Snapshot X Revolutionizes Onchain Voting: No Gas Fees for DAOs and Blockchain Communities

Starknet’s Snapshot X Launches Gasless Onchain Voting for Blockchain Governance

Snapshot X Revolutionizes Onchain Voting – For the first time, participants in decentralized autonomous organizations (DAOs) and other blockchain communities can vote on-chain without incurring gas fees. This significant development is made possible by the launch of Snapshot X, a new governance protocol leveraging Starknet’s rollup technology.

What is Snapshot X?

Snapshot X is designed to address the cost and inefficiency of on-chain governance. By shifting away from centralized off-chain voting and eliminating the associated costs, Snapshot X aims to enhance the voting experience for blockchain communities. This protocol allows participants to vote on-chain without the burden of gas fees, which has been a major barrier to on-chain voting participation.

Eli Ben-Sasson, CEO of StarkWare and board member at the Starknet Foundation, highlighted that Snapshot X will enable many DAOs and other entities to adopt on-chain voting without the previous gas fee constraints. He noted that the elimination of gas fees is crucial as it removes the financial barrier that has deterred many from participating in on-chain votes. “Sometimes, people have been expected to pay 10-plus dollars just to vote – a real democracy turn-off,” Ben-Sasson said.

How Snapshot X Works

Snapshot X uses Starknet technology and storage proofs to enable gasless voting. This innovative approach allows users to prove ownership of assets on one blockchain without moving them. The result is a reduction in costs and an improvement in security, facilitating on-chain governance while keeping assets on another blockchain.

Jeremy Musighi, COO of Snapshot Labs, described the protocol’s modular design, which provides customizable, trustless, and decentralized voting options. This design ensures that voting processes can be tailored to the needs of different DAOs and blockchain communities.

First Gasless Vote on Starknet

Starting on September 10, the Starknet crypto community will be the first to utilize Snapshot X for a gasless vote on a staking proposal impacting native STRK tokenholders. The proposal will determine the minting mechanism for Starknet staking through a custom interface built on Snapshot X. The vote, facilitated by the Starknet Governance Hub, will conclude on September 13. It will set the parameters for new token distribution, creation, and modifications to minting policies to ensure long-term sustainability and balance.

Recent Starknet Upgrade: Parallel Execution

On August 28, Starknet introduced upgrade 0.13.2, which features parallel execution for simultaneous processing of multiple transactions. This upgrade represents a major advancement as Starknet is the first L2 network on Ethereum mainnet to implement this technology. Parallel execution addresses the limitations of sequential transaction processing, which traditionally results in bottlenecks during periods of high demand.

Eli Ben-Sasson anticipates that parallel execution will become an industry norm, further enhancing the scalability and efficiency of L2 networks.

Conclusion

Snapshot X represents a significant advancement in on-chain governance by removing gas fees, thus promoting greater participation in voting processes across DAOs and blockchain communities. Coupled with recent upgrades like parallel execution, Starknet continues to push the boundaries of blockchain technology, making significant strides towards more efficient and scalable solutions.

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