Venus which is backed by Binance Smart Chain has announced a new launch under the name of Snapshot space. With Snapshot, users can cast votes without having to pay transaction fees. Its decentralized nature makes it an ideal tool for governance. With its flexible nature, Snapshot can also be used to add additional tokens, networks, and strategies to the voting score.
A great example would be to allow users to vote on various governance decisions that do not require accessing the protocol’s admin functions. With the integration of Snapshot, the Venus team is planning on introducing a new governance process that will allow users to conduct non-governance polls.
Due to the nature of the votes that are recorded off-chain, it is not currently possible to trigger chain effects or modify protocol changes without additional plugins. Currently, only XVS vault stakers are allowed to vote through Snapshot. This feature limits the voting power of those who are actively participating in the platform. The powers granted to the admins will be delegated to them by the ENS owner. Additional income from crypto mining also gives extra boost. They can then modify the settings of the page and remove spam proposals.