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Home » Business » Gnosis Safe Onboards Yearn, SushiSwap for Gasless Governance

Gnosis Safe Onboards Yearn, SushiSwap for Gasless Governance

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Ethereum multi-sig wallet has onboarded top DeFi applications for off-chain voting.

Gnosis Safe Onboards Yearn, SushiSwap for Gasless Governance
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Multi-sig wallet provider Gnosis Safe is launching an off-chain decentralized voting mechanism for governance on DeFi.

Gnosis Safe Aims to Reduce Ethereum’s Load

Gnosis Safe provides over-the-top security to Ethereum accounts on hardware wallets, Metamask, Authereum, WalletConnect enabled wallets, and others. 

Now, they’re launching off-chain voting for crypto communities.

Stefan George, Gnosis Co-Founder, and CTO shared with Crypto Briefing:

“The ability to execute DAO vote outcomes in a decentralized way, without taking the whole process on-chain and incurring the resulting gas fees, has been a difficult one to solve.”

The new module will compute the offline votes using the multi-sig safe protocol and use Reality.eth, an Ethereum based question-and-answer dApp, to relay the result of the vote to the blockchain.

The problem of rising gas fees on Ethereum is pervasive. While there are various proposed solutions around it in layer-2 solutions, an ETH buyback, and ongoing work with the ETH 2.0 update, the costs remain high.

Presently, calling a simple poll function on Ethereum takes up to 25,000 units of gas, costing the protocol nearly $6 at current ETH prices. Gnosis plans to take this functionality off-chain using the Ethereum account address of users outside the main-chain.

Gnosis aims to further off-chain “decentralized meaningful solutions” to reduce the cost of executing on-chain smart contracts.

The multi-sig wallet claims support to nearly $18 billion in ETH and other ERC-20 tokens.  

DeFi projects in Yearn Finance, Balancer, dHedge, SushiSwap, mStable, BrightID,  Stakewise, and PoolTogether are set to sign off for SafeSnap.

Disclosure: The author held Bitcoin at the time of press.

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