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— Anchorage Digital (@Anchorage) May 16, 2023
It said all voting will take place within Anchorage’s custody with no movement of funds.
Snapshot is used by decentralized protocols 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:
“The 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…
