Snapshot Labs, developer of an off-chain voting platform used by 96% of decentralized autonomous organizations (DAOs) including those overseeing leading DeFi projects Lido and Aave, is adding a blockchain-based option, built on the Ethereum layer-2 network Starknet.
Snapshot X, the new governance protocol, makes use of storage proofs – a cryptographic feature that StarkWare, the primary developer of Starknet, has helped to innovate. The technology allows users to prove that assets exist on one blockchain, without needing to use a third party to move them to another.
“By mathematically verifying data across chains, storage proofs eliminate the need for third-party intermediaries, making the process more secure and cost-efficient,” StarkWare wrote in a press release shared with CoinDesk. “For Snapshot X, this means users can vote based on assets held on one chain, while conducting governance on another, without transferring tokens or paying gas fees.”
Snapshot Labs COO Jeremy Musighi told CoinDesk in a message over Telegram that when a user casts a vote on the platform, a proof of their holdings is sent to the layer-1 blockchain.
“On the contract side, Snapshot X verifies this proof,” he said. “Once verified, we can be certain that the user indeed has the balance he claims to have on L1.”
The first vote on Snapshot X, scheduled to take place this week, pertains to a proposal regarding Starknet itself. Community members of Starknet are being asked to decide on the minting mechanism for the project’s new staking proposal.
“From tomorrow, Sept. 10, until Sept. 13, STRK token holders will vote on a staking proposal through the Starknet Governance Hub, a custom-built interface for Snapshot X,” StarkWare wrote.
