Introduction

Lil Nouns NFTs are digital pixel art characters with one sold at auction every 15 minutes to the highest bidder. DAOs are crypto organisations which individuals can contribute to, in the LiL Nouns DAO in order to take part and vote you need a LIL Noun NFT.

The percentage of votes compared to the number of whale holders is 194% meaning whale holders account for a larger number of transactions when accounting for the number of them.

Those holding 4 - 10 vote on average between them 186%, surprising with the high number of votes in the chart above this one only 20% of votes come from those holding 1 NFT when accounting for the number of holders. Meaning a holder holding 1 NFT is much less likely to vote than a holder holding 2 or more LIL Noun NFTs.

What this shows is that someone who purchases(or/and is transferred) more Lil Noun NFTs is more likely to vote. This isn't surprising as they would likely have more ETH to spend on gas fees.

Here we can see that the majority of votes come from holders with 1 NFT, with the smallest number of votes coming from whales. This doesn't tell the full story though.

So who sends the proposals, those holding 4-10 have sent the most proposals sending 12, however accounting for the number of NFTs being held a whale holder is much more likely to submit a proposal. Once again showing that a larger holder is much more likely to partake in governance than a smaller one.

Ethereum Gas fees fluctuate over time, while a high of 11 dollars has been seen in recent weeks, gas fees can reach over 100$ at busy times on the network. The gas fees on the chain could have an impact on holders who may not have as much ETH to cover the gas fee of voting.

Lil Nouns DAO Voting

Conclusion

A holder with more NFTs is much more likely to partake in governance in Lil Nouns DAO as a whole, highlighting a possible link between the cost of gas on the Ethereum blockchain and the ability of investors who can't afford to be larger holders and the cost of submitting votes and proposals.