Snapshot to launch onchain voting on Starknet
The new Snapshot X protocol uses storage proofs to enable voting without needing to bridge
Snapshot and Adobe Stock modified by Blockworks
Governance voting platform Snapshot has announced the launch of Snapshot X, a new onchain voting protocol.
The new protocol will be launched on the layer-2 network Starknet and leverage the technology of “storage proofs” from Herodotus, a middleware blockchain infrastructure company.
Snapshot said in the announcement that 96% of DAOs use its platform for offchain voting.
By voting off-chain, token holders can skirt the high gas fees of the Ethereum layer-1 while signaling their early positions on key governance issues. However, votes are typically considered finalized only after an onchain vote is concluded with a separate voting platform like Tally.
In an effort to bring DAO voting onchain cheaply, the new Snapshot protocol will leverage storage proofs to verify token holdership on Ethereum layer-1 before enabling votes onchain from Starknet.
Read more: DAO behind Mango Markets votes for SEC settlement
Thanks to Starknet’s support of native Ethereum cryptographic signatures, Snapshot X abstracts the use of the zk-powered layer-2 on the backend. This enables the use of popular EVM wallets like MetaMask on Snapshot X without requiring users to separately onboard to Starknet.
Like the original Snapshot protocol, Snapshot X will also be programmable and allow for different governance coordination mechanisms.
These include the various features that DAOs have historically used in governance like NFT voting, gasless signature voting, permissioned/whitelisted proposal creation and time-locked execution.
“Essentially, the point of Snapshot X is unstoppable onchain governance,” Snapshot Labs Chief Operating Officer Jeremy Musighi told Blockworks.
Snapshot Labs first raised $4 million in November 2021 in a round led by 1kx venture fund.
Updated September 10, 2024 at 12:19 pm ET: Clarified Snapshot’s announcement.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
