Try Quests to earn cryptoOpen Analytics Bounty: MakerDAO (September 1)
MakerDAO governance votes in 2022, with a focus on August performance.
INTRODUCTION
MakerDAO is a decentralized project on Ethereum, open-sourced to users around the world that hold the MKR token. This allows them to vote on governance proposals, which encompass key issues regarding the future development of the platform.
WHAT IS A DAO?
A Decentralized Autonomous Organization (DAO) is an organization presided over by rules executed by smart contracts, enabled by blockchain technology. Hence they are often transparent and influenced by community consensus through voting as opposed to central governance.
Governance of DAOs.
DAOs are generally governed through the issuance of governance tokens. There are two main types of gevernance tokens:
- The first is by issuing mintable governance tokens which are permissionless in nature and can be traded on DEXs.
- the second is issuing governance tokens when users provide liquidity or take part in protocol security.
MakerDAO GOVERNANCE system
The Maker Protocol is governed by a decentralized group of contributors globally who hold the Maker token.
METHODOLOGY
For this analysis, we shall be using the ethereum.maker.ez_governance_votes table which has readily available data for computing the desired metrics.
- General governance metrics for MakerDAO
- Volume trends since the begining of 2022.
- MakerDAO general performance in August 2022.
- MakerDAO governace in August against the rest of the year.
CONCLUSION
Further analysis could look into voting power distribution on voting proposals using the events table to look into the raw data
of governance transactions, in order to filter out and label addresses for easy identification. One key area off investigation would be to find out distinct voters that voted the most in a specified period.
MakerDAO GENERAL STATS
MakerDAO has seen a total of 852 proposals passed for voting at the time of writing. Upto 1,970 unique voters have participated in voting activities; and over 10,220 votes have been cast.
Since the year begun, the highest volume of votes was recorded in July, followed by June, and then August.
AUGUST STATS
The general trend is voters in August was sideways with thhe highest number, 47 recorded on the 14th and the lowest number, 2 recorded on both the 5th and 26th. there were 470 total voters in August and on average 15.16 voters per day.
As for the votes, 3 key days stood out 14th with 273 votes and 241 on the17th followed by 221 on the 21st of August. A total of 574 votes were cast with an average 0f 18.5 votes per day.
The most proposals in a single day, 11 were recorded on the 17th and 22nd of the month. On average,5.81 proposals were recorded per day out of a total of 181 for the month.
CONTACTS
Twitter: @aberrachael