Gnosis, the team building new market mechanisms for decentralized finance (DeFi), has teamed with governance platform Snapshot to allow on-chain execution of off-chain votes.
In a press release, Gnosis announced that it has worked with Snapshot to create SafeSnap, the first in a suite of decentralized governance tools being offered for Gnosis Safe, in order to bring much-needed infrastructure to the space.
According to Gnosis, SafeSnap enables decentralized execution of crypto governance proposals. The SafeSnap module is an oracle-based solution that uses Reality.eth to verify an off-chain vote’s outcome. After the off-chain vote’s outcome is verified, the proposal’s transaction can be executed by anyone.
“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, ” said Stefan George, Gnosis Co-Founder and CTO.
Seven leading projects including Yearn, dHEDGE, SushiSwap, mStable, BrightID, Stakewise and PoolTogether are set to embrace SafeSnap. Gnosisis hoping that the SafeSnap module will pave a path towards more meaningful decentralization for the wide variety of projects using Gnosis Safe to manage their projects on Ethereum.
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