Anchorage Digital opens up DeFi voting for custody clients
Institutional clients of crypto custody firm Anchorage Digital can now voice their concerns on proposals for tokens they hold without paying hefty gas fees.
According to a May 16 statement, Anchorage will integrate off-chain, gasless multi-governance client Snapshot to allow its “token-holding community users” to vote on governance proposals with their tokens, without incurring any gas fees.
Anchorage Digital is pleased to announce that clients can now participate in Snapshot voting using their Anchorage Digital address. Our WalletConnect integration enables:+ Voting from within qualified custody with no movement of funds+ Secure off-chain governance for… pic.twitter.com/VYZ5pIwyl1
It said all voting will take place within Anchorage’s custody with no movement of funds.
Snapshot is used by decentralizeprotocols like AAVE (AAVE), Lido (LDO), and BitDAO. It records the voting off-chain — meaning transactions are not publicly recorded on the blockchain.
The advantage of this approach is “convenience,” according to Anchorage:
Anchorage said it currently supports “over 60 ERC-20 tokens,” with plans to enable support for all applicable future ERC-20 tokens.
Related: Anchorage forms custody network with five crypto exchanges
It was announced in October 2022 that Anchorage had extended its operations to Asia with five new institutional partners including Bitkub, DreamTrade and FBG Capital. It stated Asia’s consumers “have adopted crypto with enthusiasm.”
Snapshot has recently been employed to collect votes from AAVE and LDO token holders regarding each of the protocol’s latest upgrade or governance proposals.
[Aave Snapshot] [ARFC] Aave V2 Interest Rate Curve Changes (2023-04-21) https://t.co/MQwcd5NVBt @indexcoop @SnapshotLabs
Read more on cointelegraph.com
