Anchorage Digital Takes DeFi Voting To The Next Level
- 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.
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.
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.
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