Savvy integrates oSnap for decentralized governance on Arbitrum
Join the Savvy and oSnap X (Twitter) Space: “ Wen round 2: delegates unpack the Arbitrum STIP” on Friday, October 27th at 11:30 am EST. We’ll chat with Max Lomu of Connext, Jiro of Sushi, Alex Lumley of Savvy, and Campbell Easton of oSnap to discuss the Arbitrum Short-Term Incentive Program, Savvy’s STIP Extension proposal, and future learnings.
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Savvy DAO is the governing body responsible for managing the Savvy protocol. By staking the SVY governance token, Savvy DAO participants can influence the decisions of the DAO and the future of the Savvy protocol. This week, Savvy DAO integrated oSnap into our snapshot.org voting framework to implement one of our planned steps towards decentralization.
oSnap is a DAO governance tool built and secured by UMA. It allows your community to vote offchain and automatically execute the results onchain. oSnap integrates with your Snapshot Space and the Safe wallet holding your treasury funds. Transactions approved by the community are validated onchain and executed without the need for centralized multisig approval.
Using oSnap, proposals to the Savvy DAO can include the actual on-chain instructions to submit in case the proposal passes. From Savvy DAO’s perspective, this provides better transparency, giving the community more information about the proposals it will consider. Fundamentally, Savvy DAO’s oSnap implementation also represents a principled step towards trustlessness, realizing one of the most revolutionary aspects of decentralized computation.
How it works
Now that oSnap has been integrated into Savvy DAO’s proposals workflow, there is a new step that collects transaction data as part of the proposal submission. Proposals that include an implementation transaction will have gone through additional planning and scrutiny. We think that bundling transactions with proposals will increase collaboration, raise the quality of governance, and give DAO participants an additional mechanism to convey the value of their proposal to the community-at-large. As a consequence, voters can predict exactly what will happen, on-chain, as a consequence of their voting decision.
If approved, oSnap submits the transaction data to UMA’s optimistic oracle. The oracle validates that the transaction is a 100% match for the data stored at the IPFS identifier. If it’s valid, the transactions are immediately executed from the DAO Safe. If it’s invalid or a malicious transaction submitted to attack your DAO, the data is immediately and automatically deleted before it arrives onchain.
To get involved with Savvy DAO, please see our Forum for more information. To make direct contact with other DAO members, we invite you to join our Discord.
Learn more
Savvy DeFi is a decentralized credit protocol on Arbitrum that grants borrowers access to an immediate advance on the future yield of their collateral. Savvy protocol allows borrowers to maintain exposure to their choice collateral while gaining access to immediate liquidity with 0% interest, no monthly payments, and no risk of liquidation.
oSnap is a free-to-use governance tool secured by UMA and audited by Open Zeppelin. It is free to use and can be integrated in less than 60 seconds.
UMA is an optimistic oracle that can validate any independently verifiable data on the blockchain. UMA ensures protocol security by incentivizing validators to identify and delete false information passing through the oracle. Since launching in 2020, UMA has secured more than 10,000 critical data assertions. It has never been corrupted.
