Introduction

Lil Nouns is a project fork of Nouns DAO on the Ethereum blockchain. Lil Nouns is a generative, 32x32 pixel character NFT that generates once every fifteen minutes. Each Lil Noun NFT is auctioned every fifteen minutes for the rest of time. Once an auction ends, the Lil Noun contract sends the winning bidder their Lil Noun NFT, generates a new Lil Noun NFT, and automatically starts the next auction. The Lil Nouns DAO receives 100% of all proceeds from every auctioned Lil Noun. The Lil Nouns DAO is the governing body of the overall Lil Nouns ecosystem and is essentially run by every single Lil Nouns NFT holder as they all vote on any governing issues. [source]

This dashboard aims to provide insight into the voting activity on the Lil Nouns Dao. This will be done using the following metrics:

• Voting distribution per proposal

• Voting distribution across all proposals

• Voting result per proposal

• Total number of votes per voter to identify large voters

We'll also look at the cost of voting and if this could exclude any Lil Noun holders from participating in voting.

Voting Activity

Are smaller holders excluded from voting?

In this section, we'll examine if it is reasonable that many Lil Nouns holders are not able to vote due to expensive transaction costs.

In the graph above we have the proposal ID on the x-axis and the net number of votes on y-axis. If the vote is against, the net vote will be negative. If the vote is in favor, the net votes will be positive, proportional to the size of the vote.

As can be seen, there were a few big votes in favor of the proposals 15, 16, 17, 18. Notice that that has been only one significant vote against a proposal in proposal 14. This proposal proposes to delegate the founder of Lil Nouns as the first Lil Nouns DAO representative. Clearly, a user did not want this to happen by casting a large vote against this proposal.

Key findings

• Proposal 14 is the only proposal to receive a significant vote against.
• 65% of the proposals are executed.
• Addresses 0x3cf6...d945 and 0x4754...c7e9 have cast the majority of the votes across all proposals.
• The average voting fee is 0.003 ETH. This is about $4.
• The average wallet size of voters is about $23k, while the median is about $3k. This in combination with the low voting fee indicates that smaller holders are not excluded from the voting process.

About 65% of the proposals are executed.

Proposal 14 is the only proposal with a large negative result with -81 net votes.

When looking at individual voters, we can see that there are two addresses that make up the majority of all votes. Address 0x3cf6...d945 and 0x4754...c7e9 both have cast a total of almost 800 votes.

The average transaction fee of casting a vote is about 0.003 ETH. This is equal to about $4. This means that the transaction cost should not exclude any holder from voting.

Finally, we look at the total balances of all users that have ever cast a vote in the Lil Nouns DAO. This should give us an indication if only whales are casting votes. However, when we look at the balances, we can see that only a few users have large wallets worth over 100k. If we calculate the average wallet size of voters, we get about $23k and a median of about $3k. This means that most voters are not whales at all. This indicates that smaller holders are not excluded from the voting process.