Crypto News – Snapshot X Launches Gasless On-Chain Voting for DAOs on Starknet

Crypto News – How Snapshot X is Revolutionizing DAO Governance with Gas-Free Voting

Crypto News – Snapshot Labs, the developer of the off-chain voting platform used by 96% of decentralized autonomous organizations (DAOs), including top DeFi projects like Lido and Aave, is expanding its platform to include on-chain voting. This new blockchain-based option, Snapshot X, is built on Starknet, an Ethereum layer-2 network, and is designed to bring more security and cost-efficiency to decentralized governance.

What is Snapshot X?

Snapshot X is a governance protocol that integrates storage proofs, a cryptographic feature pioneered by StarkWare, the core developer behind Starknet. This technology enables users to prove the existence of their assets on one blockchain without the need for third-party intermediaries to transfer tokens to another blockchain. By mathematically verifying data across different chains, storage proofs increase the security of the voting process while eliminating gas fees.

How Snapshot X Solves Governance Challenges

One of the key challenges in on-chain governance has been the high cost of gas fees required for voting. Snapshot X offers a unique solution by allowing users to vote without transferring tokens or paying gas fees. Jeremy Musighi, COO of Snapshot Labs, explained that when a user casts a vote on the platform, a proof of their holdings is sent to the layer-1 blockchain, where Snapshot X verifies it. Once verified, the platform ensures that the user indeed holds the claimed balance on L1, eliminating the need for costly third-party verification.

This innovative approach provides a secure and cost-efficient voting mechanism for DAOs, making decentralized governance more accessible to a wider audience.

First Vote on Snapshot X: Starknet’s Staking Proposal

The first use of Snapshot X will take place this week, with the Starknet community voting on a critical proposal regarding the project’s staking mechanism. From September 10 to September 13, holders of STRK tokens will have the opportunity to vote on the proposal via the Starknet Governance Hub, a custom-built interface designed for Snapshot X.

This vote will determine the minting mechanism for Starknet staking, potentially influencing the future of the platform’s native token distribution. The outcome will play a crucial role in ensuring the sustainability and balance of the token economy.

How Snapshot X Works: The Role of Storage Proofs

At the core of Snapshot X is the use of storage proofs, which allows users to prove asset ownership on one chain while conducting governance on another. This process eliminates the need for transferring assets between chains, saving users from unnecessary fees and increasing security by reducing reliance on intermediaries.

Storage proofs also ensure that the governance process remains decentralized and trustless, aligning with the principles of blockchain technology. By providing a more secure and cost-effective voting mechanism, Snapshot X could become a game-changer in the way DAOs conduct governance.

The Impact of Snapshot X on DAOs

With the launch of Snapshot X, DAOs will have the ability to conduct on-chain voting without gas fees, a significant step forward in improving decentralized governance. The current off-chain voting platform, used by 96% of DAOs, has been a popular choice due to its low cost, but it has its limitations in terms of security and decentralization. By offering an on-chain alternative that addresses these issues, Snapshot X positions itself as a next-generation governance tool for blockchain communities.

This development is particularly important for large DeFi projects like Lido and Aave, where governance decisions have far-reaching consequences. The ability to vote on-chain without the burden of gas fees will encourage more token holders to participate in governance, leading to more representative and effective decision-making.

FAQ for Snapshot X and Gasless On-Chain Voting