Plutocracy Report

This is an extensive analysis of the top 60 Decentralised Autonomous Organizations (DAOs), ranked by treasury size to determine the impact of large token holders on their governance.

For this, we create a report based on on-chain data about proposals and voters. This report lists sixty DAOs and assesses their decisiveness of whales_ metric, representing how governance decisions are affected once whale votes are discounted.

Our data sources include DeepDAO and Snapshot, both of which specialize in providing data on DAO governance.

Using this data, we compile two spreadsheets that act as the local database for this analysis. Each spreadsheet contains each voter’s choice and voting power for up to the last one hundred proposals in each DAO. One spreadsheet filters out “whales” which, in the context of this analysis, are voters that have voting power at or above the 95th percentile of voting power for that proposal.

all_organization_proposals = pd.read_csv(
    "../plutocracy_data/full_report/plutocracy_report.csv.gzip",
    engine="c",
    low_memory=False,
    compression='gzip',
)
all_organization_proposals_filtered = pd.read_csv(
    "../plutocracy_data/full_report/plutocracy_report_filtered.csv.gzip",
    engine="c",
    low_memory=False,
    compression='gzip',
)

---------------------------------------------------------------------------
BadGzipFile                               Traceback (most recent call last)
Cell In[2], line 1
----> 1 all_organization_proposals = pd.read_csv(
      2     "../plutocracy_data/full_report/plutocracy_report.csv.gzip",
      3     engine="c",
      4     low_memory=False,
      5     compression='gzip',
      6 )
      7 all_organization_proposals_filtered = pd.read_csv(
      8     "../plutocracy_data/full_report/plutocracy_report_filtered.csv.gzip",
      9     engine="c",
     10     low_memory=False,
     11     compression='gzip',
     12 )

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/util/_decorators.py:211, in deprecate_kwarg.<locals>._deprecate_kwarg.<locals>.wrapper(*args, **kwargs)
    209     else:
    210         kwargs[new_arg_name] = new_arg_value
--> 211 return func(*args, **kwargs)

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/util/_decorators.py:331, in deprecate_nonkeyword_arguments.<locals>.decorate.<locals>.wrapper(*args, **kwargs)
    325 if len(args) > num_allow_args:
    326     warnings.warn(
    327         msg.format(arguments=_format_argument_list(allow_args)),
    328         FutureWarning,
    329         stacklevel=find_stack_level(),
    330     )
--> 331 return func(*args, **kwargs)

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/io/parsers/readers.py:950, in read_csv(filepath_or_buffer, sep, delimiter, header, names, index_col, usecols, squeeze, prefix, mangle_dupe_cols, dtype, engine, converters, true_values, false_values, skipinitialspace, skiprows, skipfooter, nrows, na_values, keep_default_na, na_filter, verbose, skip_blank_lines, parse_dates, infer_datetime_format, keep_date_col, date_parser, dayfirst, cache_dates, iterator, chunksize, compression, thousands, decimal, lineterminator, quotechar, quoting, doublequote, escapechar, comment, encoding, encoding_errors, dialect, error_bad_lines, warn_bad_lines, on_bad_lines, delim_whitespace, low_memory, memory_map, float_precision, storage_options)
    935 kwds_defaults = _refine_defaults_read(
    936     dialect,
    937     delimiter,
   (...)
    946     defaults={"delimiter": ","},
    947 )
    948 kwds.update(kwds_defaults)
--> 950 return _read(filepath_or_buffer, kwds)

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/io/parsers/readers.py:605, in _read(filepath_or_buffer, kwds)
    602 _validate_names(kwds.get("names", None))
    604 # Create the parser.
--> 605 parser = TextFileReader(filepath_or_buffer, **kwds)
    607 if chunksize or iterator:
    608     return parser

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/io/parsers/readers.py:1442, in TextFileReader.__init__(self, f, engine, **kwds)
   1439     self.options["has_index_names"] = kwds["has_index_names"]
   1441 self.handles: IOHandles | None = None
-> 1442 self._engine = self._make_engine(f, self.engine)

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/io/parsers/readers.py:1753, in TextFileReader._make_engine(self, f, engine)
   1750     raise ValueError(msg)
   1752 try:
-> 1753     return mapping[engine](f, **self.options)
   1754 except Exception:
   1755     if self.handles is not None:

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/io/parsers/c_parser_wrapper.py:79, in CParserWrapper.__init__(self, src, **kwds)
     76     kwds.pop(key, None)
     78 kwds["dtype"] = ensure_dtype_objs(kwds.get("dtype", None))
---> 79 self._reader = parsers.TextReader(src, **kwds)
     81 self.unnamed_cols = self._reader.unnamed_cols
     83 # error: Cannot determine type of 'names'

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/_libs/parsers.pyx:547, in pandas._libs.parsers.TextReader.__cinit__()

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/_libs/parsers.pyx:636, in pandas._libs.parsers.TextReader._get_header()

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/_libs/parsers.pyx:852, in pandas._libs.parsers.TextReader._tokenize_rows()

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/site-packages/pandas/_libs/parsers.pyx:1965, in pandas._libs.parsers.raise_parser_error()

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/_compression.py:68, in DecompressReader.readinto(self, b)
     66 def readinto(self, b):
     67     with memoryview(b) as view, view.cast("B") as byte_view:
---> 68         data = self.read(len(byte_view))
     69         byte_view[:len(data)] = data
     70     return len(data)

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/gzip.py:488, in _GzipReader.read(self, size)
    484 if self._new_member:
    485     # If the _new_member flag is set, we have to
    486     # jump to the next member, if there is one.
    487     self._init_read()
--> 488     if not self._read_gzip_header():
    489         self._size = self._pos
    490         return b""

File /opt/hostedtoolcache/Python/3.10.13/x64/lib/python3.10/gzip.py:436, in _GzipReader._read_gzip_header(self)
    433     return False
    435 if magic != b'\037\213':
--> 436     raise BadGzipFile('Not a gzipped file (%r)' % magic)
    438 (method, flag,
    439  self._last_mtime) = struct.unpack("<BBIxx", self._read_exact(8))
    440 if method != 8:

BadGzipFile: Not a gzipped file (b've')

def to_organization_map(flat_organization_dataframe: pd.DataFrame):
    return {
        organization_name: proposal_df
        for organization_name, proposal_df in [
            (str(organization_name), space_proposals)
            for organization_name, space_proposals in flat_organization_dataframe.groupby(
                "proposal_organization_name"
            )
        ]
    }

plutocracy_report_data = to_organization_map(all_organization_proposals)
plutocracy_report_data_filtered = to_organization_map(all_organization_proposals_filtered)

We then ask the following question: How many whales have voted up to the last 100 proposals for each of the DAOs we analyzed? Voting power for each of these DAOs varies by the type of voting strategy outlined in their respective Snapshot spaces.

However, to keep this analysis simple, we assume the common erc-20-balance strategy.

