Breaking Gnosis Announces Off-Chain Voting through SafeSnap, Yearn and Sushiswap Set to Adopt Feature

Share Article
In Brief
  • Gnosis launches SafeSnap to implement off-chain voting.

  • The feature will save on gas fees.

  • The Gnosis Safe Multisig product that Gnosis built holds over $18 Billion in ETH.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

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.

Sponsored



Sponsored

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. 

Sponsored



Sponsored

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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go