Snapshot X Launch Simplifies DAO Voting Without Gas Fees

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. How Snapshot X Works
  2. The First Vote on Starknet
  3. Latest Starknet Upgrade


    4. For the first time, participants in decentralized autonomous organizations (DAOs) and other blockchain communities can vote onchain without paying gas fees thanks to the launch of the new governance protocol Snapshot X, built on Starknet's rollup technology.

    How Snapshot X Works

    Snapshot X utilizes Starknet tech and storage proofs to provide gas-fee voting, allowing users to prove ownership of assets on one blockchain without moving them. This process allegedly reduces costs and improves security, facilitating onchain governance on one blockchain while holding assets on another. The protocol features a modular design that offers “customizable, trustless, and decentralized voting,” according to Jeremy Musighi, Snapshot Labs’ chief operating officer.

    The First Vote on Starknet

    Starting on Sept. 10, the Starknet crypto community will be the first to use Snapshot X to vote on a staking proposal that will impact native STRK tokenholders. STRK holders will decide on the minting mechanism for Starknet staking through a custom interface built on Snapshot X, while the Starknet Governance Hub facilitates the vote. The staking vote is set to finish on Sept. 13 and will determine new token distribution, creation, and allowance of minting modification over time to ensure sustainability and balance.

    Latest Starknet Upgrade

    On Aug. 28, the layer-2 (L2) blockchain Starknet rolled out upgrade 0.13.2, which introduced parallel execution to enable the simultaneous processing of multiple transactions. As the first to issue this technology on an L2 network on Ethereum mainnet, Eli Ben-Sasson, CEO of StarkWare and board member at the Starknet Foundation, expects it to become an “industry norm.” The new tech addresses the limitations of sequential transaction processing, which traditionally results in bottlenecks during high demand for L2 networks.

    The launch of Snapshot X and the latest innovations from Starknet demonstrate efforts to improve and make blockchain governance processes more affordable, which may become the new industry standard.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.