	# of whales	all voters	changed outcomes %
DAO
1inch Network	26	604	0.00%
Aavegotchi	47	5624	7.14%
Alchemix	49	2212	4.44%
Ampleforth	6	119	6.25%
Angle Protocol	17	475	10.13%
ApeCoin DAO	192	6812	11.59%
BadgerDAO	251	11169	5.26%
Cryptex	4	24	6.25%
Curve Finance	21	285	20.93%
Decentral Games	45	1540	17.17%
Decentraland	58	1665	27.00%
ENS	321	9742	3.57%
Euler	29	782	15.09%
Frax	1	340	4.00%
Gearbox	32	886	0.00%
Gitcoin	191	6309	12.50%
Hector Network	139	6554	5.80%
Hop	30	1506	4.17%
Instadapp	3	75	10.00%
JPEG’d	29	845	7.27%
Klima DAO	140	6503	0.00%
Lido	167	5060	6.00%
Magic Internet Money	56	1676	0.00%
Merit Circle	16	981	0.00%
Metronome DAO	1	9	0.00%
New Order	22	578	2.56%
Nexus Mutual Community Fund	3	198	16.67%
Notional Finance	7	149	0.00%
Pangolin Songbird	5	105	0.00%
Popcorn	8	249	14.29%
Qi Dao | Mai.Finance	51	4112	20.00%
Radiant Capital	244	4783	0.00%
Radicle	18	396	16.67%
Rally	1313	1531	0.00%
Redacted	11	369	15.79%
Rook	12	273	5.41%
Sarcophagus Ambassadors Voting	2	22	13.95%
Silo	8	316	3.23%
Spool DAO	3	57	0.00%
Stargate DAO	2479	65410	5.13%
SuperRare DAO	17	563	0.00%
Synapse Protocol	15	487	0.00%
Uniswap	813	23337	16.25%
Unlock Protocol	5	97	23.08%
Vesta	689	15382	12.50%
ssv.network	6	268	0.00%

Here we see that there are quite a few proposals whose outcomes would’ve changed if whales were not involved, in this analysis, we take a look at some of these cases in Uniswap, Decentraland, Curve Finance and Radicle in particular.

---

Next, we take a look at how governance decisions are affected once whale votes are discounted. We do so by comparing the scores of each proposal and checking whether the outcome of the proposal is changed when whales are filtered out.

We check whether a proposal’s outcome changes by checking if the largest vote choice score changes after filtering out whales. Specifically, in python we do the following:

has_changed_outcome = not unfiltered_winning_choice_index == filtered_winning_choice_index

Uniswap

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
QmP3H8WGL	0.999959	16362720.863718966	False	Add 1bps fee tier (1 tick)	Add 1bps fee tier (1 tick)
QmWbgzHJ8	0.999948	19648417.385321181	False	Upgrade to Governor Bravo	Upgrade to Governor Bravo
QmScNLeaj	0.999946	8358752.921668524	False	Upgrade to Governor Bravo	Upgrade to Governor Bravo
QmWe6Krc8	0.999944	7055209.905787433	True	Approve	Deny
0xee48516	0.999941	35237304.209142208	False	Yes	Yes
Qmeza7Lnz	0.999938	23022301.247915581	False	YES	YES
QmZcfEhN6	0.999937	11933325.482144641	False	Yes	Yes
QmUMGd8r2	0.999901	13767227.745737769	False	Yes	Yes
QmNPvJSYq	0.999895	41169566.753146723	False	Yes, it should be lowered	Yes, it should be lowered
Qmcs5pAv7	0.999887	6422911.853181399	True	No	Yes
0x7f196c3	0.999886	13703681.067427346	False	Yes	Yes
QmVXXEXJJ	0.999882	50067891.984671287	True	Yes	No
0xab1dbb6	0.999859	15337121.942599889	False	Yes	Yes
0xe9f8e5d	0.999859	18664764.383657321	False	Yes, implement pilot as outlined	Yes, implement pilot as outlined
0x4fdc5d5	0.999850	12222188.469121560	False	Yes	Yes
0xe869bc6	0.999848	44534774.101048380	False	Yes	Yes
0xd70b3e8	0.999842	16199158.040993454	False	Yes	Yes
0x2f72d9f	0.999836	18646586.937362343	False	Yes	Yes
0x729c19f	0.999824	13934462.310817234	False	Yes	Yes
QmQbcxLpG	0.999816	8010769.102481683	False	Yes	Yes
0xe6ad203	0.999814	24235309.275069810	False	Yes	Yes
QmWhemJom	0.999807	8931025.607123053	False	Yes	Yes
QmcVpxCSk	0.999804	9637142.125859275	False	Yes	Yes
0xe523d31	0.999803	22439325.860326745	False	Yes - Deploy Uniswap v3 to Boba	Yes - Deploy Uniswap v3 to Boba
QmV8ZeseH	0.999798	11620997.175415434	False	YES	YES
0xc1aec11	0.999789	19926659.191040918	False	Yes	Yes
Qmehop1NN	0.999785	38647765.714759313	False	FOR Uniswap v3 on Arbitrum	FOR Uniswap v3 on Arbitrum
QmZ2D27uo	0.999780	9030399.369920954	False	Yes	Yes
QmUrYMZrS	0.999779	4220395.763432598	True	NO	YES
QmaG6nJYW	0.999774	8327675.403180372	False	Yes	Yes
QmRKyYeGR	0.999770	2726100.621835153	True	No, should not move	Yes, should move
0xb328c75	0.999769	7015899.387141671	False	Yes	Yes
0x92a16fb	0.999757	9127224.521219300	False	Yes	Yes
0x5387b07	0.999747	14642047.224558923	False	Yes - Deploy Uniswap v3 to Boba	Yes - Deploy Uniswap v3 to Boba
0xbfeb7f3	0.999734	3285291.299983168	False	Yes	Yes
QmaUPBYqk	0.999715	55857250.637999415	False	Allocate 1M UNI	Allocate 1M UNI
0xe377d2b	0.999712	14763310.801667999	False	Yes	Yes
0xa5b0e54	0.999708	7519485.867417761	False	Yes	Yes
0xa4a21c8	0.999674	19840363.162523411	False	Yes	Yes
0xa3c7247	0.999561	24994560.158377878	False	Yes	Yes
QmTj8EWNT	0.999513	4242142.053689615	False	Don't (Wrong answer)	Don't (Wrong answer)
QmbVVJ57N	0.999510	2514956.562557480	False	Yes, Approve the Grant	Yes, Approve the Grant
0x85a309c	0.999488	2507559.579266101	False	Yes	Yes
0x8db4528	0.999370	5722321.782621147	True	3 Phases [50k/2w, 100k/3w, 650k]	2 Phases - 1 [2 week Phase 1]
0x47a6eed	0.999368	7788690.570368258	False	Yes	Yes
0x255d433	0.999367	5723290.905228001	True	WETH/USDC, WETH/DAI, USDC/DAI	WETH/USDC, WETH/DAI, WETH/OP
0x4dd49ee	0.999360	3530561.110063882	False	Yes	Yes
QmaKjvEAU	0.999343	16988963.140918855	False	Yes, I support this proposal	Yes, I support this proposal
0xfb9841f	0.999255	2723692.236874293	False	support	support
0x1bf2c3f	0.999121	3642461.395323989	False	Yes	Yes
0x1994d45	0.998872	3023008.061901242	False	NO	NO
QmYeNLn1x	0.998312	212333.479358470	False	800k+ (1M $UNI loan)	800k+ (1M $UNI loan)
QmTyWBn3P	0.997892	216752.112737119	True	Let delegates RUN UNI governance	YES, ABOLISH delegates
0xfd3d380	0.997435	2728492.255083876	True	add DeFiEdge	add Overnight Finance
0x4f42b32	0.997428	235813.246213794	False	Yes	Yes
QmTksCuBh	0.997185	218831.635777397	True	No	Yes; Merge Grants and UNI DAO
QmRKpArEN	0.997182	233750.104214328	False	Approve	Approve
QmVnsMXvS	0.995571	220733.714634859	False	Yes, lets do it!	Yes, lets do it!
QmXDNKm4f	0.994567	200162.693578354	False	Pass Temperature Check	Pass Temperature Check
0x9238864	0.993021	234478.150056493	True	No	Yes
QmX6y6Koq	0.990544	224976.769490073	False	Yes, allocate funding to Geth	Yes, allocate funding to Geth
0x3447c5c	0.981407	1045945.183786833	False	Yes	Yes
QmcpJ8Qm9	0.976091	10030.326504541	False	Yes, Bring V3 to AVAX	Yes, Bring V3 to AVAX
QmcZGhUoT	0.971837	1582855.010871270	True	Yes, I support this proposal	No, I don't support this proposal
QmZUeeJEo	0.966437	21964.985511550	False	Yes	Yes
Qma8KF8jT	0.964344	33977.769988869	False	No	No
Qme9MASbu	0.952969	20761.155305590	True	Do Not Proceed	Proceed to Consensus Check
0xe3d59b3	0.929699	10113.681932157	False	Yes, grant the license.	Yes, grant the license.
QmWbGN8xa	0.916154	5319.160673144	False	YES, allocate 500k UNI to CHF	YES, allocate 500k UNI to CHF
0x6b8df36	0.887264	45581689.082320422	False	Wormhole	Wormhole
QmPe3FKu4	0.883541	8887.233926775	False	Leave it unchanged	Leave it unchanged
0xa474047	0.877300	28595773.702590238	False	Yes	Yes
0x5ad7208	0.779724	11575893.085716436	False	Yes	Yes
0x31c3409	0.767515	12950287.668343492	False	Yes - Fix the bridge	Yes - Fix the bridge
0x9db793d	0.738536	24692.433422367	False	Yes	Yes
0xbadf3b3	0.669274	22749950.705232158	False	Doo Wan Nam (StableLab)	Doo Wan Nam (StableLab)
QmShiKX75	0.658256	1170.465162005	False	0	0
0x374d7f9	0.544205	32011.083070674	False	Yes	Yes
0x387b5e8	0.497340	61343398.710826278	False	Yes - Enact changes	Yes - Enact changes
0x15031b6	0.408376	38105686.407799788	False	For	For

