Announcing oSnap v2: seamless DAO governance with Optimistic Snapshot Execution
Tldr; oSnap v2 is here. The revamped Optimistic Snapshot Execution tool introduces major user experience improvements that remove friction and make governance effortless for DAOs.
Key takeaways:
oSnap v2 has launched, offering DAOs a practical governance solution that combines offchain Shapshot voting with trustless onchain execution.
oSnap v2 delivers a refined UX with fixed parameters for fast deployment.
The solution makes DAOs more decentralized and autonomous, removing the need for multisig transactions.
Since launching in February 2023, oSnap has been helping some of Web3’s foremost DAOs embrace trustless governance. The UMA-secured solution uses Snapshot voting and Safe wallets to enable Optimistic Snapshot Execution, which allows DAOs to operate efficiently without foregoing decentralization.
Today, we’re proud to announce a series of upgrades to the solution that will reinforce our mission to make DAOs more decentralized and autonomous.
oSnap v2 introduces several user experience improvements that also increase security for DAOs. The biggest update of all is automated proposal execution.
While oSnap has proven effective in removing trust in DAO governance, oSnap v2 makes the process smoother by removing manual execution altogether.
Automated onchain execution
With oSnap v2, oSnap’s bot will automatically assert it to UMA as a transaction to be executed from the DAO Safe as soon as your community approves a Snapshot proposal. UMA validates that the transaction was approved in Snapshot and pushes the transaction data onchain. The oSnap module runs through its challenge period, similar to how all optimistic verification systems work. Once the window passes, the transaction gets automatically executed onchain.
Crucially, as all transactions are subject to a challenge period, they can always be disputed. This ensures only approved transactions get executed onchain.
Automated onchain execution makes DAO governance faster and more efficient. As soon as the proposal passes, the bot will push it through. DAOs don’t need to coordinate with co-signers to approve a multisig transaction. They don’t even need anyone to execute the transaction on behalf of the DAO.
With the new update, DAOs no longer need to wait on anyone to post bonds or manually execute a transaction. It removes these steps from the process, making governance more streamlined.
The code for oSnap v2’s bot infrastructure is open-source, so DAOs will be able to run their own bot as an added security layer.
In oSnap v2, multiple DAO governance steps are connected to offer a seamless way of getting things done. The community approves a proposal, and oSnap v2 handles the rest.
Improved security
oSnap v2 makes a major leap forward in security by automatically detecting and deleting invalid transactions. In the event of a malicious actor attempting to force through an unapproved proposal in an attack on the treasury, the tool will detect the invalid proposal data and it will be automatically deleted. This prevents the proposal from getting pushed onchain.
oSnap v2 automatically deletes bad proposals, so DAOs can operate without fear of an attack.
Secured by UMA
oSnap is secured by UMA’s optimistic oracle, a decentralized truth machine for validating any kind of data and serving it to smart contracts. UMA can take any verifiable truth about the world and then record it on the blockchain. UMA’s optimistic oracle secures protocols by offering incentives for validators to identify and delete false information passing through the oracle. Because of its game theoretical mechanism, UMA has never been corrupted. Since launching in 2020, it’s secured more than 10,000 data assertions.
Seamless DAO governance
oSnap v2 advances the original solution with improvements that focus on ease-of-use and efficiency. It’s a significant overhaul that enables Optimistic Snapshot Execution as it should be: automated, smooth, and simple.
DAOs can set up the solution in an instant to start benefiting from trustless governance. Once deployed, tokenholders vote on proposals, and once they pass through the usual challenge period, your DAO’s transaction will automatically execute. While DAO governance has historically been a messy process, oSnap v2 makes it seamless.
oSnap has already welcomed a host of Web3’s foremost DAOs, including Across, CoW, and ShapeShift. Since launching in February 2023, oSnap’s total value secured has grown to about $86 million.
To learn more about oSnap v2, join us on X for a Spaces discussion with the Snapshot team at 16:00 UTC on September 12.
If you’re keen to learn more about the benefits of Optimistic Snapshot Execution, get in touch with us via our partnerships form and we’ll be happy to guide you through an oSnap v2 tutorial.
If you’re ready to integrate oSnap v2 into your project, get in touch with us at integrations@uma.xyz and visit our landing page to get started today.
Words by @dreamsofdefi
