Starknet, a prominent player in the blockchain space, has launched a groundbreaking governance protocol, per a press release on their X page, Monday morning, September 9. This new protocol, known as Snapshot X, aims to change the face of decentralized autonomous organizations (DAOs) by enabling gasless onchain voting. This innovation promises to make governance more efficient and cost-effective.
Today marks the launch of Snapshot X, our new fully onchain voting protocol now available on the Snapshot v2 interface. It combines the security and verifiability of onchain voting & execution plus the frictionless ease & modularity that Snapshot is known for. pic.twitter.com/FtwyyXmLIW
— Snapshot (@SnapshotLabs) September 9, 2024
Snapshot X is a state-of-the-art governance protocol built on Starknet’s rollup technology. It allows DAOs to conduct votes onchain without incurring gas fees. This is a huge improvement over traditional methods, which often require participants to pay high fees to cast their votes. Jeremy Musighi, Snapshot Labs’ COO, describes the protocol as featuring a modular design that provides “customizable, trustless, and decentralized voting.”
How Snapshot X Tackles the Problem with Traditional Onchain Voting
Traditional onchain voting has been plagued by high gas fees and inefficiencies. These issues have made it difficult for many DAOs to operate smoothly. For instance, participants often have to pay over $10 just to vote, which can be a major deterrent. Eli Ben-Sasson, CEO of StarkWare, noted, “Sometimes, people have been expected to pay 10-plus dollars just to vote – a real democracy turn-off.”
And Snapshot X offers DAO communities a familiar gasless voting and proposing experience, while adding on the security guarantees that ensure the preservation of Web3’s core principles: resilience, censorship resistance, and immutability.
— Snapshot (@SnapshotLabs) September 9, 2024
Snapshot X leverages Starknet’s rollup technology to provide a gasless voting experience. This means that participants can vote without worrying about high fees. The protocol uses storage proofs, a cryptographic feature that allows users to prove ownership of assets on one blockchain without moving them. This not only reduces costs but also enhances security.
Most DAOs currently use Snapshot as their main voting tool, while those requiring onchain voting use it for preliminary votes. Snapshot X now allows DAOs to run both offchain & onchain votes in one interface, simplifying & streamlining governance.
— Snapshot (@SnapshotLabs) September 9, 2024
First Use Case: Starknet Minting Vote
The first vote using Snapshot X will take place from September 10 to 13, 2024. The Starknet community will vote on a staking proposal that will impact native Starknet (STRK) token holders. This vote will determine the new token distribution, creation, and allowance of minting modifications over time to ensure sustainability and balance. The voting process will be facilitated through a custom interface built on Snapshot X, while the Starknet Governance Hub will oversee the vote.
The first-ever vote on Mainnet for STRK Holders The first voting proposal is here, bringing STRK staking to the Starknet ecosystem!STRK holders will have the opportunity to voice their opinions on the proposed minting mechanism and the conditions for modifying its…
— Starknet (@Starknet) August 20, 2024
Board member at Starknet Foundation and CEO of StarkWare Eli Ben-Sasson, expressed his excitement about the new protocol, stating, “This will allow many DAOs and other entities to follow suit,” adding that “Those with voting rights with DAOs that currently vote onchain need never again be expected to pay gas fees to vote, which has been a very real phenomenon. Sometimes, people have been expected to pay 10-plus dollars just to vote — a real democracy turn-off.”
The Starknet community has also shown enthusiasm, with many members looking forward to a more efficient and cost-effective voting process.
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