- Snapshot X introduces free, secure on-chain voting, which increases DAO inclusivity.
- The technology, powered by Starknet, enables cross-blockchain voting with no gas payments.
Snapshot Labs, the developer of an off-chain voting technology utilized by 96% of decentralized autonomous organizations (DAOs), has released Snapshot X. This new Ethereum layer-2 governance system incorporates blockchain-based voting, leveraging Starknet’s storage proofs to provide smooth, gas-free voting.
Storage proofs enable users to authenticate the existence of assets on a single blockchain without relying on third-party intermediaries. This allows Snapshot X users to vote using assets from one chain while performing governance on another, without moving tokens or paying gas fees. “By mathematically verifying data across chains, storage proofs eliminate the need for third-party intermediaries, making the process more secure and cost-efficient,” the company said in a press release.
Enhanced DAO Governance via Starknet Integration
Snapshot X uses Starknet technology and storage proofs to provide gasless voting. This unique approach enables users to establish asset ownership on one blockchain while retaining assets on another, lowering expenses and increasing security. The protocol’s modular design allows for flexible, trustless, and decentralized voting processes.
Jeremy Musighi, Snapshot Labs’ COO, highlighted the significance of this advancement: “DAOs can now offer free on-chain voting, fostering inclusivity and more active decision-making.” The platform employs StarkWare’s STARK scaling and storage proofs, which ensure safe, multi-chain voting without the need for token transfers. This new voting technique is intended to improve speed, security, and involvement in DAO governance, particularly for prominent DeFi projects such as Lido and Aave.
The system employs storage proofs to validate users’ token holdings during voting without moving tokens. Mana, a transaction relayer, makes the process easier by allowing users to vote using their Ethereum wallet, thus simplifying participation.
Beginning September 10, the Starknet community will be the first to use Snapshot X to conduct a gas-free vote on a staking proposal affecting native STRK token holders. The vote will determine the minting procedure for Starknet staking and is scheduled to end on September 13.
Snapshot X’s introduction on Starknet coincides with the network’s recent upgrade to parallel execution, which aims to improve transaction processing efficiency and create an industry standard.
