Gnosis is launching its first addition in a string of upcoming features for DAO governance. The new feature is called SafeSnap and will offer projects the ability to allow on-chain execution of off-chain votes.
The veteran project has been quietly building in the background as the market experiences one of its biggest bull runs in history. Gnosis focuses on offering three key product lines catering to decentralized finance (DeFi).
The interoperable product lines allow for the secure creation, trading, and holding of digital assets on the Ethereum blockchain.
Off-Chain Execution for On-Chain Voting
The latest feature will implement the Gnosis Safe Multisig with the governance platform Snapshot. The combination will be the basis for SafeSnap.
SafeSnap will offer a key benefit to the market by implementing on-chain execution for off-chain voting. A key benefit to SafeSnap is the ability to prevent unnecessary gas fees when voting.
Co-founder Stefan George commented on the latest tool;
“The ability to execute DAO vote outcomes in a decentralized way, without taking the whole process on-chain and incurring the resulting gas fees, has been a difficult one to solve. We’ve designed a module, easily added on to Gnosis Safe, that provides a simple and secure solution to this issue.”
Several key projects will integrate SafeSnap, including Yearn, dHEDGE, SushiSwap, mStable, BrightID, StakeWise, and PoolTogether.
Gnosis Safe Continues to Grow
SafeSnap is the first to allow voting to be collected offline before proposals are executed on-chain. The feature makes use of Reality.eth to verify the off-chain voting outcome. Transactions can be executed after they are verified, saving on gas fees for voters.
Currently, the Gnosis Safe Multisig product that Gnosis built holds over $18 Billion in ETH.
The project has grown in popularity between decentralized organizations and is looking to continue pushing adoption and growth within the industry. The latest tool should prove to be a valuable asset within the industry.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.