UMA Protocol introduces oSnap in partnership with Snapshot

Snapshot has announced a partnership with UMA Protocol, paving the way for the introduction of oSnap for a list of benefits. oSnap stands for Optimistic Snapshot Executive; it allows DAOs to propose transactions, submit on-chain data, and participate in off-chain governance votes.

DAO token holders no longer need to rely on specific signatories to execute decisions. oSnap can be added to the existing Snapshot and Safe multi-sig wallet by following the quick-start guide. Alternatively, one may choose to connect with the team via the official email.

The process begins with deploying the oSnap module and then setting parameters. This is followed by the creation of a Snapshot proposal. The proposal is subject to being passed before one can execute transactions and/or dispute the result while calling for a fresh voting process. In a situation where the proposal does not see the light, users can consider modifying the points and trying again.

Audited by OpenZepplin, oSnap’s optimistic governance helps token holders to circumvent the reliance on team multi-sig just to execute proposals. Outcomes are optimistically verified by the oracle of UMA. This includes the voting result of Snapshot. Disputes, if any, have a way to be resolved through game theory and incentives. They can leverage Safe Wallet to execute votes autonomously.

UMA Protocol and Snapshot introducing oSnap to the community enables decentralized and instant decision-making on the grounds of trustless coordination among DAOs. Needless to say, this makes way for decentralized and efficient coordination.

The development has been positively welcomed by the UMA community. For all the right reasons, one might assume. The direct implications of the native token are visible right from the announcement. UMA was last seen being traded at $1.63. Per UMA prediction, the token can go as high as $4.75 by the time 2023 ends. It is likely to dance around that figure in the following year as well.

What could cement this estimate for UMA is partners coming together for collaboration to launch the offering and further the adoption of optimistic governance through oSnap.

Snapshot has assured the community through the announcement that it will retain the qualities of being free, programmable, and fast despite the recent partnership. Meaning the introduction of oSnap will have positive effects with no compromise on the uniqueness that is offered to the community right before the development.

The development follows the announcement by Snapshot, wherein it stated that the integrators’ week has commenced. The idea is to explore the most favorite plugin on Snapshot and help users set the same plugin to their devices. POAP Plugin, to be more specific, allows users to reward their voters with an on-chain memory that commits to last throughout the lifetime.

POAP stands for Proof of Attendance Protocol and is an NFT badge that one can claim by participating in experiences or events.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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