July 24, 2021

Gnosis and Snapshot create tool to bind DeFi governance votes on-chain

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Gnosis and Snapshot have collaborated to develop SafeSnap, a product that allows for automatically executing successful governance votes on Snapshot. The module, which combines features of Gnosis Safe Multisig and the Snapshot off-chain governance platform, was released on Tuesday.

Snapshot is a “governance-as-a-service” provider for a number of decentralized finance projects, including Yearn.finance, SushiSwap, Balancer, Aave, Cream and others. It provides a simple interface to create governance proposals and lets users vote on them by connecting their wallets and the governance tokens contained within. The actual voting process is conducted off-chain, however, to save on gas costs and complexity.

Snapshot proposals are not binding. Team members and multisignature key holders for the projects are expected to execute the proposals, but the process relies entirely on their goodwill. SafeSnap changes that by introducing the option of automatically executing transactions that would enable the proposal once the governance vote passes.

SafeSnap uses the Reality.eth crowdsourced oracle to verify the outcome of the off-chain vote. Once verified by the oracle, theTitle: Gnosis and Snapshot create tool to bind DeFi governance votes on-chain
Sourced From: cointelegraph.com/news/gnosis-and-snapshot-create-tool-to-bind-defi-governance-votes-on-chain
Published Date: Tue, 16 Mar 2021 15:02:48 +0000