What are the Lil Nouns NFTs

As is obvious from the name, Lil Nouns are basically a smaller, version of the Nouns NFTs they spun off from. “Nouns as kids” as it says on the Lil Nouns website. That is to say that they sport the same pixel art style and aesthetic as the Nouns.

In essence, these NFTs will be the funding source for the Lil Nouns DAO – an expansion DAO based on the Nouns DAO. Thus, the goal of the Lil Nouns DAO is to expose more people to Nouns.

One of the most unique things about these NFTs is how they become available. To explain, rather than dropping a full collection at once like most generative avatar collections, the Lil Nouns smart contracts generate and auction a new one every 15 minutes. Not to mention that this process will, in theory, continue indefinitely. Clearly, this is a riff on the Nouns, whose contracts produce and auction an NFT every 24 hours.

The DAO at the heart of the project

According to the Nouns team, the Lil Nouns NFT collection is the funding source to build the Lil Noun DAO. a Noun-based DAO expansion. In a way, Lil Nouns will help the brand boost its sales and popularity of Nouns.

Lil Nouns DAO works the same way as any other DAO. Each Lil Noun means the individual has one vote in DAO. The voters are allowed to delegate their vote by choice, so they have full authority to operate the DAO.

For every Lil Noun sold, 100% of the earnings go to the Lil Nouns DAO treasury, completely controlled by Lil Noun NFT owners.

Lil Nouns DAO bases its system on having a veto right by the founders 0xsvg and adelidusiam which means these two have authoritative rights but it is only to protect the NFT project from malicious attacks. This veto right will remain until Lil Nouns’ supply increases and there are enough users to vote on DAO.

For more information about Lil Nouns and how it works, visit Lil Nouns WIKI

Description of work

In this work, we want to analyze the voters of Lil Nouns proposals and examine whether small holders also participate in the voting process of Lil Nouns proposals or not.

To do this, we follow the following steps.

• 1 - First, we find the wallets of voters to Lil Nouns proposals.
• 2 - Then we find the wallets related to Lil Nouns holders.
• 3 - Finally, we analyze the amount of Lil Nouns in the voters wallets to determine how much Lil Nouns the voters hold.

1 - Find the wallets of voters to Lil Nouns proposals

Contract address for voting Lil Nouns proposals is 0x5d2C31ce16924C2a71D317e5BbFd5ce387854039.

By analyzing the transactions related to this contract address in etherscan, we find that this contract address has several methods. For this work, we need voting methods, that is Cast Vote and Cast Vote With Reason.

To find wallets that voted for Nouns proposals, we need to filter the records in the ‍[ethereum.core.fact_event_logs]table with these conditions:

• CONTRACT_ADDRESS = '0x5d2C31ce16924C2a71D317e5BbFd5ce387854039'
• ORIGIN_FUNCTION_SIGNATURE IN ('0x56781388', '0x7b3c71d3')
• TX_STATUS = 'SUCCESS' AND EVENT_REMOVED = FALSE

Note: when ORIGIN_FUNCTION_SIGNATURE = 0x7b3c71d3(Cast Vote With Reason), in addition to voting, the voter also expresses his or her opinion on the proposal. the opinion is placed in the EVENT_INPUTS field.

2 - Find the wallets related to Lil Nouns holders

To do this, we follow the following steps:

• 1 - We extract the last trading time for all LilNoun NFTs from the [ethereum.core.ez_nft_transfers]table with the following command.

  • SELECT NFT_ADDRESS, TOKENID, MAX(BLOCK_TIMESTAMP) AS LAST_TIME FROM ethereum.core.ez_nft_transfers WHERE NFT_ADDRESS='0x4b10701bfd7bfedc47d50562b76b436fbb5bdb3b' AND EVENT_TYPE='other' GROUP BY NFT_ADDRESS, TOKENID

• 2 - We join the records obtained in the first step with the [ethereum.core.ez_nft_transfers] table to find the LilNoun holders and the number of LilNouns held by them.

To check the results, we compare them with the holders displayed in etherscan.

3 - Analyze the amount of Lil Nouns in the voter's wallets of Lil Nouns proposals

To find the number of LilNouns held by each of the voters to Lil Nouns proposals, we join the results obtained in Section 1 with the results obtained in Section 2.

According to the results:

• Out of 985 Lil Noun holders, only 154 participated in the voting. This means only 15.6% of the holders participated in the voting.
• 50% of voters hold only 1 Lil Noun, indicating that even the smallest holders participated in the voting.
• 85% of voters hold a maximum of 5 Lil Nouns.
• The highest participation (13 votes) belongs to the wallet, which currently holds only 8 Lil Nouns.

Due to the above results:

• ‍0x64e9cd118aa8d45c20efeeefd68679372F5E48DC with 13 votes has the highest participation in voting to Lil Nouns proposals. (About 3% of the total votes)
• After that, 0x8becd7bf3F910090f9264dfd00b221ea04af8C3 has the second most participation in voting to Lil Nouns proposals with 11 votes. (About 2 % of the total votes)
• 0x4754b7e3de42d71d6c92978f25f306176EC7E9 and 0xb0623C91C65621df716AFE5F66656b21A9108 have the third most participation in voting to Lil Nouns proposals with 10 votes.

NOTE: The only difference is the address 0x0000000000000000000000000000000000000000, which ranks fourth in etherscan holders.

The description of this address in etherscan says:

• This address is not owned by any user, is often associated with token burn & mint/genesis events and used as a generic null address

so we can ignore the Lil Nouns in this address.

Very important point

• Depending on how this NFT is minted, the results that will be obtained later when queries are executed may differ from the numbers listed here at the time of writing.

According to the results:

• The 0x0bc3807ec262cb779b38d65b38158acc3bfede10 wallet is the largest Holder with 233 Lil Nouns, with about 10% of the total NFTs.

• The 0x3cf6a7f06015acad49f76044d3c63d7fe477d945 wallet is the second largest Holder with 213 Lil Nouns, which holds about 9% of the total NFTs.

• The 0x4754b7e3dede42d71d6c92978f25f306176ec7e9 wallet is the third largest Holder with 93 Lil Nouns, which holds about 4 % of the total NFTs.

• Lil Nouns has 985 Holders