Proposal to Implement oSnap for Optimistic Governance

This proposal aims to integrate oSnap, an optimistic governance tool developed by UMA, into Ampleforth’s governance system. By leveraging oSnap, Ampleforth can execute the results of Snapshot votes on-chain, eliminating reliance on multi-signature wallets and promoting a more decentralized and efficient execution process.

The motivation for this proposal is to enhance Ampleforth’s governance system by making it more efficient, secure, and decentralized. Current DAO governance models often rely on multi-signature wallets for the execution of proposals, which can lead to delays and potential security vulnerabilities. Implementing oSnap, which allows for on-chain execution of off-chain votes, would eliminate the dependency on multi-sig wallets and the associated issues. Furthermore, oSnap’s dispute mechanism and incentives for correct submissions help maintain the integrity and accuracy of the decision-making process. By adopting oSnap, Ampleforth can streamline its governance process and empower its token holders, thereby upholding the true spirit of decentralization.

UMA’s oSnap is a tool for making on-chain transactions based on off-chain voting decisions. After integration of oSnap, a Snapshot proposal can include a transaction payload that is executable if the proposal is approved by the DAO. After a vote completes, any address can post a bond and propose to execute the transactions on-chain by clicking a button on Snapshot.

If no dispute arises about the proposal’s accuracy during the dispute window, the transactions are executed. In case of a dispute, the proposal is not executed and needs to be re-submitted. UMA token holders will determine who was correct in the dispute, with the correct party rewarded from the opposing party’s bond.

Steps to Implement:

  • Use existing safe to install the Zodiac app.
  • Deploy an oSnap module through the Zodiac app.
  • Add oSnap to the Ampleforth Snapshot space through the SafeSnap plug-in.

The integration of oSnap into Ampleforth governance aligns with the DAO’s mission of decentralization and community involvement. Implementing oSnap will not only streamline the governance process but also reduce the reliance on multi-signature wallets, thereby promoting more direct community control.

oSnap’s dispute mechanism provides an extra layer of security, ensuring that the outcomes of governance votes accurately reflect what was approved on Snapshot and that the transaction payload matches what was described in plain English.

The integration of oSnap is free and easy, making it a practical choice for enhancing Ampleforth’s governance.

Since its launch earlier this year, oSnap has been adopted by Across, BarnBridge, and ShapeShift to control their on-chain treasuries, securing over $40 million in value. oSnap is also being used by Lossless Protocol to secure their next generation of wrapped tokens. There are a few other deployments that haven’t been announced yet.

While oSnap has been audited by Open Zeppelin, as with any system, there may be unforeseen vulnerabilities. However, the Risk Labs team is continuously improving open source monitoring infrastructure for oSnap, and oSnap proposals are routed to UMA’s robust and active oracle network.