SuperUMAns #47 - oSnap Implements Gasless Snapshot Voting

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Written by

#Club1BCH

1 year ago

In community: Just Write(e5e5)

Topics: UMA protocol, Ethereum, OSnap, Optimistic Oracle, Cryptocurrency, ...

Risk Labs started strong in 2023, announcing UMA 2.0 and the $UMA staking/voting system. The blockchain evolution continued with more implementations for the Optimistic Oracle and oSnap - the gasless snapshot voting with on-chain execution by UMA. The oSnap name is short for Optimistic Snapshot Execution. The tool will use the optimistic oracle to verify any arbitrary data from governance snapshots.

All the above made me move my $UMA stash from Polygon to Ethereum Mainnet. I used Across to bridge the assets, earning some sweet $ACX in the process. Why Across? Because it is the bridge that Ethereum deserves, being fast and financially efficient.

Across connects Layer 2 and rollups to L1 Ethereum, being secured by the UMA’s optimistic oracle. It has a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model.

The oSnap Gasless Snapshot was explained in detail at the Launch Gathering, where all the top people from Risk Labs explained the benefits and new dynamics created by the new voting tool.

If you are into DAOs or Web3, you probably used Snapshot. The governance tool is used by the majority of protocols and DAOs to vote on proposals by achieving token-based consensus. oSnap was created by the collaboration between UMA and Snapshot, and aims to add execution functionality by pushing results on-chain. Safe (formerly Gnosis) will be a prime beneficial, as now DOA tokenholders are able to propose and execute on proposals from start-to-finish, without any specific person’s signature required.

If you are interested to add oSnap to an existing Snapshot and Safe multi-sig reach out to integrations@umaproject.org! oSnap has been audited by Open Zepelin and is free to integrate!

The synergy between Snapshot, Safe and UMA brings an innovative solution for executing on-chain governance decisions. After a vote completes, anyone can submit the transactions to implement the proposal. If there is no dispute about the proposal’s accuracy during the dispute window, the transactions will go through.

The Optimistic governance gives power to tokenholders to complete snapshots without any reliance on team multi-sigs to execute code. oSnap will make on-chain transactions based on off-chain voting decisions.

The Optimistic Governance is the governance that uses UMA's Optimistic Oracle to verify outcomes optimistically, and the proposals proceed unless someone raises a dispute. The OO (Optimistic Oracle) can be used to verify any kind of data, including whether a proposal passed a Snapshot voting round.

Many DAOs are constantly using Snapshot voting to coordinate and reach governance decisions, but the tool doesn’t offer proposal execution. Once the consensus is reached, the DAOs rely on team multi-sig wallets to implement the results. DAOs depend on the signatories on a multi-sig to execute the vote’s outcome, and the process can be hard to coordinated due to time zones, internet issues or other problems.

oSnap brings evolution and the DAOs need to scale ... the ability to coordinate trustlessly without facing security or waiting time obstacles.UMA is working hard to create the tools that DAOs can use to move quickly without sacrificing decentralization or voter UX. oSnap brings this world one step closer.

How oSnap delivers trustless execution? oSnap combines Snapshot’s popular off-chain voting mechanism with Safe’s industry-leading multi-sig wallet infrastructure. Users are incentivized to submit the correct transactions for execution, and they also have an incentive to dispute if there is an error.

In the case of a dispute, no transaction is executed and it will need to be re-submitted. UMA tokenholders will review who was correct in the dispute, and reward that person from the other party’s bond.

Optimistic governance could transform the way DAOs operate in the future. While still a relatively new concept, a model that enables trustless coordination will help the DAO ecosystem thrive while still keeping the things that make snapshot so beloved in governance: free, fast, and programmable.

Across Protocol will soon become the first project to put forward a proposal to implement optimistic execution with oSnap, and the Superumans may join the oSnap club. Across testing is ongoing, with votes that will help understand what voter turnout might be, and who will participate in Across governance as a voter.

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