Our shared long-term vision for it: a governance standard for tokenholder voting, and a common good for the community 🗳https://t.co/e9kdRwRw3d
— Aragon 🦅 (@AragonProject) October 6, 2020
For the last few weeks, the two projects have been working to add Aragon Agreements to Snapshot. Now, the governance advocates are taking their collaboration a step forward.
Aragon enables anyone to easily create and manage DAOs while Snapshot is an off-chain, gasless, multi-governance community polling dashboard. Balancer initially launched the Snapshot tool to help projects with accountable off-chain polling. The two companies are putting together their brains to produce a governance standard that the rest of the industry can lean on.
In the last few months, Snapshot has quickly become the go-to solution for minimum viable governance including communities like Yearn and Aave. However, the current polling process on Snapshot still involves centralization when communities look to act upon the polling results. While tokenholders can create proposals and signal their support for or against it, actual on-chain execution is still executed by trusted multisig signers or by the core team. Fully on-chain voting on the other hand can be slow and cost-inefficient, hence why Snapshot has seen so much traction in recent months.
This new solution enables large communities to perform polling off-chain without incurring high fas fees and then those results to be submitted for onchan execution.
The Aragon team will be contributing to the Snapshot codebase while both firms have pledged $100K worth of their native governance tokens ( $ANT & $BAL) to a 50/50 balancer pool that will be used to fund further developments and bounties.
This is 4x the preseed round we got from our live savers at @BoostVC to start Aragon, so I am just so excited about what Snapshot can do with these resources@bonustrack87 @fcmartinelli @mikeraymcdonald ❤️ https://t.co/2RsrTosIQg
— Jorge Izquierdo 🦅 (@izqui9) October 6, 2020
It’ll be interesting to see what Snapshot can do with this injection of new funding and the committed support of the Aragon team. If they are successful in creating a solution that solves for the trade-offs between off-chain and on-chain voting, the dream of creating truly decentralized autonomous organizations will be one step closer to reality.
The Snapshot team still works full-time at Balancer, meaning Snapshot may soon become more than just a hobby project as companies signal their intent to double down on the traction Snapshot has seen to date.