Sirwin
Sirwin

SuperUMAns #75 - One Year Of oSnap

By PVM | SuperUMAns | 2 Apr 2024


oSnap celebrated it's first birthday! Within a year, we have been able to bring the benefits of optimistic governance to 18 DAOs, executing almost 100 proposals and moving over $20M in volume on-chain.

The innovative tool combines the advanced strategies and gasless experience of off-chain voting with the speed and security of trustless execution. Optimistically execute governance transactions on-chain where your community can approve them. It's streamlined governance at your fingertips! 

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Let’s take a look at some of our proudest oSnap achievements so far:

  • CoWSwap uses oSnap to secure and decentralized a treasury of ~$200M. CoW DAO is revered for creating Ethereum-based products that protect users from MEV activity.
  • UMA’s sister project Across Protocol uses oSnap to execute DAO governance and secure $73M worth of funds. They used oSnap to change the staking reward system on Across and trustlessly execute a transaction of 19M $ACX.
  • One of oSnap's first integrations was with ShapeShift. The UMA verification team caught a malicious proposal tx bundle in their DAO before it was executed onchain. It would’ve put $14M at risk, but our system worked as designed and resulted in the proposer losing their bond.
  • BProtocol DAO revolutionized DeFi risk management with oSnap. The integration enabled them to implement a decentralized veto system for governance decisions that affect the security and operations of their MetaMorpho Vaults, securing $39M worth of funds.
  • EpochIsland uses oSnap to handle their DAO governance and secure $2.4M worth of funds. Most notable, they’ve been using oSnap to automatically mint Elder NFTs for Elders voted in by the DAO. So far, oSnap has helped them elect 15 Elders without paying any voting
  • The NexusMutual DAO has joined the oSnap family. Nexus Mutual provides industry-leading onchain protection against smart contract failure, hacks, and other risks associated with crypto and DeFi.

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oSnap is not cheap... oSnap is free to use! It's like your favorite shop will give your favorite clothes for free! It gets better as oSnap is fully decentralized and DAOs can become even more censorship resistant by reducing your reliance on centralized multisigs for every transaction.

Most important... the community stays in control! DAOs can use the existing multisig to approve urgent transactions or to reject proposals as a final layer of security.

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DAOs can achieve decentralized governance in under two minutes with oSnap. It's ultra secure, as the transaction data is validated by UMA's oracle which has been live for three years, securing more than 10,000 assertions.

  • Submit transactions to Snapshot: Let your community vote to implement exact transaction data.
  • Transactions are validated by UMA: UMA validates that the transaction was approved in Snapshot and writes it onchain.
  • Transaction executes in Safe: The transaction is automatically executed via the oSnap module.

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Oh... Snap! The benefits are as good as having the Infinity Gauntlet! For a transaction to be executed by oSnap it first has to be validated by UMA's Optimistic Oracle.

Assertions made to the Optimistic Oracle are monitored by UMA's decentralized validator network along with a network of open-source monitoring bots. The community can get involved by running their own bots and monitoring oSnap directly through the UMA Voter dapp.

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We want simple things in life, like a bus that doesn't run late or a slice of toast that doesn't burn. The same simplicity is expected during the governance lifecycle. Why opting for a complicated method when it can be simplified by oSnap! 

Voting off-chain in Snapshot is gasless, making it free to use and much easier for your community to participate. Off-chain proposals get approximately four times more than on-chain proposals. oSnap is live on Arbitrum, Ethereum, Optimism and Polygon. If you want oSnap support on other EVM chains, speak to our integrations team.

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Residual Income:

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PVM
PVM Verified Member

UMA Ambassador 🐔 Across Committee Member 🌉 Horizen Ambassador


SuperUMAns
SuperUMAns

The superUMAns are crypto enthusiasts that recognized the colossal potential of UMA and a group of people that are ready to share their knowledge so the Cryptoverse will understand UMA's amazing features! ** Not an UMA official blog **

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