Try Quests to earn SOLRealms vs Snapshot
Building off previous recent bounties on Realms and Snapshot, create a dashboard that shows how Realms and Snapshot are growing and used in comparison to one another. Feel free to build off previous bounty work on these platforms.
Introduction
What is a DAO?
A DAO, or decentralized autonomous organization, is a community-led entity with no central authority. It is completely independent and transparent: smart contracts establish ground rules, implement agreed decisions, and at every stage, proposals, votes, and even the code itself can be publicly inspected.
Platforms such as Snapshot and Realms facilitate DAO and Governance activities.
Snapshot
Snapshot is a decentralized voting platform. Snapshot allows to choose how voting power is calculated and also supports various types of voting, so many famous decentralized entities have chosen it to build their DAO on it. Creating proposals and voting on Snapshot is user-friendly and does not cost gas as the process is performed off-chain.
Spaces are organization's page on Snapshot. Voters can access it by searching for the project name or through a link.
Realms
Realms provides a platform for builders on Solana to create a DAO, manage their members, vote on proposals, and allocate their treasury. Whether you are running a multisig, NFT community DAO, or community token DAO, Realms has the tools and integrations to help your community flourish.
This Study
In this dashboard, we are going to look at different metrics of both platforms and compare them.
Duration Between Each Vote
The next graphs are also interesting, these graphs show the average time between two consecutive votes of each voter.
It can be seen that:
- On average it takes 232 hours for voters to return to Snapshot and vote again, while it takes 141 hour for Realms users to return.
- In Snapshot, almost 50% of users cast another vote less than an hour after their vote. On realms this number is around 42%
- On Realms, 17% of users cast another vote in less 24 hours, while on Snapshot 8% of users cast another vote in less than 24 hours.
- On Snapshot 8.5% of the users vote after 1 month or more, while on Realms this number is around 4.9%.
- A Realms user will return to vote faster.
Voters Participation
In this section we visualize an interesting metric, the graphs below show the number of repeated votes of each voter.
It can be seen that:
- On both platform almost half of the users have only voted once.
- On Realms on the second place, 18.5% of users have voted 2 times. while on Snapshot 18.5% of users have voted more than 6 times.
- Voting more than 6 times is more popular than voting 3, 4 or 5 times.
Approach
Tables
Flipside Crypto has provided on of the best datasets for Snapshot, ethereum.core.ez_snapshot, it contains every detail about proposals and votes, such as proposal names and exact time a vote was cast, etc.
There is also a similar table for Solana governance activities, solana.core.fact_proposal_votes, its recently added and still a work in progress which needs some improvement.
The solana.core.dim_labels is also used to get the name of DAOs active in Realms platform.
Methods and Definitions
We mainly use aggregate functions and techniques to extract information from mentioned datasets.
In order to access Realms votes from fact_proposal_votes table we should set GOVERNANCE_PLATFORM :
FROM solana.core.fact_proposal_votes WHERE GOVERNANCE_PLATFORM ILIKE '%realms%'
To find durations between votes by each wallet we are using DATEDIFF and LAG window function.
DATEDIFF(hour, LAG(vote_timestamp) OVER (PARTITION BY voter ORDER BY vote_timestamp), vote_timestamp ) AS diff
We also use a metric called User Participation in Top DAOs section, it is defined as the ratio of users participating in the dao activities (aka voting) to the number of proposal of an specific project. The larger this number is, the greater the participation of users in the project.
Whales are defined as users who hold more than 1 Million Dollar of ETH or SOL in their wallets.
Study Period
The study is conducted since these platforms inception, Snapshot data is available from July 2020 and Realms data is available since Dec 2021.
Daily Platform Activity
The following charts show the daily activity on each platform since their inception.
It can be seen that:
- Snapshot is way older than Realms.
- Everyday there is voting in progress on each platform, first chart shows the daily active DAO count, which at least a vote is being cast on them.