Proportion of Outcomes Changed

16.25% of Uniswap's proposal outcomes change after filtering out whale voting power.

Proposal Analysis

The outcome of the proposal to add a Liquidity Mining Manager (LMM) for the Optimism-Uniswap Liquidity Mining Program changes after removing whales.

If not for whale intervention, “Overnight Finance” would have been chosen as the LMM. Instead, “DeFiEdge” was selected. From the data, we see that without whale intervention, DeFiEdge would’ve had ~2,708,025 fewer votes out of the total ~2,728,492 voting power on this proposal. That is ~99.3% of voting power allocated for this proposal directed to choosing “DeFiEdge”.

	add Overnight Finance	add DeFiEdge	add none
Scores	14335.930887	2.710600e+06	3556.089173
Score Differences	10054.585076	2.708025e+06	3412.851497

One highly contentious proposal whose outcome did not change after filtering out whales was this temperature check to choose which Eth <> BNB bridge to use for Uniswap v3 governance. We see that even for the least popular choices, whales still contributed to the majority of the votes. LayerZero”, the runner-up, received ~37.7% of the total whale voting power. By comparison, “Wormhole” received ~51.1%.

	Wormhole	LayerZero	Celer	deBridge
Scores	2.840391e+07	1.717334e+07	662.606204	3772.802474
Score Differences	2.327546e+07	1.716363e+07	481.545728	3402.436704

ENS

Filtered Proposal Outcome Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x41b3509	0.998301	1.670185e+06	False	For	For
0xd7eff78	0.998220	1.670154e+06	False	For	For
0x5788bf0	0.998020	1.671687e+06	False	For	For
0xa245dc7	0.998011	2.282886e+06	False	slobo.eth	slobo.eth
0xa714c25	0.997780	2.299997e+06	False	avsa.eth	avsa.eth
0xdaff050	0.997736	2.325021e+06	False	nick.eth	nick.eth
0x5c96e49	0.994136	2.126140e+06	False	For	For
0x46c7294	0.993740	2.137811e+06	False	For	For
0x4a1aedb	0.993403	2.639657e+06	False	For	For
0x9726578	0.991728	2.363679e+06	False	For	For
0x718c496	0.988244	1.683490e+06	False	For	For
0xa64ec8b	0.978053	2.292065e+06	False	For	For
0xe040bda	0.975748	3.251461e+06	False	For	For
0xc7186cf	0.970687	3.252712e+06	False	For	For
0xe072841	0.968392	3.159857e+06	False	For	For
0x104eb11	0.961057	3.147196e+06	False	For	For
0x9ab53c7	0.947091	3.409430e+06	False	For	For
0xfe73d1b	0.941857	4.856110e+06	False	1. Transfer Treasury	1. Transfer Treasury
0xcf77c74	0.937273	3.715838e+06	False	For	For
0x899ead1	0.935344	4.482091e+06	False	For	For
0xf854140	0.907811	3.666651e+06	False	For	For
0xdf7e59e	0.842216	3.438033e+06	False	For	For
0xa9a2dc5	0.840469	3.653722e+06	True	Against	For
0x29040b3	0.820337	3.214912e+06	False	For	For
0x8b68ebc	0.817037	3.710505e+06	False	For	For
0x8c05add	0.814637	3.527042e+06	False	For	For
0x90a5f88	0.807831	3.441913e+06	False	For	For
0xd810c4c	0.010559	1.610281e+07	False	Ratify Article I	Ratify Article I

Proportion of Outcomes Changed

3.57% of ENS' proposal outcomes change after filtering out whale voting power.

