What is Snapshot?

Snapshot is a place where projects can create proposals for people to vote on using cryptocurrency. In the industry, this process is called ‘vote signaling’. Traditionally, to vote using cryptocurrency would normally incur fees to process the movement of currency from one wallet to another.

But on Snapshot, that doesn’t happen, thanks to the clever use of the decentralized storage network called IPFS. Because Snapshot doesn’t use ‘on-chain’ verification, any votes are essentially fee-less.

It’s a popular tool for decentralized organizations (DAOs) looking to query what their audiences think using blockchain technology.

• Snapshot is a decentralized voting system.
• It's used by several companies in the DeFi space to help survey users.
• The project uses 'off-chain' signing techniques to make voting fee less.
• There are more than 1,000 project proposals on Snapshot.

A brief history of Snapshot

Snapshot Labs, the creators of Snapshot, emerged from stealth mode in August 2020.

At present, there isn’t a lot of information about who is behind Snapshot, but from various forums, it looks like it emerged from Balancer Labs, the R&D division of automated portfolio manager and trading platform Balancer.

Who uses Snapshot?

There are a wide range of companies in the decentralized finance (DeFi) space that have taken advantage of Snapshot’s unique polling system. These include Uniswap, Balancer, Yearn, Bancor, The Graph, Aragon, and others.

• Before May 2021, It is mostly Pancake Swap that were using Snapshot.
• Since June 2021 to Oct 2021, AAVE been very active on Snapshot
• We can see a colorful bar on Dec 2021, as several projects are gaining user engagement.
• On April 2022, Arbitrum odyssey votes were cast, 19% of user participation in projects belong to the odyssey.

In this dashboard, I will investigate how the Snapshot are doing, by looking at the following metrics:

The total values for the proposals, voters, votes and proposal authors.

The top proposals by voter count.

The number of proposals, voters and votes based on whether the proposal has ended or is still active.

The top proposals by voter count and their status (active or ended).

Deep dive into the most voted for proposal with an investigation of what users were voting for the most.

The above graph shows the number of spaces on a daily basis. As we can see, since 2020, the number of spaces on this platform has grown a lot on a daily basis.