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News

Anchorage Digital Takes DeFi Voting To The Next Level

May 17, 2023 - Around 2 mins mins to read

Key Points:

  • Institutional clients of Anchorage Digital can now vote on proposals for tokens they hold without paying gas fees.
  • Anchorage will use off-chain, gasless multi-governance client Snapshot for voting with no movement of funds.
  • Snapshot has been used by decentralized protocols like AAVE, Lido and BitDAO.
Crypto custody firm Anchorage Digital has recently announced a new feature that allows its institutional clients to vote on governance proposals with their tokens without incurring any gas fees.
Anchorage Digital Takes DeFi Voting To The Next Level 1

This is a result of the integration of off-chain, gasless multi-governance client Snapshot. Anchorage’s “token-holding community users” can now voice their concerns on proposals without having to worry about gas fees.

One of the advantages of Snapshot is its convenience. All voting takes place within Anchorage’s custody, with no movement of funds. This approach can be attributed to the fact that Snapshot records the voting off-chain, meaning transactions are not publicly recorded on the blockchain.

Furthermore, Anchorage currently supports “over 60 ERC-20 tokens,” with plans to enable support for all applicable future ERC-20 tokens. This would make it easier for users to vote on governance proposals without worrying about gas fees.

image 793

Snapshot has recently been employed by decentralized protocols such as AAVE, Lido (LDO), and BitDAO to collect votes from tokenholders regarding each of the protocol’s latest upgrades or governance proposals. This voting system has been quite beneficial for AAVE users who mistakenly sent their tokens to the wrong address, proving that the Snapshot feature is not only convenient but also secure.

It’s worth noting that in July 2022, LidoDAO conducted a Snapshot vote on sending 1% of LDO’s token supply to DragonFly Capital for $14.5 million, which was rejected by tokenholders. This shows that Snapshot can be an effective tool for governance and decision-making in the crypto space.

Anchorage’s integration of Snapshot is a significant development that would allow its institutional clients to have a more active role in governance proposals, without worrying about gas fees.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Anchorage

Anchorage Digital

Crypto custody

LDO's token

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Anchorage Digital Takes DeFi Voting To The Next Level

Key Points:

  • Institutional clients of Anchorage Digital can now vote on proposals for tokens they hold without paying gas fees.
  • Anchorage will use off-chain, gasless multi-governance client Snapshot for voting with no movement of funds.
  • Snapshot has been used by decentralized protocols like AAVE, Lido and BitDAO.
Crypto custody firm Anchorage Digital has recently announced a new feature that allows its institutional clients to vote on governance proposals with their tokens without incurring any gas fees.
Anchorage Digital Takes DeFi Voting To The Next Level 1

This is a result of the integration of off-chain, gasless multi-governance client Snapshot. Anchorage’s “token-holding community users” can now voice their concerns on proposals without having to worry about gas fees.

One of the advantages of Snapshot is its convenience. All voting takes place within Anchorage’s custody, with no movement of funds. This approach can be attributed to the fact that Snapshot records the voting off-chain, meaning transactions are not publicly recorded on the blockchain.

Furthermore, Anchorage currently supports “over 60 ERC-20 tokens,” with plans to enable support for all applicable future ERC-20 tokens. This would make it easier for users to vote on governance proposals without worrying about gas fees.

image 793

Snapshot has recently been employed by decentralized protocols such as AAVE, Lido (LDO), and BitDAO to collect votes from tokenholders regarding each of the protocol’s latest upgrades or governance proposals. This voting system has been quite beneficial for AAVE users who mistakenly sent their tokens to the wrong address, proving that the Snapshot feature is not only convenient but also secure.

It’s worth noting that in July 2022, LidoDAO conducted a Snapshot vote on sending 1% of LDO’s token supply to DragonFly Capital for $14.5 million, which was rejected by tokenholders. This shows that Snapshot can be an effective tool for governance and decision-making in the crypto space.

Anchorage’s integration of Snapshot is a significant development that would allow its institutional clients to have a more active role in governance proposals, without worrying about gas fees.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News