Gnosis, a development ecosystem for decentralized finance, today announced it is combining the Gnosis Safe Multisig with popular governance platform Snapshot to create SafeSnap, which allows on-chain execution of off-chain votes.
SafeSnap is the first in a suite of decentralized governance tools being offered for Gnosis Safe, in order to bring much-needed infrastructure to the space.
“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 projects including Yearn, dHEDGE, SushiSwap, mStable, BrightID, Stakewise, and PoolTogether are set to embrace SafeSnap, the latest in a long list of DeFi mechanisms produced by Gnosis.
SafeSnap 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.
Gnosis hopes 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.
At the time of writing, more than $18B worth of Ethereum tokens is secured by Gnosis Safe, which is becoming the accounting standard for decentralized organizations.