Open Analytics Bounty: Snapshot (August 16)

    Question:

    Flipside Crypto has built pathways and provides the tooling for you to develop deep and thorough crypto analysis. Now, we want to see what you can do with them.

    Submit any dashboard you think is worthy of being shared with our partners, and with the world. We’ll select the best for payment and amplification through our social and content channels. (Please note that many dashboards submitted to this bounty will not be rewarded with payment — only the best of the best will do here.)

    Overview of study:

    In this study, the detail analysis of Snapshot protocol on three various parts or levels have been conducted.

    1. Live Snapshot analysis
    2. Ethereum Mainnet analysis
    3. Sushigov.eth analysis

    Based on the three defined levels we can see that according to this analysis we dive deep on Snapshot data by going further on each level:

    Snapshot→ Ethereum Mainnet→ Sushigov.eth

    What is Snapshot?

    Platforms that claim to be managed by community members often involve their users in governance decisions by holding polls. In order to do this, they must create infrastructure to run governance polls or use other methods that are not decentralized; These methods are both time-consuming and may be used by people who do not have the best interests of the project in mind, leading the survey to deviate from its proper course. What sets Snapshot apart is that it allows projects to select loyal and committed members of their community and ask them to participate in decision-making.

    The Snapshot service gives users a tool that they can use to customize their community management; Instead of using Discord or Google feedback, Snapshot allows users to manage in an organized way. Since the data is stored outside the blockchain network, voting is more cost-effective.

    Platforms need the Ethereum Name Service (ENS for short) to create space (a list of voteable proposals for each project) to list their project in Snapshot. However, users and the project community do not need to create a domain name in ENS to create proposals and participate in voting. To participate in the survey, users need a wallet address containing the digital currency of the project in question. For example, users who have one of the Decrypt NFTs in a wallet like Metamsk, are able to vote for the proposals of this project. Users simply connect their wallet to the website and vote for active proposals.

    The first term you come across in Snapshot is space. ==Each space is specific to a project that includes a list of proposals that can be voted on==. The next item is the voting pattern or ==Vote Type.==

    Part 1: Live Snapshot analysis

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    Notable findings:

    The overall stats related to the Snapshot appears in this part. Additionally, the voting behavior on Snapshot and the distribution of voters and proposals on various networks have been analyzed, too.

    • Based on the proposals on Snapshot, the Ethereum, BSC and Polygon mainnets are three of the most popular network with higher number of proposals on Snapshot.
    • From the point of voters, the Ethereum Mainnet, BSC mainnet and Arbitrum one are three of the most participated networks by voters on Snapshot.
    • Latest November and December 2021 are the busiest days from appearing proposals on Snapshot. Also, the latest April and May 2022 is the second time period with most proposals on Snapshot.
    • On the week connected April 11 to 18 the number of voters on Snapshot reached its highest amount.
    • From the casted votes point of view, the April 11 to 18, 2022 and November 22 to 29, 2021 had the highest count of votes on Snapshot.

    Part 2: Ethereum Mainnet

    Key findings:

    After general analysis, lets see what happens on Snapshot related to Ethereum mainnet.

    • Ethereum Mainnet is the most popular network on Snapshot according to the numbers.
    • In the las two month of 2021, the activity of proposals related to Ethereum mainnet enlarged and highest count of proposal authors belong to this period.
    • Look at the voter distribution by number of participated proposals. Most of the voters on Snapshot related to Ethereum mainnet, voted for less than 3 proposals.
    • Furthermore, about 290k of voters have been votes less than 5 times and its the highest group of voters by vote number.
    • The most popular spaces on Ethereum mainnet have been shown in the net graphs and from the point of votes, aave.eth is the most popular one.
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    Part 3: Sushigov.eth

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    Key findings:

    Lets dive even deeper and see the results related to sushigov.eth on Ethereum mainnet.

    • On September 2020, 129 proposals have been written by 60 unique authors and its the busiest month on sushigov.eth.
    • September 2020, March 2021 and August 2021 are the most active months for sushigov.eth by considering number of casted votes and unique voters.
    • The most popular proposal on sushigov.eth belong to expanding Sushiswap to Solana and this proposal has highest participation on Snapshot.
    • About 1627 unique voters have been voted to Sushiswap expand to Solana.
    • From voters point of view, the ”simple accessibility to night mode UI on Sushiswap” is the second most popular with 1512 voters.
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    References and useful links:

    Author:

    Credited by MZG

    Discord handle: m.zamani#0361

    Twitter handle: @GargariZamani

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