Lido

Filtered Proposal Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x3b1e5f9	0.999968	5.518937e+07	False	For	For
0x1db8052	0.999959	5.542913e+07	False	For	For
0x1454174	0.999956	6.425261e+07	False	For	For
0x7ac2431	0.999945	5.769020e+07	False	For	For
0xf4beaba	0.999944	6.042543e+07	False	For	For
0x629b547	0.999936	5.200775e+07	False	Support the upgrade plan	Support the upgrade plan
0x8bbd48f	0.999936	3.686686e+07	False	For	For
0x32f6f09	0.999934	5.717509e+07	False	For	For
0x4208b8d	0.999933	4.558269e+07	False	For	For
0x3436b98	0.999932	5.717666e+07	False	For	For
0x7f19fed	0.999930	5.455752e+07	False	YAY	YAY
0xe964fb2	0.999927	5.582318e+07	False	Shut down on Terra Classic&bETH	Shut down on Terra Classic&bETH
0xc00b482	0.999917	5.311034e+07	False	For	For
0x9d39cc7	0.999909	6.413642e+07	False	For	For
0x5844beb	0.999905	6.416467e+07	False	For	For
0xf2d6161	0.999895	6.650449e+07	False	For	For
0xcbf5343	0.999891	5.282637e+07	True	2. For 4 new oracles, 5/9 set	1. For 6 new oracles, 6/11 set
0x57c8e10	0.999881	6.414131e+07	False	For	For
0xb2732eb	0.999875	3.898268e+07	False	For	For
0xeeadc3b	0.999867	6.139175e+07	False	For	For
0xbb5c7f1	0.999863	3.846066e+07	False	Upgrade to V2	Upgrade to V2
0xa2cd540	0.999862	6.486667e+07	False	For	For
0xa3995b1	0.999817	4.763423e+07	False	For	For
0xfc51ff5	0.999813	6.096729e+07	False	Yes	Yes
0xa7a8d9f	0.999813	5.805418e+07	False	For	For
0x3fdb38c	0.999796	3.955494e+07	False	For	For
0xb932357	0.999748	3.304238e+07	False	For	For
0x0572828	0.999745	7.345635e+07	False	For	For
0xd9d13bb	0.999743	5.402410e+07	False	For	For
0x933548c	0.999732	5.489371e+07	False	For	For
0x54677d5	0.999732	5.225054e+07	False	For	For
0xce01f9f	0.999731	5.058910e+07	False	For	For
0x2b368b5	0.999730	6.586250e+07	False	Yay	Yay
0x7b93fb4	0.999709	5.550059e+07	False	Yes	Yes
0x75e91a2	0.999707	5.355622e+07	False	For	For
0xb99f87e	0.999700	6.066185e+07	False	Yes, redirect	Yes, redirect
0x1a7b390	0.999674	5.423975e+07	False	Yes	Yes
0x1ebfab7	0.999648	6.075986e+07	False	Yes	Yes
0x7ea98c8	0.999633	5.762653e+07	False	Yes, reduce to 0.25%	Yes, reduce to 0.25%
0x2a84159	0.999515	6.091583e+07	False	Yay - Execute proposal as stated	Yay - Execute proposal as stated
0x4cba967	0.999200	5.185114e+07	False	For	For
0xbfc4ba2	0.998976	7.043068e+07	False	Yay	Yay
QmQb8GJQS	0.997952	2.009745e+07	False	For	For
0x37f68ad	0.997760	6.569920e+07	False	Yes	Yes
0xdeb8cd8	0.997584	2.347019e+07	False	For	For
0xede83ac	0.996407	6.389112e+07	True	No-Proposal needs more work	For-Keep as listed, 1 yr lock up
0x865212c	0.996059	5.739550e+07	False	No relaunch	No relaunch
0xcb31f1b	0.994721	4.209028e+06	False	Yes	Yes
0x1d15b30	0.993777	5.713888e+07	False	For	For
0x10abedc	0.968318	8.064956e+07	False	no, don't self-limit	no, don't self-limit
0x6f3b01c	0.963331	6.229424e+07	False	For	For
0xcc51ade	0.960076	5.728715e+07	False	For	For
0xfe5b203	0.946602	2.875372e+07	True	Yay	Nay
0x2a75340	0.930455	5.666907e+07	False	Yes	Yes
0xb60854f	0.921126	6.514850e+07	False	For	For
0xb2f8744	0.908849	7.634275e+07	False	For	For
QmeMCHLW9	0.899226	2.782706e+07	False	For	For
QmdAhSmvu	0.860502	6.972674e+07	False	Switch to Whitelist Mode	Switch to Whitelist Mode
QmVPGX8Nm	0.860452	6.973082e+07	False	Bind Referral Reward to 1%	Bind Referral Reward to 1%
0xe2165bb	0.850208	8.951692e+07	False	Yes	Yes
0xd8c1630	0.827364	8.593316e+07	True	Shortlist B	Shortlist A
0x2633cda	0.798895	5.008166e+07	False	Yes, increase duration to 72h	Yes, increase duration to 72h
0xcf2955a	0.797578	2.508846e+07	False	For	For
Qmd5qHe17	0.788038	5.077165e+07	False	For	For
0x4fee244	0.775949	4.857023e+07	False	For	For
0x84fe093	0.732077	7.885513e+07	False	For	For
0xd30925a	0.727696	4.062134e+07	False	For	For
0xe1a2d8e	0.727620	5.493252e+07	False	For	For
0x12d7509	0.698073	8.596517e+07	False	For	For
0xefb45e5	0.696684	5.025232e+07	False	Yay	Yay
0xa52dd8b	0.682341	2.169025e+03	False	Creator is the most handsome guy	Creator is the most handsome guy
0x203da3e	0.673573	9.378694e+02	False	yes!	yes!
0xd2c98b2	0.631332	6.332638e+07	False	For	For
0x008ce8f	0.627804	6.368231e+07	False	Yes	Yes
0x84c06c8	0.620529	2.922175e+03	False	YES	YES
0x7e5fdcd	0.614009	6.516193e+07	False	For	For
0xfc66019	0.609956	9.572814e+07	False	For	For
QmbcfD7SG	0.600339	5.831704e+07	False	Yes, distribute LDO	Yes, distribute LDO
0xb9e4f39	0.589442	6.787772e+07	False	Yay	Yay
0xe565ad2	0.585574	6.832610e+07	False	Create the reWARDS committee	Create the reWARDS committee
0xc9c65d5	0.581148	1.812381e+03	False	yes	yes
QmXGtNCDe	0.580177	6.894446e+07	False	Yes	Yes
0x17d9933	0.567022	9.299109e+07	False	No	No
0x7129199	0.552616	7.240105e+07	False	For	For
0x13bb40e	0.552394	7.243019e+07	False	For	For
QmQUPnpn4	0.511001	7.827777e+07	False	Fund Execution Client Grant	Fund Execution Client Grant
0xdc0f4bb	0.500192	7.998928e+07	False	For	For
0x8b44690	0.492962	4.051025e+07	False	For	For
0x45599fc	0.492519	8.123543e+07	False	For	For
QmbTZ1Gyp	0.468110	8.547145e+07	True	Terms as in the round	30% discount from 30-day TWAP
0x48b20ce	0.466578	8.568764e+07	False	yay	yay
0xf02f41d	0.418526	9.559741e+07	False	For	For
0x75b331e	0.399377	5.010304e+07	False	For	For
0xdcdc5c5	0.393890	5.080094e+07	False	Yes	Yes
0x61ea645	0.393755	5.081845e+07	False	Create the proposed Committee	Create the proposed Committee
0xb58a8c3	0.389974	5.131116e+07	False	For	For
QmYJX7SNT	0.372583	4.755448e+07	True	Allow purchase, terms tbd	Allow purchase, old price
QmSHZnLYb	0.282521	7.079114e+07	False	Yay	Yay
0x8f72a00	0.255698	7.825624e+07	False	For	For
0x9ccbe43	0.255118	7.843444e+07	False	For	For

Proportion of Outcomes Changed

6.00% of Lido's proposal outcomes change after filtering out whale voting power.

This proposal to expand the oracle set and quorum of Lido DAO oracle node operators was passed on 16/12/22, onboarded 4 new oracle node operators, and set the quorum to 5/9 identical oracle reports to be accepted by the protocol.

Had whales not intervened, Option 1 to onboard 6 additional oracles and set the quorum to 6/11, would’ve passed.

	1. For 6 new oracles, 6/11 set	2. For 4 new oracles, 5/9 set	3. Against
Scores	96886.616711	5.272470e+07	4778.954352
Score Differences	92934.922644	5.272312e+07	4535.772055

Here we see whale participation was consistent for all choices for this proposal. In fact, ~99.982% of voting power allocated to this proposal came from whales that voted for each of the outcomes. The second outcome alone had ~99.980% of the voting power allocated to this proposal and so removing it would make a huge impression on the outcome.

Voting power allocated to this proposal would be low without whale intervention: (only ~9277.7397 LDO would be allocated to this proposal). However, the community would still vote for adding more oracles that broadcasts the chain state from the beacon chain to the execution layer of ETH 2.0.

