Gnosis Safe presented on Tuesday March 16, through its Twitter account, SafeSnap, the first set of decentralized government tools for Gnosis Safe. According to the company, by combining Gnosis Safe with Snapshot, SafeSnap enables decentralized execution of crypto governance proposals; while he indicated that it will be used by DeFi DAOs “who lead the ecosystem”.
In his view, decentralized finance on Ethereum has been at the forefront of the talks, its rise also precipitating a “tremendous increase” in decentralized governance. This is why the company shared the three strong trends in decentralized governance in the Ethereum ecosystem:
• Progressive decentralization: centralized teams that cede control of their creations to their community / user base / token holders.
• Safe asset management: Gnosis Safe has become the preferred way for many projects to manage their Ethereum-based assets. At the time of writing, Gnosis Safes has more than $ 19.5 billion in digital assets.
• Off-chain voting: As gas prices have risen, many projects have chosen to use off-chain voting (through tools like Snapshot) rather than their on-chain counterparts (like Aragon, DAOStack, Colony, Compound Governance, etc.) usually at the expense of some decentralization.
Gnosis Safe as the operating system for DAO
Given the previously explained problem, Gnosis Safe commented that this was the reason for creating SafeSnap, a platform that allows the decentralized execution of cryptographic governance proposals.
“SafeSnap is the first of a set of decentralized governance tools that we are building for Gnosis Safe, which will bring critical infrastructure to the ecosystem,” he added through an article published on the Medium platform.
Additionally, it announced an initial cohort of projects planning to use SafeSnap to enable the next phase of their progressive decentralization: Yearn, SushiSwap, Synthetix, Balancer, mStable, PoolTogether, dHedge, BrightID, Stakewise, EPNS, and of course GnosisDAO.
Also read: Hedget announced partnership with Apyswap
How does SafeSnap work?
The company explained that SafeSnap enables trustless on-chain execution based on the outcome of off-chain votes, through a Gnosis Safe module connected to Reality.eth (an oracle based on scaling games). “This means teams can continue to secure their assets in Gnosis Safe, avoid unnecessary gas waste with chain voting, and facilitate decentralization by adding the module to their Gnosis Safe. In particular, they can choose to keep their Gnosis Safe signatories as a safeguard, which gives the community the option to remove them at a later date if they wish, ”he said.
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