Originally published on: September 09, 2024
Blockchain community members and participants in decentralized autonomous organizations (DAOs) can now cast onchain votes without worrying about gas fees, thanks to the innovative launch of Snapshot X. This new governance protocol, leveraging Starknet’s rollup technology, is set to transform the landscape of decentralized governance.
Snapshot X aims to eliminate the costs and inefficiencies associated with governance processes by moving away from centralized offchain voting methods. Eli Ben-Sasson, CEO of StarkWare and a Starknet Foundation board member, highlighted that this new protocol paves the way for “many DAOs and other entities” to adopt gas-free voting mechanisms.
Leveraging Starknet’s cutting-edge tech and storage proofs, Snapshot X allows users to validate their ownership of assets on one blockchain without the need to transfer them. This groundbreaking process not only reduces costs but also enhances security and streamlines onchain governance while keeping assets secure on another blockchain.
Jeremy Musighi, Chief Operating Officer at Snapshot Labs, emphasized the modular design of the protocol, offering customizable, trustless, and decentralized voting solutions to users.
In an exciting development, the Starknet crypto community is gearing up to utilize Snapshot X for voting on a staking proposal set to shape the future of native Starknet token holders. This staking vote, slated to conclude on September 13, will play a crucial role in determining the minting mechanism for Starknet staking, with STRK holders actively engaging through a tailored Snapshot X interface.
With the recent rollout of Starknet upgrade 0.13.2 introducing parallel execution capabilities, the Starknet team aims to address bottlenecks associated with sequential transaction processing, significantly enhancing the efficiency and scalability of the network.
As Starknet continues to push the boundaries of blockchain technology, Ben-Sasson envisions parallel execution becoming the new industry standard, setting the stage for a more robust and seamless decentralized ecosystem.