Frax

Filtered Proposal Outcome Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x9547dee	0.999550	2.659437e+07	False	For	For
0x6f45c4a	0.998815	2.634672e+07	True	Against	For
0xc44bf39	0.997379	2.715716e+07	False	For	For
0x5d2e624	0.997305	2.715915e+07	False	For	For
0x4540ed6	0.996720	2.717503e+07	False	For	For
0x97d007a	0.992491	2.676523e+07	False	For	For
0x6fc17d9	0.991518	3.633629e+07	False	For	For
0x1127ca8	0.985974	3.375063e+07	False	For	For
0x1c844e1	0.984243	3.377246e+07	False	For	For
0x8f497b3	0.983152	2.775706e+07	False	For	For
0xdf76858	0.981453	2.723198e+07	False	For	For
0xd7271b0	0.980319	3.099628e+07	False	For	For
0x52d8c99	0.980156	3.097254e+07	False	For	For
0x9464dc7	0.975705	2.706107e+07	False	For	For
0x27a9a66	0.975061	2.724372e+07	False	For	For
0x3f15e06	0.973487	3.121387e+07	False	For	For
0xa32b8a6	0.973075	3.122714e+07	False	For	For
0x28a0f9f	0.973058	3.122766e+07	False	For	For
0x8d97adf	0.973052	3.367703e+07	False	For	For
0x08c3ef9	0.972112	3.128831e+07	False	For	For
0xd84ed93	0.971413	3.128046e+07	False	For	For
0x08fe38d	0.971345	3.128267e+07	False	For	For
0xb9fe6ef	0.971303	3.128393e+07	False	For	For
0x32da9f3	0.971303	3.128396e+07	False	For	For
0xcbee9b4	0.968719	2.771878e+07	False	For	For
0x24fbae4	0.965137	3.388863e+07	False	For	For
0x8ec7477	0.963140	2.772133e+07	False	For	For
0xaec7653	0.962948	3.446803e+07	False	For	For
0x2068842	0.960260	3.321055e+07	False	For	For
0xb712a88	0.956775	3.506951e+07	False	For	For
0x93f1ba1	0.954494	3.515335e+07	False	For	For
0xe061287	0.954447	3.182508e+07	False	For	For
0xa688bcc	0.952812	3.760456e+07	True	Against	For
0x97b89ad	0.952690	3.423943e+07	False	For	For
0x6b79deb	0.952023	3.426342e+07	False	For	For
0x87a34f3	0.947601	3.079730e+07	True	Against	For
0x3f1e449	0.946589	2.872162e+07	False	For	For
0xec593d6	0.944057	3.028258e+07	False	For	For
0xec0f840	0.944056	3.028263e+07	False	For	For
0xabcbe9d	0.944025	3.028358e+07	False	For	For
0xc41bc22	0.943227	3.030931e+07	False	For	For
0x277bc98	0.943203	2.794026e+07	False	For	For
0x42717a0	0.942550	3.531891e+07	False	For	For
0x6118caf	0.939711	3.105580e+07	False	For	For
0x889caff	0.929959	3.074171e+07	False	For	For
0x9727168	0.922092	1.035478e+06	True	For	Against
0x35e2b73	0.919923	2.864352e+07	False	For	For
0x4c4ad06	0.912745	5.256330e+05	False	For	For
0xc807249	0.912573	3.328164e+07	False	Against	Against
0xd7a869e	0.911208	1.829533e+05	False	For	For
0x665aed0	0.907951	4.028735e+07	False	For	For
0xeccc46c	0.904314	3.606424e+07	False	For	For
0xb2c5a0a	0.900741	3.376753e+07	False	For	For
0x85f899b	0.900493	3.377991e+07	False	For	For
0xaa0c47e	0.899675	3.381082e+07	False	For	For
0x0117a21	0.897370	3.637444e+07	False	For	For
0xa064875	0.891500	3.658266e+07	False	For	For
0xd5b4f9a	0.889500	6.833075e+05	False	For	For
0x68920a1	0.884550	3.684875e+07	False	For	For
0xa2fad6f	0.884440	3.685306e+07	False	For	For
0x0f0fb69	0.883267	3.690210e+07	False	For	For
0xc4257d3	0.883254	3.690264e+07	False	For	For
0x8fedeab	0.883226	3.690374e+07	False	For	For
0x4837509	0.882232	1.121202e+07	False	For	For
0x6208d2b	0.882004	3.695480e+07	False	For	For
0xca4f422	0.880536	3.701636e+07	False	For	For
0x1272233	0.879926	4.136920e+07	False	For	For
0x29a57f4	0.879423	3.445379e+07	False	For	For
0x7e97352	0.868248	3.786659e+07	False	For	For
0x3b781b7	0.862769	4.240876e+07	False	For	For
0x3b1509f	0.848780	3.567393e+07	False	For	For
0x6d43531	0.839944	4.265763e+07	False	For	For
0xb69cd11	0.832465	3.642858e+07	False	Against	Against
0x05888e1	0.827736	7.342978e+05	False	For	For
0x40e711b	0.820354	3.995442e+07	False	For	For
0x0f3db37	0.817190	4.728801e+05	False	For	For
0x02aa360	0.812537	4.011643e+07	False	For	For
0x9cc997c	0.811329	4.017614e+07	False	For	For
0x0cb2554	0.810124	4.045901e+07	False	For	For
0x68c141f	0.809590	4.048562e+07	False	For	For
0xe53269e	0.809403	4.027181e+07	False	For	For
0x30f07ad	0.808314	1.172363e+07	False	For	For
0xd76e874	0.803398	4.152189e+07	False	For	For
0xdee388a	0.797037	4.185326e+07	False	For	For
0x163e893	0.794475	4.198829e+07	False	For	For
0xe6a925a	0.791819	4.550032e+07	False	For	For
0xece8d5b	0.787636	1.172910e+07	False	For	For
0x377b422	0.786259	4.172222e+07	False	For	For
0x175b23d	0.771147	4.732757e+07	False	Against	Against
0x964f7cd	0.758016	3.476156e+07	False	For	For
0xa2f245f	0.757743	3.477402e+07	False	For	For
0xdeef820	0.697964	5.607296e+07	False	For	For
0x8b2ac1a	0.684133	8.648384e+06	False	For	For
0xb44b7c9	0.682236	1.494912e+06	False	For	For
0xaeb2f47	0.678335	9.892088e+06	False	Against	Against
0xda26f18	0.646389	1.887457e+04	False	For	For
0x5e1010a	0.645822	1.644621e+07	False	For	For
0xebb6ece	0.643637	1.978669e+07	False	For	For
0xd1153d6	0.543767	6.075771e+07	False	For	For
0xa8a6c01	0.530928	8.269351e+06	False	For	For

Proportion of Outcomes Changed

4.00% of Frax's proposal outcomes change after filtering out whale voting power.

Decentraland

Let’s now look at Decentraland, where the largest holders regularly participate in governance and dominate voting.

