Starknet Minting Vote to be Gasless with New Governance Protocol

2 min read | September 09, 2024 10:49 PM AEST | By Team Kalkine Media

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Starknet Minting Vote to be Gasless with New Governance Protocol — Image source: shutterstock

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Snapshot X, a new governance protocol leveraging Starknet's rollup technology, introduces gasless onchain voting for decentralized autonomous organizations (DAOs) and blockchain communities, marking a significant advancement in governance processes.

Announced in a press release on September 10, Snapshot X enables participants to vote onchain without incurring gas fees, addressing the cost and inefficiency issues associated with traditional governance mechanisms. This innovation shifts away from centralized offchain voting methods and eliminates the financial barriers typically associated with onchain voting.

According to Eli Ben-Sasson, CEO of StarkWare and a board member of the {Starknet} (STRK) Foundation, the introduction of Snapshot X will facilitate broader adoption among DAOs and other blockchain entities. The protocol utilizes Starknet’s technology and storage proofs to enable gasless voting. It allows users to prove asset ownership on one blockchain without transferring assets, thus reducing costs and enhancing security.

Jeremy Musighi, Chief Operating Officer at Snapshot Labs, highlighted that Snapshot X features a modular design, providing customizable, trustless, and decentralized voting solutions. The protocol aims to improve onchain governance efficiency while maintaining asset security across different {blockchain}.

The first application of Snapshot X will occur within the Starknet community, where it will be used to vote on a staking proposal impacting Starknet (STRK) tokenholders. The vote, conducted through a custom interface built on Snapshot X, will determine the minting mechanism for Starknet staking. The voting process will conclude on September 13 and will impact new token distribution and minting modifications to ensure long-term sustainability.

In conjunction with Snapshot X, Starknet has also introduced an upgrade to its system. On August 28, Starknet launched upgrade 0.13.2, which incorporates parallel execution technology. This upgrade allows for the simultaneous processing of multiple transactions, addressing previous limitations related to sequential transaction processing and bottlenecks during periods of high demand. Ben-Sasson anticipates that this technology will become a standard in the industry, improving overall network efficiency and performance.

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