{"id":49859,"date":"2023-05-17T05:59:50","date_gmt":"2023-05-17T09:59:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=49859"},"modified":"2023-05-17T05:59:53","modified_gmt":"2023-05-17T09:59:53","slug":"anchorage-digital-introduces-off-chain-voting-for-custody-clients","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/anchorage-digital-introduces-off-chain-voting-for-custody-clients\/","title":{"rendered":"Anchorage Digital Introduces Off-chain Voting for Custody Clients"},"content":{"rendered":"\n

Custody clients of Anchorage Digital, a crypto custody firm<\/a>, can now provide feedback on token proposals without incurring expensive gas fees through its recently adopted off-chain voting platform Snapshot.<\/p>\n\n\n\n

\"Anchorage
Anchorage Digital Introduces Off-chain Voting for Custody Clients<\/figcaption><\/figure>\n\n\n\n

According to a statement released on May 16, Anchorage will incorporate the off-chain, gasless multi-governance client Snapshot to enable its “token-holding community users” to vote on governance proposals without incurring gas fees.<\/p>\n\n\n\n

\n

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\u2026 pic.twitter.com\/VYZ5pIwyl1\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— Anchorage Digital \ud83d\udd1c Devconnect \ud83c\udde6\ud83c\uddf7 (@Anchorage) May 16, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

It was stated that all voting would take place within the custody of Anchorage, with no movement of funds.<\/p>\n\n\n\n

Snapshot <\/use><\/svg><\/span><\/a>is utilized by protocols such as AAVE, Lido (LDO), and BitDAO. Voting is documented off-chain, meaning transactions are not recorded publicly on the blockchain.<\/p>\n\n\n\n

According to Anchorage, the benefit of this method is “convenience.”<\/p>\n\n\n\n

\n

\u201cThe tradeoff for such convenience comes in the form of on-chain guarantees; Snapshot voting is free because votes are counted off-chain and thus do not require gas payments. The responsibility to enforce the decision is typically entrusted to a multisig that the protocol team operates.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Anchorage stated that it presently supports “over 60 ERC-20 tokens,” with plans to enable support for all applicable future ERC-20 tokens.<\/p>\n\n\n\n

In October, Anchorage announced that it had expanded its operations to Asia with five new institutional partners, including Bitkub, DreamTrade, and FBG Capital. <\/p>\n\n\n\n

The announcement stated that Asia's consumers “have enthusiastically adopted cryptocurrency.”<\/p>\n\n\n\n

Snapshot was recently used to gather votes from AAVE and LDO token holders on the protocol's most recent upgrade and governance proposals.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/emjicy\/status\/1653392474818191362\n<\/div><\/figure>\n\n\n\n

The voting system was also advantageous for AAVE users who sent their tokens to the incorrect address.<\/p>\n\n\n\n

In July 2022, Lido Finance, a liquid staking solution for proof-of-stake cryptocurrencies<\/a>, was governed by LidoDAO, which conducted a Snapshot vote on transferring 1% of LDO's token supply to DragonFly Capital for $14.5 million, which token holders rejected. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Custody clients of Anchorage Digital, a crypto custody firm, can now provide feedback on token proposals without incurring expensive gas fees through its recently adopted off-chain voting platform Snapshot. According to a statement released on May 16, Anchorage will incorporate the off-chain, gasless multi-governance client Snapshot to enable its “token-holding community users” to vote on […]<\/p>\n","protected":false},"author":12,"featured_media":7000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1893,14494,14495,14496],"class_list":["post-49859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-anchorage-digital","tag-custody-clients","tag-off-chain-voting","tag-snapshot"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/US-government-hires-Anchorage-Digital-to-handle-seized-crypto.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=49859"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7000"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=49859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=49859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=49859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}