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x8b84875	0.999486	4.883961e+06	True	no you can forget about it matey	yes I want someone to pick this up down the line
0x7a6a819	0.999382	5.481279e+06	False	yes	yes
0x187559b	0.999296	5.161839e+06	False	yes	yes
0x8668746	0.999199	5.172165e+06	True	yes	no
0x4913bba	0.998996	7.775241e+06	False	This is a good idea	This is a good idea
0x3262d5a	0.998879	4.874952e+06	False	no	no
0xdfc9d87	0.998616	1.130732e+06	True	no	yes
0x768ee01	0.998182	5.183137e+06	True	yes	no
0xd28d40b	0.998069	5.142210e+06	False	No	No
0x7f6fed8	0.997541	1.562949e+06	True	No	Yes
0x8695fcb	0.997126	4.667022e+06	False	NO	NO
0x7acae7a	0.997036	1.490176e+07	True	yes	no
0x24be3be	0.996602	1.143345e+07	False	yes	yes
0x4f1ef94	0.996431	9.084665e+06	False	yes	yes
0x5312e06	0.996142	5.259879e+06	False	No	No
0x9b79389	0.996054	4.281751e+05	False	We should diversify the DAO's treasury	We should diversify the DAO's treasury
0xc2d2d66	0.996044	3.084564e+06	True	no	yes
0x526eab1	0.996023	7.018896e+06	True	no	yes
0x556aa1d	0.995850	5.645213e+06	True	No	Yes
0x029f48d	0.995757	4.640513e+06	False	yes	yes
0x29fa106	0.995692	5.846431e+06	False	Invalid question/options	Invalid question/options
0x79b68a7	0.995680	1.237048e+06	False	Invalid question/options	Invalid question/options
0x21d3a65	0.995598	1.016676e+06	True	No	Yes
0x96c08fa	0.995577	8.184531e+05	False	Invalid question/options	Invalid question/options
0xbddb5c2	0.994978	9.745293e+06	False	yes	yes
0xe353e78	0.994819	2.809573e+06	True	Invalid question/options	Community Feedback
0xdbe9b2d	0.994245	9.816297e+06	False	yes	yes
0x16fa265	0.994236	1.342768e+06	False	Invalid question/options	Invalid question/options
0xc7ca021	0.994226	1.102576e+07	False	yes	yes
0x9f99e7d	0.994155	6.376865e+06	False	No	No
0x7f974b2	0.993880	2.592491e+06	False	Invalid question/options	Invalid question/options
0xbf2891a	0.993058	3.682791e+06	False	yes	yes
0x616af9c	0.992889	4.990964e+06	False	yes	yes
0xd09e0d5	0.992869	5.844858e+06	True	yes	no
0xb3279d2	0.992750	4.978812e+06	True	Invalid question/options	No
0x387ab2c	0.992541	6.598490e+06	True	No	Yes
0x26297f8	0.992255	5.881524e+06	False	yes	yes
0x91d5f87	0.991064	1.740268e+06	False	No	No
0x649126a	0.990170	6.987182e+06	False	yes	yes
0xa71b13c	0.990142	2.112917e+06	False	no	no
0x0bc7d2b	0.989643	8.394869e+06	True	Yes, implement term limits	Invalid question/options
0x2a77b68	0.988991	5.428652e+06	True	No	Yes, 50% Grant VP Limit and 80% General VP Limit
0xc4b4236	0.988763	5.827740e+06	True	yes	no
0x247c083	0.988746	4.860784e+06	False	yes	yes
0x6e5a575	0.988385	5.742171e+06	False	yes	yes
0x952b228	0.988272	6.309580e+06	True	no	yes
0x57b9a3c	0.987948	1.122800e+06	False	no	no
0xd197534	0.987531	8.784651e+05	False	yes	yes
0x91299fe	0.987246	5.444596e+06	False	yes	yes
0xf574f75	0.986932	2.093935e+06	False	yes	yes
0x3f2a8be	0.985718	1.049224e+07	False	Yes	Yes
0xbedf554	0.985203	1.844298e+07	True	yes	no
0x1f63abb	0.984902	7.800439e+06	False	yes	yes
0x67134f7	0.984805	7.017242e+06	False	Yes	Yes
0x714d66a	0.984570	2.184583e+06	False	yes	yes
0xe126f25	0.984246	9.704957e+06	True	no	yes
0x6f5a95f	0.983940	2.143802e+06	False	Invalid question/options	Invalid question/options
0x27e6375	0.983238	5.036439e+06	False	no	no
0x3172780	0.982403	7.363167e+06	False	yes	yes
0xf419611	0.981970	4.862469e+06	False	yes	yes
0x8036c67	0.981241	1.109863e+07	False	yes	yes
0x871079e	0.979329	6.318864e+05	False	Meet and vote for the candidates:	Meet and vote for the candidates:
0xd17c7ba	0.977996	3.369919e+06	False	No	No
0xcfa9ae3	0.977532	7.456233e+05	False	yes	yes
0xefc628b	0.976583	1.036405e+07	False	yes	yes
0xe4389fd	0.975917	7.158903e+06	False	yes	yes
0x58d86ce	0.973151	1.403060e+06	False	Invalid question/options	Invalid question/options
0x0909d45	0.973146	1.048035e+07	True	No limit	20%
0x8c7cae1	0.972334	3.276169e+06	False	yes	yes
0x0278654	0.972144	3.188500e+06	False	Unban	Unban
0xdcf2fe1	0.971427	1.961732e+06	False	Yes	Yes
0x6576a4e	0.970194	1.563285e+06	True	Invalid question/options	Unban
0x36869ff	0.970038	7.566330e+05	True	yes	no
0x2f512a9	0.969403	5.933537e+06	False	yes	yes
0xea65740	0.968359	1.783089e+06	False	yes	yes
0x5180e81	0.964883	1.377355e+06	False	Grant Revocations Committee	Grant Revocations Committee
0x42422eb	0.963504	3.385513e+06	False	yes	yes
0xc84475a	0.962469	7.071364e+06	True	No	Yes
0x73fa3d2	0.962396	6.437215e+06	False	yes	yes
0x5203521	0.959934	1.997165e+05	False	We should diversify the DAO's treasury	We should diversify the DAO's treasury
0x4d2a825	0.957120	1.724953e+06	False	no	no
0x105e115	0.954372	9.925258e+06	True	Tobik	Szjanko
0x4744425	0.949534	1.881649e+06	False	yes	yes
0x2ee03d9	0.949496	6.937624e+06	False	Yes	Yes
0x41f4457	0.949472	3.156775e+06	False	yes	yes
0xffae5e5	0.949238	4.665018e+06	False	Add 100 VP Requirement for Grant Requests	Add 100 VP Requirement for Grant Requests
0x69a068d	0.942257	1.563984e+06	False	Add color picker for Avatar skin	Add color picker for Avatar skin
0x0a581f2	0.941688	5.040202e+06	False	yes	yes
0x0d40c79	0.939711	2.095088e+07	True	Do not include Worlds in Places or Events	Include Worlds in Places and Events
0x7924927	0.938650	2.069344e+06	False	yes	yes
0xc6247d2	0.933288	5.359861e+06	False	no	no
0xbb1e73a	0.928581	4.535509e+06	False	yes	yes
0x84e766e	0.922650	5.613714e+06	False	no	no
0x345b01d	0.920157	2.263006e+06	False	yes	yes
0x812ebcf	0.913018	7.437318e+06	False	yes	yes
0xdce2b64	0.908102	3.282099e+06	False	Yes	Yes
0xfad0ce3	0.902094	9.333255e+04	False	yes, introduce a paid pre-check	yes, introduce a paid pre-check
0xf8d2a38	0.889121	2.910621e+06	False	Yes	Yes
0x1c2b664	0.865817	2.591663e+06	False	yes	yes
0xb4a5a71	0.729765	7.191009e+04	True	Buy back price formula	Do not buy LAND

Proportion of Outcomes Changed

27.00% of Decentraland's proposal outcomes change after filtering out whale voting power.

For example, this proposal to set a duration period for the tenure of Decentraland DAO committee members saw 99.9% of voting power attributed to whales, with 94.85% of proposal voting power allocated to voting for the proposal not to pass.

	Yes	No	Invalid question/options
Scores	168338.243827	1.394610e+06	0.025206
Score Differences	166209.638630	1.392896e+06	0.000000

This is clearly a case of large holders voting to support their own interests. Once whales are filtered out of the votes (which would’ve given existing and future committee members set terms, making the roles more democratic) the proposal would’ve passed, albeit, with very low voting power by comparison.

