MonkeDAO Voting Break-Down

Q51. Extension off the MonkeDAO question last week: A month ago, the MonkeDAO pressed the Solana Monkey Business team for various changes to be made to the royalty and NFT structure to foster growth for the collection. Ultimately this resulted in the first NFT on-chain vote on Solana to accept or reject the SMB team's proposal, with a 'no' likely resulting in a separation of the two groups. In the end, the MonkeDAO voted to unify with the SMB team and to grow their relationship together. Break down the voting behavior for the first three proposals by the following number of monkes per wallet (1 SMB, 2-3 SMBs, 4+ SMBs). Are there any patterns that you see based on number of SMBs used to vote in a wallet? Why do you think ""whales"" voted the way that they did? Background info: https://decrypt.co/93193/solana-monkey-business-monkedao-battling-over-future Hint: Voting programId : Daovoteq2Y28gJyme6TNUXT9TxXrePiouFuHezkiozci Sample tx of a vote for question 1 (Accept SMB proposal) https://solscan.io/tx/5pTUfdXkHfG8WQhThmYW6fkVpp6oheTZRrLYD3mhANJ86XrkV75AQ8HNuj8CasHVrGHXGaep9nsNM4dTaVpYX4AB Sample tx of a vote for question 2 (If vote 1 was not passed, should vote 1 not succeed, should MonkeDAO membership change from holding a SMB to a NFT issued by MonkeDAO?) https://solscan.io/tx/3B8BRtfSskcRHb2jsQieUUpMXZUAxLZbHzYhd64PBAgJxzdgBVaHBqUdMcMVK3SytJmWHZbfSy4BZbF6MbUsQccT Sample tx of a vote for question 3 (If vote 2 succeeds, what should be the access mechanism for the DAO be?= - airdrop or entanglement? https://solscan.io/tx/GUapUn8FmTqmxkZ9RLtK4WZzhkDSEyYxApBK9r6r1F2wTHcJWfL35xav3qogvBv8EFTz4GX6C3Z1TQaiQB5byPc Overall Voting Results for the first 3 questions: Question 1: Yes (1483) No (64) Question 2: Yes (361) No (181) Question 3: Airdrop (262) Entangle (191) Sample query of a count of all votes: SELECT instructions[0]:accounts[6] AS acct_6 , instructions[0]:data AS data , COUNT(1) AS n , SUM(ARRAY_SIZE(inner_instructions)) AS total_votes FROM solana.fact_transactions WHERE block_timestamp <= '2022-03-05' AND block_timestamp >= '2022-02-15' AND succeeded = 'True' AND instructions[0]:programId = 'Daovoteq2Y28gJyme6TNUXT9TxXrePiouFuHezkiozci' GROUP BY 1, 2 Hint: need to count total votes as shown in sample as you can have more than 1 vote per transaction Hint: You will need to link the last Acct_6 with the data (can reference voting results for confirmation) to map out questions and answers. Hint: use solana.fact_nft_sales and solana.dim_nft_metadata Hint: SMB marketplace program Id: J7RagMKwSD5zJSbRQZU56ypHUtux8LRDkUpAPSKH4WPp Hint: Also need Magic Eden marketplace program Id: M2mx93ekt1fmXSVkTrUL9xVFHkmME8HTUi5Cyc5aF7K

Background

As the Solana Monke Business (SMB) community grew, so did their secondary-market sales. MonkeyDAO - a community run decentralized DAO - requested additional funding in order to help the SMB community to grow. MonkeyDAO, argueably, has been driving sales and awareness for the SMB community, while the SMB creator has been hands off -- causing royalty disputes.

These disputes lead to the first nft on-chain vote on Solana from Solana Monke Business (SMB) and MonkeDAO. This on-chain vote contained 3 proposals for which each SMB holder participated in.

Proposal #1

Should MonkeDAO accept the SMB proposals and maintain their relationship?

Let break down the voting results.

The first proposal received the most votes out of all 3, coming in with 1,555 votes from 955 unique wallets. That equates to roughly 1.63 votes per wallet.

The outcome was resoundingly in favor of the SMB proposals:

1489 votes for yes, from 908 different wallets (roughly 1.6 votes per wallet).
66 votes for no, from 47 different wallets (roughly 1.4 votes per wallet).

Here we can see that the vast majority of "no" votes comes from people who held 1 or 2 SMBs. An interesting stat to consider would be duration of holding a SMB. Long term holders, who believe in SMBs, are probably more likely to own more than one and vote to approve the proposal.

Let's take a look at these "whales" who hold the most SMBs and how their vote fared.

Of the top 10 SMB holders, only 1 voted no on proposal #1. Within the top 10 wallets, the average number of SMBs held is 19.7.

Proposal #2

This proposal is conditional on the first proposal: If vote 1 failed, should MonkeDAO membership change from holding a SMB to a NFT issued by MonkeDAO?

Let's break down the voting results.

The second proposal received the second most votes out of all 3, coming in with 537 votes from 339 unique wallets. That equates to roughly 1.58 votes per wallet.

The outcome was in favor of the migration to an NFT offered by MonkeyDAO:

355 votes for yes, from 233 different wallets (roughly 1.5 votes per wallet).
182 votes for no, from 106 different wallets (roughly 1.7 votes per wallet).

Votes for this proposal are much more split than the first proposal, which the ratio of yes/no swapping the more SMBs a wallet possessed.

1 SMB: 168 yes, 65 no (72% yes)
2 SMB: 35 yes , 11 no (76% yes)
3 SMB: 7 yes, 3 no (70% yes)
4+ SMB: 9 yes, 11 no (45% yes)

Taking a look at the whales, We see the same split behavior amongst the top 10 holders of SMB who voted on this proposal: 3 of the top 10 voted "no".

Proposal #3

Proposal #3 is double conditional: it needs the first proposal to fail, and the second proposal to pass. The proposal being: what should be the access mechanism for the DAO be: airdrop or entanglement?

Airdrop : An airdrop is a free distribution of a coin/NFT. A snapshot of wallet holders is taken at a particular time, and the coins/NFTs are deposited into those wallets.

Entanglement: Entanglement is the process of wrapping existing NFTs into a new, duplicated version of the NFT. This causes a "hard-fork" of the existing project so royalties can be reallocated.

The third proposal received the fewest votes out of all 3, coming in with 458 votes from 302 unique wallets. That equates to roughly 1.52 votes per wallet.

The outcome was in favor of airdropping the NFT offered by MonkeyDAO:

265 votes for airdrop, from 161 different wallets (roughly 1.6 votes per wallet).
193 votes for entanglement, from 141 different wallets (roughly 1.4 votes per wallet).

This vote was very split amongst all the different wallet sizes:

1 SMB: 103 airdrop, 112 entanglement (48% airdrop)
2 SMB: 21 airdrop, 13 entanglement (62% airdrop)
3 SMB: 4 airdrop, 5 entanglement (44% airdrop)
4+ SMB: 12 airdrop, 7 entanglement (63% airdrop)

Of the top 10 wallets that voted on proposal 3, they were also very split between the two options. 4 out of the top 10 voted for entanglement.

Conclusion

Within the SMB community, there is definitely the desire to maintain their original community/owners. The first proposal was accepted with a resounding "yes". This pattern stood for the whales, and all category of SMB holders.

As we moved to proposals 2 and 3, we see the votes start to be more split; however, these votes only recieved ~1/3 of the votes of the first proposal - as they were conditional on the first proposal failing.