Snapshot X Launches New On-Chain Voting Protocol

Governance platform Snapshot X has launched today, introducing a new Layer 2-based protocol that enables on-chain 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 faced a choice between fast, centrally controlled off-chain voting systems and on-chain 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, on-chain 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 on-chain 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.

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 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.