Snapshot - An Off-Chain Gasless Multi-Governance Client
Decentralized Autonomous Organizations (DAOs), decentralized finance (DeFi) protocols, and non-fungible token (NFT) communities play a crucial role in shaping the future of the blockchain ecosystem. One of the cornerstones of their success lies in effective and transparent governance. Snapshot, an innovative voting platform, has emerged as a key facilitator in this domain. Snapshot received 145,698.50 OP tokens from retroPGF2.
The platform's primary advantage lies in its high degree of customization. By providing various configuration options, Snapshot caters to the diverse needs of its users and organizations. Key aspects, including voting power calculation, voting mechanisms, proposal and vote validation, and more, can be tailored to suit each organization's specific requirements.
Snapshot's inception dates back to August 2020 when it spun out of Balancer, a well-known decentralized exchange. Initially, the platform relied on donations and grants from Gitcoin to sustain its operations. However, in August 2021, Snapshot achieved a significant milestone by raising $4 million in a seed funding round.
Remarkably, since its seed funding, Snapshot has continued to operate without seeking additional financial backing. The platform's commitment to maintaining its services free of charge and ensuring that user data remains uncompromised sets it apart as a trustworthy and community-oriented project.
Snapshot has demonstrated its prowess in facilitating governance for multiple projects on Optimism, an extremely popular Layer 2 scaling solution. Both the Optimism Collective and 64 projects on Optimism have embraced Snapshot to conduct governance processes effectively. Notably, Snapshot has offered these services free of charge, benefiting both governance participants and the projects themselves.
The platform's success is evident in the impressive statistics it has amassed since its integration with the Optimism ecosystem. Over 1.15 million votes have been cast in the Optimism Collective's governance, featuring 93 proposals and a staggering 88,650 participants. These numbers stand as a testament to Snapshot's efficiency and popularity within the blockchain community.
The voting process on Snapshot revolves around three key elements: spaces, proposals, and votes. A space is an account or profile representing an organization, and users need an ENS domain to create one on Snapshot.
Once a space is established, users can create proposals and vote on them. The platform's administrators have the flexibility to define rules for proposal creation and voting by setting up voting and validation strategies. For instance, they can implement a requirement that users must hold a minimum of 10,000 specified tokens to create a new proposal. Additionally, the voting power of users is proportional to the balance of the specified token in their wallet.
To sum up Snapshot's gasless, customizable, and transparent voting system has revolutionized decentralized governance, enabling DAOs, DeFi protocols, and NFT communities to make critical decisions with ease. Its seamless integration with Optimism and unwavering commitment to remaining a non-monetized platform exemplify Snapshot's dedication to serving the blockchain community's best interests.
As Snapshot continues to empower organizations and individuals with its innovative governance solutions, its impact on the blockchain ecosystem is set to grow, solidifying its position as a key player in the evolution of decentralized decision-making.
