Snapshot voting
Snapshot is a decentralized voting system. It provides flexibility on how voting power is calculated for a vote. Snapshot supports various voting types to cater to the needs of organizations. Creating proposals and voting on Snapshot is user-friendly and does not cost gas as the process is performed off-chain. It has been proved its status and become de facto a standard in DAO governance
In short, Snapshot is an off-chain gasless multi-governance client with easy to verify and hard to contest results.
- Free (gasless) to create proposals and vote on them
- Proposals and votes are just signed messages stored on IPFS
- Signatures are easily verifiable online it use the EIP-712 standard
- Multiple voting systems - Single choice, Approval voting, Quadratic voting, and more
- Flexible voting strategies to calculate voting results - vote with ERC20s, NFTs, other contracts, and more
- Spaces can have their branding with custom color schemes and domain name
Participating in proposals is a must for DAO participants, it helps ensure DAO´s future and availability.
Proposals on Snapshot are a great way to get alpha on upcoming changes to a participating project, investors might use this bot[1]to track new proposals.
Snapshot X
Snapshot X is a voting framework built on StarkNet, the layer 2 ZK-Rollup. It will allow any DAO to run their governance on-chain on layer 2 and execute transactions on Ethereum.
The core innovation of Snapshot X lies in using storage proofs to verify balances. This approach was previously unfeasible due to the high cost of computation on Ethereum. However recently with the advent of L2 technologies like StarkNet, the cost of on-chain computation can be reduced significantly. This allows the storage proof approach to become economically viable whilst maintaining all of the security and decentralization of Ethereum.
Benefits
Trustless execution
Snapshot X will allow your DAO to execute transactions on-chain in a fully trustless way without relying on any human or oracle input. All calculations related to votes will be done on StarkNet which then will control the execution on Ethereum.
Permissionless and censorship resistant
The settings of a space, the proposals, and the votes will be published and verified on-chain on StarkNet. The framework will be entirely permissionless, anyone would be able to interact with it on-chain without going through Snapshot client if they wish to.
No need for expensive checkpoints
Currently, most token contracts using on-chain governance need to implement additional functions to store what we call checkpoints that incur additional gas costs when transferring the token.[2] Snapshot X removes the need for such checkpoints by using storage proofs[3]
Support native Ethereum signatures
As StarkNet supports native Ethereum cryptographic signatures, users won’t need to change the way they interact with Snapshot, they can keep using their favorite wallet.
Gas-less experience as usual
Users can vote and create proposals by signing messages, without paying gas cost, the same way they do today if you use Snapshot. These messages will be sent to Snapshot hub which will act as a meta-transaction relayer, sending votes and proposals on-chain on layer 2. The cost will be sponsored by the DAO using Snapshot X.
Fully integrated on the Snapshot client
Snapshot X will be available as a plugin within Snapshot, once enabled on your space you’ll be able to add transactions to be executed in a proposal using the transaction builder, similar to how you would do with SafeSnap currently.