bookmark_borderGnosis and Snapshot create tool to bind DeFi governance votes on-chain

The SafeSnap platform allows executing Snapshot governance votes automatically.

Gnosis and Snapshot have collaborated to develop SafeSnap, a product that allows automatically executing successful governance votes on Snapshot. The module, which combines features of Gnosis Safe Multisig and the Snapshot off-chain governance platform, was released on Tuesday.

Snapshot is a “governance-as-a-service” provider for a number of decentralized finance projects, including Yearn.finance, SushiSwap, Balancer, Aave, Cream and others. It provides a simple interface to create governance proposals and let users vote on them by connecting their wallets and the governance tokens contained within. The actual voting process is conducted off-chain, however, to save on gas costs and complexity.

Snapshot proposals are not binding. Team members and multisig holders for the projects are expected to execute the proposals, but the process relies entirely on their goodwill. SafeSnap changes that by introducing the option of automatically executing transactions that would enable the proposal once the governance vote passes.

SafeSnap uses the Reality.eth crowdsourced oracle to verify the outcome of the off-chain vote. Once verified by the oracle, the transaction triggering the particular change can be triggered by anyone. The requirement of manual intervention is a design necessity given by smart contract limitations.

The SafeSnap mechanism would make Snapshot-based projects closer to Compound’s governance model. Proposals on Compound can only be submitted if they include the Solidity code that would directly implement the idea. The on-chain governance module then automatically integrates the new code if the vote passes.

Compound’s governance model presents relatively strong barriers to entry, while at the same time being more uncensorable and code-based, unlike the existing iteration of Snapshot votes. The SafeSnap module allows projects to choose how to implement their proposals, possibly conducting major upgrades through a more decentralized mechanism, while still retaining the gas-saving measures.

Gnosis claims that projects like Yearn, dHEDGE, SushiSwap, mStable and others are set to embrace the system. In a conversation with Cointelegraph, Yearn core member Tracheopteryx explained that nothing is set in stone yet, but he confirmed that “it’s one of the most promising avenues we’re considering.”

bookmark_borderCrypto-friendly trading platform eToro to go public via $10B SPAC merger

Social trading platform eToro could become the next fintech player to pursue a public listing in the United States by merging with a blank check firm.

Crypto-friendly trading platform eToro appears to be making firm moves toward achieving its goal of going public in the United States.

According to a press release issued on Tuesday, eToro is in talks with FinTech Acquisition Corp V — a special-purpose acquisition company, or SPAC, owned by veteran Philadelphia banker Betsy Cohen — toward a $10 billion merger.

Both companies are looking to raise equity to the tune of about $650 million to facilitate the deal. Softbank Vision Fund 2 and Fidelity Management and Research Company are among the investors slated to participate in this equity raise.

Fintech V also reportedly holds about $250 million as cash in trust raised back in December 2020. Thus, pending any redemptions from FinTech V shareholders, the company formed by the merger will hold $800 million as net cash reserves on its balance sheet, which the principal executives say will be earmarked toward future growth plans.

As previously reported by Cointelegraph, eToro has been rumored to be mulling a public listing in the United States. At the time, there was some speculation about a possible initial public offering before the end of the second quarter of 2021.

EToro is now the latest firm involved in cryptocurrencies to be in talks regarding a merger with a SPAC in the United States. Earlier in 2021, Intercontinental Exchange-owned Bitcoin (BTC) futures platform Bakkt was reported to be working toward a $2.1 billion SPAC merger.

Apart from being a regulated entity in Europe, Australia, Gibraltar and the United Kingdom, eToro also received a broker-dealer license from the U.S. Financial Industry Regulatory Authority back in 2019.

Since starting with Bitcoin trading via contracts for differences back in 2013, eToro has expanded its crypto exchange service to include other cryptocurrencies like Ether (ETH) and Litecoin (LTC). According to CEO Yoni Assia, crypto trading on eToro grew 25-fold year-on-year in 2020.

Following a lawsuit filed by the U.S. Securities and Exchange Commission against Ripple, the social trading platform delisted XRP from its crypto offerings in December 2020.

bookmark_borderCrypto.com 任命 Joe Conyers III 为 NFT 平台主管,计划推出受邀制 NFT 平台

链闻消息,加密货币综合金融机构 Crypto.com 宣布任命 Joe Conyers III 为行政副主席及全球 NFT (非同质化代币) 部门主管,Joe 将监督 Crypto.com NFT 平台的发展,该 NFT 平台仅为受邀者开放,并将汇集来自世界各地的艺术家、运动员和体育联盟。

Joe 曾在独立音乐技术和服务企业 Downtown Music Holdings 担任首席战略官,曾为过百万的艺术家及创作者提供支持,在 Downtown 工作期间,Joe 与友人创立了歌曲作者版税收集服务公司 Songtrust。

原文链接:Crypto.com 任命 Joe Conyers III 为 NFT 平台主管,计划推出受邀制 NFT 平台

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