- Snapshot have had a steady increase on activity until the beginning on 2022, after that the DAO activity didn’t increase much.
- There is around 200 active DAO per day on Snapshot, while this number is around 4 to 5 for Realms, orders of magnitude smaller.
- The second chart show daily active proposals, similar to the first chart, this chart also shows activity of users.
- The last two charts show the activity of voters.
- On Dec 27, 2020, Nov 9, 2021 and Apr 15, 2022 Snapshot had a significant increase in vote and voter count, the last date is related to the Arbitrum Odyssey.
- Realms had also increase vote activity around April and May.
Summary
Lets Summarize the key points of our findings.
- Snapshot is way older than Realms.
- Active DAO per day on Snapshot is orders of magnitude larger than Realms.
- On both platform almost half of the users have only voted once.
- Voting more than 6 times is more popular than voting 3, 4 or 5 times.
- A Realms user will return to vote faster.
- On Snapshot, Arbitrum Odyssey DAO has the most user participation.
- On Realms, Mango is the most active by user participation, followed by Psy finance and Serum.
- Most proposals, about 24%, are related to DAO and DAO activities.
- Users are mostly interested in voting on L2 related proposals (almost 22.5% of the votes), although there are far fewer DAOs discussing this issue (about 1%).
- Snapshot users are more active during Thursday and almost entire Friday, while Realms users are more active during Tuesday.
- Whales don`t ruin DAO activity by exerting influence, Votes are mostly fair.
Whales Activity
As already mentioned in the Approach section, Whales are defined as users who hold more than 1 Million Dollar of ETH or SOL in their wallets. We are going to analyze their activity on Snapshot and Realms. We also look at the top 100 top users by voting power.
It can be seen that none of our whales are active on Snapshot, while 0.283% of SOL whales are active on Realms.
A very negiligible percentage of powerful users are voting on Snapshot, while almost 2.18% of Realms voters are powerful whales.
Decentralized Governance Proposals
The following graphs show the most important DAO and Governance proposals on Snapshot, unfortunately similar data is unavailable for Realms.
The first two chart shows number of proposals by each category, the next charts show the most voted proposal categories.
It can be seen that:
- Most proposals, about 24%, are related to DAO and DAO activities.
- Users are mostly interested in voting on L2 related proposals (almost 22.5% of the votes), although there are far fewer DAOs discussing this issue (about 1%).
- Arbitrum Odyssey falls in L2 related proposals category.
- Token Listing and Staking and Farming is also an interesting topic for both users and DAOs.
- Bridge related proposals are not that interesting for DAOS.
Top DAOs on Realms
The following charts show top DAOs on Snapshot by different metrics.
- Mango Dao and Monkedao have the most number of the votes, in total they have two third of the votes cast.
- Mango Dao and Monkedao also have the most number of the proposals.
- Orca, Jet, Mongo and Solend have the most number of members.
- Mango is the most active by user participation, followed by Psy finance and Serum.
Top DAOs on Snapshot
The following charts show top DAOs on Snapshot by different metrics.
- With nearly 600k votes, Arbitrum Odyssey is the top voted-for DAO.
- PancakeSwap is the top DAO by number of proposals created, followed by Decentraland.
- TBCC is the top DAO by member count, closely followed by Cake, ENS and Aitd.
- User Participation is already defined in the Approach section, Arbitrum Odyssey DAO has the most user participation.
Most Active days of the Week
The next charts show the most active hours and week days for each platform, the darker color mean more users voting on those hours.
It can be seen that:
- Snapshot users are more active during Thursday and almost entire Friday.
- Snapshot users are not voting much on Wednesday and Sunday.
- Snapshot users more active on Thursday, around 13:00.
- Realms users are more active during Tuesday.
- Realms users are not voting much on Saturday.
- Realms users more active on Tuesday, around 16:00.
- Realms users are voting the most between 13:00 to 17:00.
