to have on L1. This process eliminates the need for third-party intermediaries, making the voting process more secure and efficient.
First Vote on Snapshot X
Starting on September 10, the Starknet crypto community will be the first to use Snapshot X to vote on a staking proposal that will impact native STRK tokenholders. The vote, facilitated through the Starknet Governance Hub, will determine the minting mechanism for Starknet staking.
This vote is set to conclude on September 13 and will decide on new token distribution, creation, and allowance of minting modification over time to ensure sustainability and balance.
Future Implications
Snapshot X is expected to set a new standard for DAO governance by combining the security and verifiability of on-chain voting with the ease and modularity of Snapshot’s off-chain solution.
With transaction costs 10-50 times cheaper than voting on layer 1, Snapshot X offers a robust alternative to existing on-chain voting protocols. This innovation is poised to become an industry norm, paving the way for more efficient and secure governance in the blockchain space.
Snapshot Labs’ launch of Snapshot X represents a significant advancement in the realm of decentralized governance, promising to enhance the efficiency, security, and accessibility of voting within DAOs.
