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a Comprehesive Analysis of Governance Voting in MakerDAO.
What is MakerDAO?
MakerDAO is a decentralized organization dedicated to bringing stability to the cryptocurrency economy. The Maker Protocol employs a two-token system. The first being, DAI, a collateral-backed stablecoin that offers stability. The Maker Foundation and the MakerDAO community believe that a decentralized stablecoin is required to have any business or individual realize the advantages of digital money. Second, there is MKR, a governance token that is used by stakeholders to maintain the system and manage DAI. MKR token holders are the decision-makers of the Maker Protocol, supported by the larger public community and various other external parties.
Maker is unlocking the power of decentralized finance for everyone by creating an inclusive platform for economic empowerment; enabling everyone with equal access to the global financial marketplace.
The Maker Protocol, also known as the Multi-Collateral DAI (MCD) system, allows users to generate DAI by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community-organized and operated process of managing the various aspects of the Maker Protocol. DAI is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, DAI offers economic freedom and opportunity to anyone, anywhere. Read More …
MakerDAO Governance
MakerDAO governance describes the way rules, norms, and actions are structured, sustained, regulated, and upheld. Voting requires Maker (MKR) tokens and takes place on the Governance Portal. The Governance Portal lists Governance Polls and Executive Votes and the Voting Contract section lets users set up and manage their voting contracts. To vote, MKR owners must "lock-up" tokens by transferring them into the Voting Contract. Votes are weighted based on the quantity of MKR locked in the contract. "Locked" MKR can be withdrawn at any time. MKR token holders have the option to set up their Voting Contract with a single hot or cold wallet, or, as a linked wallet, for more secure voting. Read More …
Overall Stats
Over-Time Data
Proposals (Polls) Data
Voters
Summary & Conclusion
- The highest peak of governance voting in MakerDAO was during the year 2020. 2021, late-2022, and 2023 (currently) have the lowest peak of voting activity in MakerDAO governance.
- The main reason behind decreasing activity of voters in MakerDAO can be the bearish situation of the Cryptocurrency market during recent months. On the other hand, users are spending their most of time in other more-useful DeFi protocols or are staking their asset in pools which provide them more profit (rather than locking their DAI & MKR in MakerDAO in order to be able to vote on Governance).
- a significant number of new voters voted on the MakerDAO governance proposals for the first time in late-2022.
- The cost of voting on MakerDAO proposals is decreasing over time thanks to Ethereum’s network optimization and upgrades such as EIP1559 and The Merge.
- The volume of locked $MKR in MakerDAO is increasing over time.
- The highest number of proposals was launched on MakerDAO in September 2020.
- The majority of MakerDAO proposals have 10 - 25 voters (10 - 25 executed votes by them).
- There is not much vote-switching activity in MakerDAO proposals.
- Proposal ID #849 is currently the most popular proposal with the highest engagement. It was a Ratification Poll for Offboarding Events Core Unit and was rejected because of many NO votes on it. (Read More Details About this Proposal).
- The majority of voters have only voted on 1 MakerDAO proposal and only voted once. Totally, there is a very low participation rate of voters on Proposals (about 1%)
- The majority of voters have a low amount of $MKR & $DAI in their voter wallets. a Low average balance of voters can be because of fear of users from connecting their main-high-balanced wallet to the MakerDAO voting platform because of several recent hacks on these kinds of platforms.
- Ethereum’s market share of MakerDAO Voters is too low.
Official MakerDAO Voting Website
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Executed Votes, Participated Voters & Spent Gast on Selected Proposal (Use ==Proposal_ID== Parameter)
In this part, you can use the provided **Proposal_ID **in order to see the number of executed votes, participated voters and also the total spent gas on votes for the selected proposal id in MakerDAO.
- On the above data, you can see total number of executed votes, unique voters, executed polls (proposals) and also total locked $MKR in MakerDAO.
According to the above charts, the highest peak of governance voting in MakerDAO was during the year 2020. After October 2020 and especially during 2021 & early-2022, there is a massive decline in governance voting activity in MakerDAO. again during the last months of the year 2022, there was another high peak of voting activity in this DAO that has attracted the highest number of new first-time voters to this protocol. but this high activity has declined again after December 2022. MakerDAO governance voting is at one of its lowest peaks in the year 2023.
Also, the average and weekly cost of executed votes on proposals is decreasing over time especially after Mid-2022, thanks to the Ethereum optimization and upgrades (such as EIP 1559 & The Merge)
Also on the left chart, you can see the evolution of locked $MKR in MakerDAO over time.
According to the above data, the number of executed votes and also active users in the majority of MakerDAO polls is 10 - 25 (more than 50% of proposals).
Moreover, until the analysis date, poll id #849 is the most successfully executed proposal on MakerDAO that has the highest engagement among other executed proposals.
Also, there are not many vote-switchers in MakerDAO. Anyway, proposal id #209 was the poll with the highest number of vote-changers (4)
In the above data, you can see the aveage number of cast vote, participated proposal, time difference between 2 votes, wallet age, $MKR & $DAI balance of voters in MakerDAO.
Moreover, you can see the Ethereum market share of MakerDAO voters which is way too low.
Based on the above data, the majority of voters have only executed 1 vote and only participated in 1 poll in MakerDAO governance.
Also, we can see the wallet address with more than 55% participation ratio in MakerDAO proposals is the most active voter in this network while the average participation ratio of voters on MakerDAO proposals is almost 1%.
According to the above charts, the majority of MakerDAO voters have less than 1 $DAI and also less than 0.1 $MKR in their wallet.
Also, you can see the top 10 voters with highest $DAI & $MKR balance in the bar charts.