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    Starknet Introduces Gasless Minting Vote with Snapshot X for Efficient DAO Governance

    This new protocol, known as Snapshot X, aims to change the face of decentralized autonomous organizations (DAOs) by enabling gasless...

    Updated Sep 09, 2024
    Ayanfe Fakunle

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    Ayanfe Fakunle

    Starknet Introduces Gasless Minting Vote with Snapshot X for Efficient DAO Governance

    Starknet, a prominent player in the blockchain space, has launched a groundbreaking governance protocol, per a press release on their X page, Monday morning, September 9. This new protocol, known as Snapshot X, aims to change the face of decentralized autonomous organizations (DAOs) by enabling gasless onchain voting. This innovation promises to make governance more efficient and cost-effective.

    Snapshot X is a state-of-the-art governance protocol built on Starknet’s rollup technology. It allows DAOs to conduct votes onchain without incurring gas fees. This is a huge improvement over traditional methods, which often require participants to pay high fees to cast their votes. Jeremy Musighi, Snapshot Labs’ COO, describes the protocol as featuring a modular design that provides “customizable, trustless, and decentralized voting.”

    How Snapshot X Tackles the Problem with Traditional Onchain Voting

    Traditional onchain voting has been plagued by high gas fees and inefficiencies. These issues have made it difficult for many DAOs to operate smoothly. For instance, participants often have to pay over $10 just to vote, which can be a major deterrent. Eli Ben-Sasson, CEO of StarkWare, noted, “Sometimes, people have been expected to pay 10-plus dollars just to vote – a real democracy turn-off.”

    Snapshot X leverages Starknet’s rollup technology to provide a gasless voting experience. This means that participants can vote without worrying about high fees. The protocol uses storage proofs, a cryptographic feature that allows users to prove ownership of assets on one blockchain without moving them. This not only reduces costs but also enhances security.

    First Use Case: Starknet Minting Vote

    The first vote using Snapshot X will take place from September 10 to 13, 2024. The Starknet community will vote on a staking proposal that will impact native Starknet (STRK) token holders. This vote will determine the new token distribution, creation, and allowance of minting modifications over time to ensure sustainability and balance. The voting process will be facilitated through a custom interface built on Snapshot X, while the Starknet Governance Hub will oversee the vote.

    Board member at Starknet Foundation and CEO of StarkWare Eli Ben-Sasson, expressed his excitement about the new protocol, stating, “This will allow many DAOs and other entities to follow suit,”  adding that “Those with voting rights with DAOs that currently vote onchain need never again be expected to pay gas fees to vote, which has been a very real phenomenon. Sometimes, people have been expected to pay 10-plus dollars just to vote — a real democracy turn-off.”

    The Starknet community has also shown enthusiasm, with many members looking forward to a more efficient and cost-effective voting process.

    Ayanfe Fakunle

    Ayanfe Fakunle

    Editor

    Ayanfe Fakunle is an expert content writer, journalist, and editor at the intersection of crypto, finance, and web3. His mission is to make crypto accessible, engaging, and exciting for everyone.

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