Off-chain voting solution Snapshot got a stimulus boost thanks to $200k in funding from Aragon and Balancer yesterday afternoon.
Both teams have pledged $100k in their native tokens, ANT and BAL, into a 50/50 Balancer pool to be used by Snapshot for future funding.
@SnapshotLabs to get $200k in funding in a 50/50 BPT of $ANT and $BAL— Jorge Izquierdo 🦅 (@izqui9) October 6, 2020
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
At a time when an increasing number of DeFi teams are aiming to give up control to their communities, Snapshot has turned into the most used solution for minimum viable governance, leveraged by projects from Yearn Finance to social tokens like COIN. It allows users to signal their vote on proposals using token weight without paying gas fees.
On Chain Voting
Aragon and Balancer are also teaming up to enable on-chain voting to Snapshot, giving teams the ability to ratify off-chain decisions formally.
Aragon, a platform to create DAOs, is working to integrate Aragon Agreements into Snapshot, providing an easy way to ratify votes for Aragon-based projects on-chain. Balancer, an on-chain liquidity and asset management protocol, was the first to utilize the MVP of Snapshot.
The intent is to create “a governance standard for tokenholder voting, and a common good for the community,” [WHERE IS THAT QUOTE FROM?] the likes of which are still being iterated on. Still, this announcement signals that Snapshot has struck a chord with the DeFi community, one that many projects are likely to follow in the coming months.