GnosisDAO has approved a proposal to transition Gnosis Chain toward an Ethereum rollup model. Read the full analysis for more details.
Frequently Asked Questions
Here is a list of FAQs about GnosisDAOs approval to transition Gnosis Chain to an Ethereum rollup model written in a natural tone with clear answers
General Basics
Q What exactly did GnosisDAO just approve
A They approved a plan to upgrade Gnosis Chain from its current Layer 1 sidechain architecture to a Layer 2 rollup that sits on top of Ethereum Think of it as moving from building your own road to building a highspeed lane on an existing highway
Q What is a rollup
A A rollup is a type of blockchain that does its computing off the main Ethereum network then bundles lots of transactions into one single proof and sends it back to Ethereum This makes transactions faster and cheaper
Q Is Gnosis Chain dying or being shut down
A No not at all The chain itself isnt going away The technology underneath it is changing The goal is to make it more secure and scalable Its an upgrade not a shutdown
Q I hold xDAI Will my coins disappear
A No Your tokens will not disappear However the technical way they are held and secured will change You will likely need to follow a migration guide when the time comes but you wont lose your funds just because of the upgrade
Q Is this the same as Gnosis Pay or the Gnosis Safe wallet
A Its related but different GnosisDAO is the parent organization Gnosis Safe and Gnosis Pay are products built by the ecosystem This specific vote is about the underlying chain that those products run on
Technical Practical Questions
Q Why is Gnosis moving to a rollup Whats wrong with the current chain
A The current chain is very secure but has limited block space By becoming a rollup it can process way more transactions per second and reduce fees even further It also inherits the full security of Ethereum which is considered the most secure smart contract network
Q Will transaction fees go up or down