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Nouns DAO Voting Analysis

Kavitha
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source: nounsdao twitter

 Our aim in this article is to examine the on-chain voting system for NounsDAO using the Ethereum database’s core schema. Compared to the number of tokens generated, what proposals have received the most engagement?

Introduction

Nouns NFT is an open source protocol. Nouns is an open-source project, both in terms of the programming and the art. In the same way that the codebase is public domain, Nouns creators gave it away to anyone for free. Nouns is an Ethereum blockchain project that is generating non-fungible tokens. A noun is a 32×32 pixel character representing a person, place, or thing. Nouns DAO generates only one NFT each day as part of the generative PFP NFT algorithm. According to the existing structure, the team members will get 1 out of every 5 NFTs, while the rest goes to the DAO. With this approach, rug pulls are less likely than with PFP projects that involve mass NFT drops.

A noun is generated at random using Ethereum block hashes. The following traits characterize nouns at present:

  1. accessories (137)
  2. backgrounds (2)
  3. bodies (30)
  4. glasses (21)
  5. heads (234)

Every day, one noun is generated. Whenever an auction ends without further bids, a noun is generated and sent to the nouns DAO treasury. Once the winning bidder’s address is assigned, the noun will then be released. As soon as the auction process has been completed, it is time to send the winner a NOUN NFT. The next Noun is then generated. Finally, it is time to send the next noun for the next auction within the next 24 hours. A Nouns DAO is also the main governing body of the Nouns ecosystem, relying on Compound Governance. Whenever a governance decision is needed, every noun has a vote and is an irrevocable member of Nouns DAO. 

See the tweet about Nouns DAO’s introduction here ,

This dashboard allows you to view the timeline of Nouns DAO proposals, how many proposals have been introduced monthly, and which proposals have received the most engagement over time. 

As you can see from the below graph, Nouns DAO Proposals have been submitted over time. A governance proposal provides the option for Nouns to govern Nouns DAO. They can vote on proposals themselves or delegate their vote to another noun. To submit a proposal, there must be at least one noun.

In the graph below, we can see the number of proposals introduced month by month. As we can see here, a maximum of 22 proposals were observed in April 2022.

here from the below graph we can see the top 10 proposals by their total votes casted on a particular proposal .In terms of the total votes cast for each proposal, the top two proposals contribute almost 28% of the top 10 proposals. Here are the top 2 proposals, 

  1. Proposal 95  Nouns @ Art Basel (BAsel, Switzerland): Art Basel ,exhibiting art of the 20th and 21st centuries, is indisputably the world’s leading fair in the international art market. Around 250 selected galleries from around the world present modern and contemporary works of high quality, making the fair the most important temporary museum.Basel is where the art world meets. Art Basel is a meeting place for artists, art collectors and many celebrities from the art scene. The high-calibre exhibitions showcase various art forms, with both works by modern masters and art by emerging talents. Art Basel brings the art world to life – which is probably why it is so successful. The 2019 show in Basel attracted 93,000 visitors over six days. It presented 290 galleries from 35 countries, exhibiting the work of over 4,000 artists. For More details about this proposal please go though the provided link: https://nouns.wtf/vote/95
  2. Proposal 82 Sell Noun #253 to Lil Nouns DAO :  Alternatively to Proposal 81(https://nouns.wtf/vote/81), we propose selling Noun #253 to Lil Nouns DAO for 69.420 ETH. Lil Nouns will have to successfully pass a governance proposal of their own to accept this offer. Here are more detailed information about the Proposal 82 .

Here we can see the top 10 proposals by number of voters participated in a particular proposal . Here we can see the top 1 proposal(Proposal # 90 : GOAT CLUB’s Nounish Meme Factory) which is more than 30 voters are participated in that particular proposal . If we look that one

Here we can look a top 10 proposals by participation ratio like votes casted per tokens minted on different proposal. In this way we can see almost more than 63% participation ratio is from the proposal ‘Proposal 2 : Executed 3D Nouns Generator’.

For more details about this Proposal 2.

From the below graph, we can see the top 10 proposals ranked by participation ratio. Here in this category, we can see that proposal #71 is at the top of the list.  Here ew can see details about Proposal 71.

Observations

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