Disclaimer: Participation in any SNS is at your own risk.
Before participating in an SNS decentralization swap to get a share of the SNS DAO’s voting power, it is highly recommended that you do your due diligence on the dapp in question to make sure the SNS DAO is trustworthy. Dapp developers are responsible for providing all the necessary information that allows you to verify the dapp and its SNS configurations. Note that in participating without doing due your diligence, you are implicitly trusting the NNS community and the developers decentralizing the dapp. In any case, it is crucial that you trust the developers will not change the dapp during the SNS launch. Learn what you could verify and what to look out for on the ICP Wiki.
How can I verify the SNS decentralization swap proposal?
There are multiple levels of verification you can do depending on your level of technical understanding. SNS canisters can be verified at any time, even before the decentralization swap, but after they have been installed on the SNS subnet. Here are some ways to verify:
- Swap parameters: You can verify what the parameters of the decentralization swap are in the Launchpad or in the decentralization swap NNS proposal.
- SNS root canister: An SNS DAO is comprised of several SNS canisters that have different functions. The root canister is the canister that controls the other SNS canisters within a given SNS DAO. You should verify that the SNS root canister is the only canister controlling other SNS canisters within that SNS DAO. Verification is important for making sure there no backdoors built in.
- The dapp canister: You can verify that the canister id of the dapp controlled by the SNS DAO is the same as the one you're interacting with. See Wiki for more info on verification.