We analyzed 21 DAOs to gain an overview of the current on-chain governance, so you don't have to. Are DAOs really decentralized? How much do they cost, and how often do token holders participate? #DAO #governance 
@Uniswap governance has cost a fairly low ~230'000 USD in transaction fees, however, every $UNI token transaction has an overhead due to on-chain computation of delegations. This brings the total cost of governance to more than 3M USD!
We look at how many users participate and find that especially for smaller DAOs only very few addresses hold the entire power in their hands. For strike, only a single account has ever participated in the governance process!
A more positive takeaway is the participation rate of token holders. For @ensdomains for instance, 60% of voting power participates in proposals. This is largely due to their airdrop mechanism.
Finally, we looked into the large amounts of governance transactions (20%+) that have strictly no impact on governance. (figure depicts pointless @compoundfinance governance transactions)
In our full paper, you'll find these metrics and more for 21 DAOs (also including @eulerfinance, @gitcoin, @idlefinance , @PoolTogether_ , @radicle, @HopProtocol)
@robin_ethz just presented these results at the CoDecFin workshop at FC23. Joint work with @RainerFeichting @yannvon.
Full paper: arxiv.org/abs/2302.12125
Source code: github.com/rtfei/Subgraphs
Full paper: arxiv.org/abs/2302.12125
Source code: github.com/rtfei/Subgraphs
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