[Lil Nouns] - Voting Activity

    Bounty Question: Using the ethereum database, analyze voting activity on Lil Nouns proposals. Since voting is on chain and costs gas, are smaller holders excluded from the voting process?

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    Introduction


    What is Lil Nouns?

    Lil Nouns is a fork of Nouns: a generative non-fungible token project on the Ethereum blockchain. Like Nouns, Lil Nouns are 32x32 pixel characters based on people, places, and things. A Lil noun is generated every 15 minutes.

    Lil Noun Auctions

    One lil noun is auctioned every 15 minute, forever. One interface for participating in Lil Noun auctions is lilnouns.wtf, which is a website built and maintained by the project founders ('Lil Nounders')

    Lil Nouns DAO

    The Lil Nouns DAO treasury receives 100% of ETH proceeds from daily noun auctions. As of this writing, the Lil Nouns DAO treasury contains 701 ETH, the equivalent of $1,382,991 USD.

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    Lil Nouns DAO, which is based on Nouns DAOs fork of Compound Governance, is also the main governing body of the Lil Nouns ecosystem. Each noun is an irrevocable member of Lil Nouns DAO and entitled to one vote in all governance matters. (Source)

    Methodology


    • First, using the ethereum.core.fact_event_logs table and the event_inputs column, the proposals was extracted and the number of vote activities to these proposals and the number of voters were obtained.

    • Then the gas fee for voting on proposal proposals was calculated.

    • Finally, it was found that what percentage of the holders did not participate in the voting.

    Results

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    • It is interesting that proposal #2, despite having 60 voters (and in this respect it is in the first place), but in terms of the number of votes with 167 votes, is in the eighth place.

    • On the other hand, proposal #17, which has only 27 voters (sixth place), is in the first place in terms of the number of votes with 389 votes.

    • In high ranks, a good balance between the number of voters and the number of votes can be seen only in proposal #13. This proposal is ranked seventh in terms of number of voters (with 25 voters) and fifth in terms of number of votes (with 191 votes).

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    • The top bar chart clearly shows that there is no clear relationship between the number of voters and the number of votes.
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    • It is interesting that proposal #10, although it is not among the top 4 in any of the parameters, but in terms of Gas Fee has the most value. Of course, the day a proposal is put to a vote can also have a serious impact on the gas fee.
    • Out of 232 wallets that have acquired NFT through mint or purchase, 165 people have participated in the voting of proposals, which means up to 70% and the rest means about 29% of the wallets eligible in these polls. Have not participated.

    Key Findings


    • There is no direct relationship between the number of voters and the number of votes.

    • More than two-thirds of NFT owners voted.