Curve Finance

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0xa11d4d1	0.998352	2.609730e+07	False	Yes	Yes
0xa4fb747	0.997837	7.183114e+03	False	当然	当然
0xad241d0	0.995149	1.352219e+05	True	>80%	<10%
0xdaae7dd	0.993704	2.424709e+03	False	Oui	Oui
0xc943136	0.992488	2.089668e+03	False	看好	看好
0x73c09f5	0.992488	2.089666e+03	False	可以	可以
0xd946d40	0.992450	2.056291e+03	False	会	会
0xf18e081	0.992417	2.027366e+03	True	不会	会
0x745856d	0.992091	2.131107e+04	False	Sure, I am diamond hand	Sure, I am diamond hand
0x8752a03	0.991968	2.161588e+03	False	YES	YES
0xaec626e	0.991251	1.727484e+03	True	NO	YES
0xb593cb7	0.991085	2.047203e+03	False	$10	$10
0x603ed38	0.984330	9.928802e+02	False	肯定能	肯定能
0x9b3a6f1	0.981493	2.454873e+03	False	sì	sì
0x92d6266	0.974904	6.251078e+02	False	是	是
0xd783873	0.974524	6.161943e+02	True	不可以	可以
0x188d497	0.973865	5.816601e+02	False	Oui	Oui
0xaaa4b6e	0.972309	2.093886e+03	True	2023	2022
0x3b2d049	0.969262	4.878137e+02	False	OUI	OUI
0x4ebcc4c	0.969262	4.878144e+02	True	NO	YES
0xb2af26b	0.966962	2.412777e+04	False	Ethereum	Ethereum
0xe05a4b5	0.965784	6.060706e+04	False	支持快照所有链的CRV	支持快照所有链的CRV
0xae4e9c1	0.965548	6.035077e+04	True	YES, SURE	NO
0xf688ed7	0.965533	6.062828e+04	False	是	是
0x88f1092	0.965520	6.040548e+04	False	需要	需要
0xfcde35b	0.964759	1.458902e+03	False	Oui	Oui
0xb860247	0.963223	4.741172e+05	False	Yes	Yes
0x21fe7a5	0.961437	6.060871e+04	False	恐怕不行	恐怕不行
0x7ee9158	0.960088	4.321611e+02	True	不可观	可观
0xad8f1ed	0.953952	6.108420e+04	False	Ça ira	Ça ira
0x6d653f4	0.951021	3.175141e+02	True	Abstain	For
0xd4b0b42	0.944290	2.078225e+03	False	不会	不会
0x00de907	0.940571	2.198443e+03	True	5-8	8-10
0x0eb23ea	0.930798	5.745539e+05	True	No	Yes
0xfa72434	0.927886	2.596708e+03	False	YES	YES
0xdbc9fc2	0.923875	6.312840e+04	False	YES	YES
0x73dd902	0.923575	2.238066e+03	False	可以	可以
0xe2f1068	0.909635	1.708698e+01	False	Mercato in rialzo	Mercato in rialzo
0xdd6b509	0.909623	1.710269e+01	False	头像类没有想象空间，会长期如此	头像类没有想象空间，会长期如此
0xf039dc0	0.908306	1.093152e+05	False	NO	NO
0x2148e6a	0.874788	2.293003e+03	False	不满意	不满意
0xa4cad05	0.871223	1.217254e+02	False	满意	满意
0x7e202dc	0.863767	1.143509e+02	False	需要	需要
0xa66aaa7	0.862335	6.781295e+04	False	能	能
0x1e82a99	0.862315	6.781525e+04	False	能	能
0x83d3226	0.861089	1.104419e+02	False	YES	YES
0x7d87093	0.847132	1.079791e+02	False	yes	yes
0x5118297	0.821726	1.314136e+04	False	拉盘	拉盘
0xfa37c53	0.799224	2.434862e+03	True	不会	会
0x6529d73	0.799223	2.434858e+03	False	Non	Non
0xeb4d67f	0.798118	2.437403e+03	False	yes	yes
0x4477c56	0.795307	1.971935e+01	False	yes	yes
QmfCbWBLY	0.795307	1.971947e+01	False	yes	yes
0x6b07f51	0.785765	3.541661e+03	False	是的	是的
0x5ba2a21	0.772659	2.633271e+03	False	10%-30%	10%-30%
0x08a72b7	0.770092	2.526968e+03	False	NO	NO
0x9ffe207	0.752772	2.713534e+03	True	no care	yes
0xe6cce57	0.746569	2.585855e+03	False	YES	YES
0x97ae5c4	0.733667	2.697689e+03	False	是的	是的
0x43c689e	0.718463	4.272657e+06	False	2Pool + current 3Pool + 4Pool	2Pool + current 3Pool + 4Pool
0xe7743b0	0.701814	9.127614e+03	False	继续持有	继续持有
0x6b35c4f	0.700429	3.973025e+03	False	是	是
0x6380932	0.696229	2.590357e+03	True	YES	NO
0x3dbcf83	0.682441	1.977966e+04	False	ETH	ETH
0x4e54b47	0.654269	3.067548e+03	False	For	For
0x591379b	0.650378	4.665160e+02	False	支持	支持
0x903e7d6	0.636629	5.311451e+03	False	yes	yes
0xf29dd4b	0.629509	3.081174e+03	False	不会	不会
0x4a16199	0.623521	1.190239e+03	False	是的	是的
0xd395553	0.595172	1.671419e+05	False	Yes	Yes
0x377d464	0.589513	2.615240e+01	False	Oui	Oui
0x93cf3af	0.572669	1.141553e+03	True	no	sì
0x46e9d65	0.569959	1.048495e+03	False	YES	YES
0x845aadd	0.557003	4.995840e+03	False	有	有
0x1e7363f	0.540879	5.144902e+03	False	应该降低	应该降低
0x15fae2f	0.510138	2.116388e+04	False	Yes	Yes
0xeb6bc58	0.504918	4.095006e+03	True	Oui	non
0x9f5f687	0.504871	3.078590e+01	True	SURE	NOT YET
0x38b70ed	0.502913	4.814844e+03	False	Yes	Yes
0x2917727	0.489861	4.957475e+03	False	For	For
0xad25c0c	0.469576	1.242926e+05	True	no	yes
0x25cc158	0.453655	8.222452e+03	False	pas d'accord	pas d'accord
0xb9d87bd	0.421065	3.239812e+05	False	YES	YES
0x25a91d1	0.346192	3.958703e+04	False	yes	yes
0x14cfc26	0.288670	7.066127e+03	False	For	For
0x026a69e	0.274424	6.893078e+03	False	yes	yes

Proportion of Outcomes Changed

20.93% of Curve Finance's proposal outcomes change after filtering out whale voting power.

One proposal which would’ve passed if not for whale intervention was this proposal to add the XSTUSD-3CRV pair to Curve’s gauge controller to accrue CRV for liquidity providers of XSTUSD-3CRV.

XSTUSD is a stablecoin deployed on Polkadot and Kusama that’s backed by a synthetic token called XOR (Sora’s native token). The governance discussion about the vote was particularly interesting.

What stands out is XSTUSD’s comparison with LUNA/UST. This proposal was created before the LUNA/UST depegging disaster, but even before that, quite a few people had their concerns about it. So I checked out the first 16 accounts which showed really strong support for this proposal, and almost every single one was created within 2 days of the proposal’s forum post. Clear signs of governance forum shenanigans, executed to raise hype for a proposal.

	Yes	No
Scores	45352.592228	529201.282019
Score Differences	23462.994316	511330.472493

Just over 4% of voting power for this proposal was allocated by whales to vote “Yes” (which is just over half the total voting power allocated to the “Yes” choice for this proposal), whereas ~89% of whale voting power was allocated to voting “NO” (~97% of total voting power for this choice).

It’s important to highlight that whales are also sensible and not always “evil”, which I would classify as entities that promote proposals that are detrimental to the DAO for their own interests. It’s a good thing that CRV whales didn’t have an incentive to pass this proposal as well.

Radicle

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x3ff8024	0.999397	4.301595e+05	False	Yes	Yes
QmVypVPUP	0.927434	1.962803e+06	False	For	For
QmbpshrWc	0.751147	1.291031e+06	False	Unpause swapping	Unpause swapping
0xe9158c0	0.632033	7.565920e+05	False	Yes	Yes
0x704025e	0.624782	4.946306e+06	False	For	For
0x16400b2	0.621619	4.971479e+06	False	For	For
0x646e927	0.605303	6.163640e+06	False	Yes	Yes
QmepPgXwo	0.551155	2.012627e+05	True	Nay	Aye
QmW64iqHQ	0.539397	8.865300e+05	False	For	For
0xf95b0e0	0.483829	4.133690e+06	False	For	For
0x4c289dd	0.409756	5.415718e+04	True	Yes	No
bafkreia4	0.383388	6.922975e+06	False	For	For

Proportion of Outcomes Changed

16.67% of Radicle's proposal outcomes change after filtering out whale voting power.

One such proposal was the one to distribute RAD remaining following a Liquidity Bootsrapping (LBP) round conducted in February ‘21. This leftover RAD was proposed to be redistributed to participants of the LBP, i.e. people who bought RAD in this period from the Balancer LBP for RAD tokens.

