Governance platform Snapshot X has launched today, introducing a new Layer 2-based protocol that enables onchain voting without the associated gas fees for decentralized autonomous organizations (DAOs).
This feature, powered by Starknet’s roll-up technology, aims to streamline the voting process within blockchain projects by eliminating costs that have traditionally hindered participation.
DAOs have traditionally faced a choice between fast, centrally controlled off-chain voting systems and onchain voting that, while adhering to blockchain’s core principles, was often expensive and inefficient. Snapshot X seeks to address these issues by offering a cost-effective, onchain solution.
Jeremy Musighi, COO of Snapshot Labs, described Snapshot X as a turning point in on-chain governance. “For the first time, we’re making it possible for DAOs to provide free onchain voting to their communities, allowing for greater inclusivity and higher participation rates in decentralized decision-making,” Musighi stated.
The protocol uses STARK scaling and storage proofs, a type of cryptographic verification, to facilitate secure and tamper-proof voting across different blockchains without transferring tokens or incurring gas fees. This approach enhances security and reduces the reliance on third-party intermediaries, making the voting process more cost-efficient.
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Storage proofs are cryptographic proofs verifying the possession of specific tokens or non-fungible tokens in a user's wallet at one particular time. They are used to calculate a user's voting power at the time a proposal is initiated without necessitating the bridging of tokens.
This setup also leverages a transaction relayer. To bypass the need to manage a Starknet account, users sign their vote with their Ethereum wallet, and the vote is then relayed to the Starknet network through its transaction relayer, Mana. Snapshot X system’s modularity allows a special authenticator to verify the provided signature and count the vote.
Snapshot X’s debut will be marked by a governance vote within the Starknet community on a new staking proposal, which is set to showcase its functionality and the broader potential for decentralized governance systems.
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