SuperRare becomes first art-driven DAO to integrate oSnap
Tldr; SuperRare, the crypto art platform that hosts some of the world’s most prolific digital artists, has become the first art-based project to integrate oSnap, underscoring the solution’s ability to support all kinds of DAOs in the ecosystem. This update will make SuperRareDAO’s governance pipeline more trustless and efficient.
Key takeaways:
The digital art powerhouse SuperRare is adopting oSnap in a commitment to trustless DAO governance.
oSnap will help SuperRareDAO get governance done efficiently while maintaining decentralization.
SuperRare is the first major art NFT project to integrate oSnap, signaling how the solution can help many different types of DAOs in the Web3 ecosystem.
oSnap keeps going from strength to strength. Developed by UMA and Gnosis Guild, the “Optimistic Snapshot Execution” tool has continually attracted leading DAOs looking to make their governance processes more efficient and frictionless. oSnap was released for free to serve as a public good for the Web3 ecosystem and it has helped a host of leading organizations improve the way they execute governance decisions.
oSnap has been particularly popular with DeFi projects. The likes of Across, CoW Protocol, and Nexus Mutual have all integrated the solution to date. But until now, no art-driven DAOs have adopted the solution. That changes today as SuperRareDAO becomes the first NFT-based integration to adopt the solution to improve its governance process. SuperRare is a major project in the digital art scene and this update sets a template for other similar projects to follow.
With SuperRare’s move into the world of optimistic governance, oSnap’s total value secured has reached $963 million. oSnap has established itself as a vital tool for the DAO ecosystem and this update is further proof of that. We go into more detail on the update below.
oSnap explained
oSnap is short for “Optimistic Snapshot Execution.” Developed by UMA in partnership with Gnosis Guild, it uses Snapshot’s gasless voting mechanism with Safe wallets to help DAOs trustlessly execute the results of governance votes onchain. UMA’s Optimistic Oracle secures oSnap, optimistically verifying that DAO voters approved transactions in Snapshot. This removes the need for manual execution and multisig wallets, bringing more decentralization and autonomy to integrated partners.
SuperRareDAO will use oSnap to execute governance decisions in support of SuperRare and the broader digital art scene. $RARE tokenholders will continue to participate in governance votes with Snapshot’s offchain voting mechanism. When a governance vote passes, oSnap’s bot will automatically post a bond and make an assertion to UMA. If no one disputes the transaction within a challenge window, it will automatically get executed onchain. In the event of a dispute, the disputer will be required to post a bond and $UMA tokenholders will step in to settle the bond. UMA builds on game theoretical principles, incentivizing each participant in the system to act honestly. For this reason, disputes are rare.
Why oSnap is a perfect fit for SuperRare
It wouldn’t be an exaggeration to say that SuperRare has been one of the digital art movement’s most essential pillars. The first version of SuperRare launched in 2018 when NFTs were just beginning to gain adoption among a small group of digital art pioneers. Since then, SuperRare has become known as the premier onchain art marketplace for Ethereum NFTs, propelling artists like Botto, Cath Simard, and XCOPY in their careers as the NFT space boomed. More recently, the project launched Rare Protocol to support the scene, letting collectors stake $RARE to support their favorite artists.
SuperRare has long been committed to supporting the digital art ecosystem and its move to decentralize with SuperRareDAO was a key chapter in its story so far. With oSnap, the DAO can operate in a fully trustless manner. Optimistically executing governance transactions onchain removes the DAO’s dependence on multisig wallets, which reduces centralization and delays. The DAO could potentially use oSnap to execute treasury payments to fund members of the SuperRare community, whitelist artists to mint their work on the platform, and make updates related to Rare Protocol.
A useful solution for all kinds of DAOs
Since launching in February 2023, oSnap has become a useful tool for many of Web3’s most active DAOs. The solution has advanced DeFi, helping some of the ecosystem’s top projects double down on decentralization.
With SuperRare’s integration, oSnap is now lending support to the NFT scene. SuperRare is one of the space’s key flag bearers and this move sets the stage for other NFT-focused DAOs to embrace optimistic governance.
oSnap was built to help DAOs become more trustless and efficient. It’s helped many different projects achieve that goal, with SuperRare the latest in a fast-growing list. We look forward to supporting more projects like it in the near future.
oSnap is free to integrate and only takes a few minutes to turn on. It’s been audited by OpenZeppelin. To learn more about integrating the solution into your project, please fill out our partnerships form or visit the oSnap website.
Words by @dreamsofdefi
