Snapshot Labs has introduced Snapshot X, a new onchain voting protocol integrated into the recently launched Snapshot v2 interface. It combines onchain voting security with the ease and flexibility Snapshot is known for, delivering a more robust DAO governance experience.
While Snapshotâs original offchain solution catered to many DAO governance needs, Snapshot X addresses demands for more decentralization and trustless execution. It improves upon existing onchain governance solutions like Governor, which, although secure, lacked usability and scalability.
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
â Snapshot (@SnapshotLabs) September 9, 2024
Snapshot X utilizes storage proofs, verifying token balances across chains without requiring assets to be bridged. This innovation, paired with computation on Starknet, reduces voting costs by 10x-50x and proposal creation expenses by 200x, making it more cost-efficient and scalable for DAOs.
Modular Governance System
According to the firmâs report, Snapshot Xâs modular architecture supports customizable voting strategies and execution strategies, allowing DAOs to create dynamic and adaptive governance models. It also enables gasless voting, a popular feature of the offchain Snapshot solution.
Snapshot X has undergone audits by OpenZeppelin and ChainSecurity and is now available on Starknet and EVM chains such as Ethereum, Optimism, Polygon, and Arbitrum. DAOs can now run both offchain and onchain votes seamlessly through a unified platform.