The purpose of this document is to propose cross-chain governance as a use case for Futaba and to discuss its potential.
Futaba is a cross-chain infrastructure specialized in data acquisition, which allows you to easily handle the state of other chains on smart contracts. For more information, please refer to here (https://futaba.gitbook.io/docs/introduction/futaba-introduction).
Recently, many protocols have become multichain, and with that, governance tokens have been minted on multiple chains. However, in many cases, voting is actually done on a single chain, and Ethereum is the most common case, making gas fees a bottleneck for small voters. Therefore, (1) voting on chains or rollups with low gas fees and (2) a voting system for multichain dapps are necessary.
First, we will confirm the current status and challenges of cross-chain governance, and then introduce cross-chain governance using Futaba as a solution.
Of course, this cross-chain governance targets protocols that build dapps across multiple chains.
In addition, this is limited to protocols where governance tokens are deployed on multiple chains. If the governance token is deployed only on a single chain, it is naturally assumed that the chain for voting will be single, and only cross-chain is required for reflecting proposals.
<aside> ⚠️ If you want to vote on a chain with low gas fees to reduce the cost of voting on a single chain, you can use Futaba.
For example, if you deploy dapps or governance tokens on Ethereum and vote on Arbitrum to reduce gas fees, you can use Futaba's query() on Arbitrum to refer to the amount of governance tokens on Ethereum and vote on Arbitrum.
However, this proposal is more focused on multiple networks, so it is limited to protocols where governance tokens are deployed on multiple chains.
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Here, we focus on on-chain voting, not off-chain voting such as Snapshot.
On-chain voting has great value because it has the force of automatically executing smart contracts according to the voting results. Therefore, on-chain voting is effective for proposals that require strong enforcement and do not require smart contracts for proposal execution or are of low importance and can be satisfied by existing off-chain voting.
As mentioned later, messaging protocols are used for proposal execution. A messaging protocol is a protocol that allows you to send any byte data to another chain and execute any contract on the destination chain, and LayerZero is a typical example.
Here, we assume any messaging protocol necessary for executing proposals.