Decentralize Snapshot Execution with oSnap

In February of this year, UMA Protocol introduced oSnap, a tool that allows anyone to propose and execute transactions that have been approved by a DAO on Snapshot—without relying on a multi-sig.

oSnap makes DAOs more decentralized and efficient. It closes the gap between off-chain voting with Snapshot and on-chain execution with a Safe. All proposals are validated by UMA’s flexible and battle-tested optimistic oracle, which has been live since 2020 and is trusted by many well-known projects, including prediction markets like Polymarket, insurance protocols like Sherlock and Cozy, and bridges like Across .

Since its launch earlier this year, oSnap has been adopted by leading DeFi protocols like ShapeShift, BarnBridge, and Across, with more on the way. Projects like Index Coop that already use Snapshot to approve on-chain actions gain significantly in efficiency and decentralization by making the vote results executable through oSnap.

Once deployed, oSnap makes it easy for ordinary DAO members to execute transactions on-chain directly from the Snapshot interface once the proposals have been approved by the DAO on Snapshot.

At UMA, we believe that oSnap would be a great fit for Index Coop. By removing the reliance on a multi-sig to execute transactions, oSnap would greatly advance the decentralization of Index Coop, allowing tokenholders to vote gas-free off-chain with Snapshot while making the vote results enforceable on-chain.

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As a Discourse admin myself, I’m always getting third-party shotgun strategy proposals, usually asking for money.

Well, this is a pistol shot at Index (sorry, I’m American, these are the only metaphors I know.) Always been a big fan of Index, ever since DPI. Would love a chance to work with ya’ll in this capacity and very happy to answer questions ya’ll might have about why implementing the above is worth the half a day it will take to do it, including because I’ll do my best to champion Index on our channels and we can do some co marketing :slight_smile:

There’s a couple of things worth adding to this proposal.

  1. I think this would work very well with Meta-Governance which currently relies on a multisig. This could add a lot more efficiency and not burden the multisig signers to constantly watch and sign the multiple votes that come through from other protocols. Once snapshot voting is complete for each of these many governance proposals, anybody can propose the final transaction and execute the vote to the corresponding protocol (and UMA’s oracle will verify).
  2. Risk Labs (the foundation that supports UMA) has been a long time supporter of Index Coop. The foundation is and always has been the largest holder of the BED index in a show of support for DeFi and to support the Index community and the Bankless community as well. It would be great to work together again.