Governing the Underworld
The article analyzes Hadeswap's governance compared to other DAOs on Solana, looking at voting activity, power concentration, wallet transfer frequency, and "bribe wars."
This analysis delves into Hadeswap's governance and compares it to other DAOs on Solana.
Since acquiring the SMB IP, Hadeswap's governance has become increasingly dramatic, with noteworthy proposals being put forward. How does Hadeswap's governance stack up against other DAOs on Solana? Is there higher voting activity compared to the typical governance behavior observed in Realms? What is the level of voting power concentration in these proposals? Is this standard behavior, or does a vocal minority control Hadeswap?
Furthermore, how frequently are wallets transferring $Hades before casting a vote or purchasing $Hades to vote? Can holders spread their voting power across multiple wallets? Lastly, how will the "bribe wars" play out in the future?
Hadeswap operates as an NFT marketplace on the Solana blockchain, powered by an automated market maker (AMM). It provides immediate NFT liquidity, with no platform or royalty fees charged to users.
Compared to popular NFT marketplaces like OpenSea and Magic Eden, Hadeswap's NFT AMM allows collectors to create liquidity pools and sell their assets instantly, which is not currently available on these platforms.
While AMMs were once limited to decentralized exchanges (DEXs) like Uniswap, they are now being experimented with by increasing NFT platforms.
To obtain the necessary data, I utilized the solana.core.fact_proposal_votes table, filtering the realms ID to HadeSwap's address (HgcYAkXFT1ENpUCjBZWc1TjAAFacUwdGZRNhTHx9cuo). By joining other realms IDs to the DIM label table, I identified other DAOs.
I also examined Hade Token Activities from the Transfer table, specifying the token limit as Hade token (BWXrrYFhT7bMHmNBFoQFWdsSgA3yXoAnMhDK6Fn1eSEn).
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