A snapshot is a record of a system’s state at a particular reference point. In crypto, this often means recording token balances or other account data at a specified block height. It provides a consistent basis for later calculations even while the blockchain continues to change. A snapshot need not be a copy of every transaction or a full wallet backup.
Why the reference point matters
A project might use balances at a snapshot block to determine an airdrop allocation. Buying after that block would not change the recorded balance. Governance systems can similarly use historical holdings to calculate voting power, so moving or acquiring tokens later does not rewrite that measurement.
The Snapshot governance platform uses this concept, but the generic word also applies outside that particular service.
A record is not an entitlement
Eligibility still depends on the program’s rules, including supported assets, addresses, exclusions, or multiple observation periods. A custodian’s internal account snapshot can differ from an on-chain address snapshot. Recording a balance does not itself distribute tokens, lock funds, or guarantee a reward. A snapshot also does not contain the private keys or recovery phrase needed to control a wallet.