Institutional customers of the cryptocurrency custody firm Anchorage Digital can now voice their concerns on proposals for tokens they hold without having to pay hefty gas fees. 
According to a statement published on May 16, Anchorage plans to integrate an off-chain, gasless multi-governance client called Snapshot. This will enable Anchorage to provide its “token-holding community users” with the ability to vote on governance proposals using their tokens without paying any gas fees. 
It was stated that all voting would be conducted within Anchorage’s custody, and there would be no movement of funds. Several decentralized protocols use snapshots, including AAVE $63.51, Lido (LDO), and BitDAO. It records the voting off-chain, meaning transactions are not publicly recorded on the blockchain. Off-chain recording means that this information is kept private. 
According to Anchorage, the benefit of utilizing this strategy is “convenience.” “The tradeoff for such convenience comes in the form of on-chain guarantees; Snapshot voting is free because votes are counted off-chain and, as a result, do not require gas payments.” The protocol team typically operates a multisig, entrusted with enforcing the decision once made. 
Anchorage has announced that it currently supports “over 60 ERC-20 tokens,” and plans to enable support for all applicable future ERC-20 tokens. In October 2022, it was announced that Anchorage had expanded its operations to Asia with five new institutional partners. Among these partners were Bitkub, DreamTrade, and FBG Capital.&nbsp; 
According to what was found, consumers in Asia “have adopted crypto with enthusiasm.” 
A snapshot was recently used to collect votes from holders of AAVE and LDO tokens regarding the most recent upgrade or governance proposals for each of the protocols. 
AAVE users who inadvertently sent their tokens to the incorrect address could also benefit from the voting system meaningfully. In July 2022, a Snapshot vote was held by LidoDAO, the governance body that controls Lido Finance, a liquid staking solution for proof-of-stake cryptocurrencies. The vote asked token holders to decide whether or not to send 1% of LDO’s token supply to DragonFly Capital in exchange for $14.5 million. Token holders ultimately decided against the proposal. 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/anchorage-digital-opens-up-defi-voting-for-custody-clients/">Anchorage Digital opens up DeFi voting for custody clients</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Anchorage Digital opens up DeFi voting for custody clients

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