	Aye	Nay
Scores	78136.278442	123126.401817
Score Differences	20708.270722	90218.650933

Just over 10% of whale voting power for this proposal was allocated to voting “Aye” on this proposal (~27% of voting power allocated to the “Aye” choice came from whales). Whereas ~45% of voting power from whales was allocated to the “Nay” choice (~73% of whale voting power allocated to “Nay”).

Gitcoin

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x44711d0	0.999678	9.749282e+06	False	YES	YES
0x8a9aecd	0.999631	9.143112e+06	False	YES	YES
0xc6655f1	0.999620	1.196768e+07	False	Yes - Proceed with TD	Yes - Proceed with TD
0x643408b	0.999597	9.300537e+06	False	YES	YES
0xc32ebb4	0.999539	8.099869e+06	False	YES	YES
0x43aa826	0.999534	1.121580e+07	False	YES	YES
0x63e139b	0.999432	9.095121e+06	False	Yes	Yes
0x08bc5d6	0.999431	1.270002e+07	False	Yes	Yes
0x35010ae	0.999387	1.054562e+07	False	Yes, fund MMM Season 16	Yes, fund MMM Season 16
0x7827fdf	0.999377	6.707042e+06	False	FOR	FOR
0xc630934	0.999376	9.190938e+06	False	For	For
0x9747242	0.999371	9.099896e+06	False	YES	YES
0x6e2ce09	0.999353	8.272843e+06	False	YES	YES
0x555f90d	0.999351	1.091496e+07	False	Yes	Yes
0x3c66d92	0.999344	8.678124e+06	False	FOR	FOR
0xbe39c34	0.999341	1.153564e+07	False	Yes	Yes
0xf185198	0.999340	1.237349e+07	False	YES - Fund FDD S17 budget	YES - Fund FDD S17 budget
0xb39cf2f	0.999319	1.207440e+07	False	Yes, fund MMM in S17	Yes, fund MMM in S17
0x6f9c5c8	0.999297	1.103608e+07	False	Yes	Yes
0x56c27b3	0.999290	1.206502e+07	False	Yes	Yes
0xa94a8e1	0.999285	1.137574e+07	True	No	Yes
0xf8a7f4c	0.999265	8.027376e+06	True	FOR GR14 Struct & AGNST New Elig	FOR GR14 Struct & FOR New Elig
0xbd3d16c	0.999265	1.162329e+07	False	Yes, fund PGF in S17	Yes, fund PGF in S17
0xc49ae9a	0.999233	6.186337e+06	False	Yes, fund FDD season 16	Yes, fund FDD season 16
0x8a80159	0.999200	8.326353e+06	False	Yes	Yes
0x0eb45cf	0.999194	4.575608e+06	False	FOR	FOR
0xecc9736	0.999176	1.221641e+07	False	FOR	FOR
0x7125530	0.998980	8.208169e+06	False	Yes - Ratify the changes	Yes - Ratify the changes
0xd87e0ae	0.998964	8.198446e+06	False	Yes - Fund Passport budget	Yes - Fund Passport budget
0xb154305	0.998948	9.279563e+06	True	OPTION 2 - $330,000	OPTION 1 - $390,000
0x64bc572	0.998886	3.917098e+06	False	FOR GR15 Structure	FOR GR15 Structure
0x41c47d0	0.998841	3.778400e+06	False	FOR	FOR
0xd7e430b	0.998779	9.170830e+06	False	Yes	Yes
0xe0c6d91	0.998695	3.402737e+06	False	FOR	FOR
0x82cf332	0.998692	1.126438e+07	False	AGAINST (deny the new workstream	AGAINST (deny the new workstream
0x79e8ca9	0.998629	3.691382e+06	False	FOR	FOR
0x77b9cfe	0.998525	6.990016e+06	True	Against	For
0x6f1fa6b	0.998465	5.882941e+06	False	Yes, fund the gtcETH Pools	Yes, fund the gtcETH Pools
0x332237c	0.998128	2.978421e+06	False	EVO - Operations	EVO - Operations
0xa6fa6ca	0.998128	6.269640e+06	False	Fund MMM as requested	Fund MMM as requested
0x68899d0	0.997978	8.132303e+06	True	AGAIINST	FOR
0x6a7500e	0.997853	5.241431e+06	False	Fund MSC as requested	Fund MSC as requested
0x3fdc245	0.997692	5.426552e+06	True	No: do not compensate them	Yes: compensate eligible users
0x54a5344	0.997682	6.910683e+06	False	5,000 GTC	5,000 GTC
0xd65bb1c	0.997507	5.275979e+06	False	Yes - Send 127k GTC to dGTC	Yes - Send 127k GTC to dGTC
0xaf6b1e2	0.997471	5.452189e+06	False	Yes, I support the proposal	Yes, I support the proposal
0xa4dd852	0.997412	5.484994e+06	False	For	For
0xe74f2dd	0.996722	4.232405e+06	False	Yes, I support the proposal	Yes, I support the proposal
0x97a2ed0	0.996720	8.224920e+06	False	FOR	FOR
0x6acb83e	0.996666	8.493994e+06	False	Yes, approve!	Yes, approve!
0x2ccad33	0.996152	7.908027e+06	False	Single Pool Experiment	Single Pool Experiment
0x6cf2d1e	0.996140	4.020559e+06	False	Fund dCompass as requested	Fund dCompass as requested
0x5784ba6	0.996057	6.232586e+06	False	Approve	Approve
0x29eaaff	0.995877	3.358610e+06	False	Yes, I support the proposal	Yes, I support the proposal
0xa7f5df0	0.995550	1.341530e+06	False	FOR: Repeat main pool w 2.5% cap	FOR: Repeat main pool w 2.5% cap
0x265fe70	0.995276	3.758521e+06	False	Yes, fund FDD with 76.5k GTC	Yes, fund FDD with 76.5k GTC
QmQTMLG8q	0.994952	3.620808e+06	False	Ratify & DO NOT pay fraud tax	Ratify & DO NOT pay fraud tax
0x93d3373	0.994208	3.352599e+06	False	Fund FDD as requested	Fund FDD as requested
QmZbt14YZ	0.993338	2.384878e+06	False	For	For
QmUMKpGM6	0.993085	2.533639e+06	False	Yes, Approve!	Yes, Approve!
QmSRTDaRc	0.993018	2.436659e+06	False	Option 1: Ratify breakdown	Option 1: Ratify breakdown
0x230bcb7	0.992967	2.508159e+06	False	Yes, create dCompass	Yes, create dCompass
QmUq5WsYE	0.991188	2.753675e+06	False	FOR	FOR
QmZYrZKBa	0.990899	3.245365e+06	False	Transfer 40k GTC to CLR.fund	Transfer 40k GTC to CLR.fund
QmchtUum2	0.989351	3.022026e+06	False	"Yes" 41,300 GTC to DCGTC	"Yes" 41,300 GTC to DCGTC
QmSYVGy8K	0.981414	1.620160e+06	False	"Yes" 40k GTC to Moonshot	"Yes" 40k GTC to Moonshot
QmQWucgbu	0.980528	1.824826e+06	False	Yes - Allocate 45,000 GTC	Yes - Allocate 45,000 GTC
QmY7yvzid	0.980496	1.987333e+06	False	Option 1 - Allocate 20K GTC	Option 1 - Allocate 20K GTC
QmQe6fHVD	0.979212	2.293000e+06	False	Option 1	Option 1
QmdLNbbE4	0.974003	1.868719e+06	False	FOR	FOR
QmSXwJCKp	0.972823	1.054066e+06	True	No 👎	Yes 👍
QmZTskr6y	0.972589	2.025613e+06	False	Yes $50k to fund GTCDAO building	Yes $50k to fund GTCDAO building
QmeGrN1bx	0.972426	1.327852e+06	False	Yes	Yes
Qmf8du3yf	0.968475	1.577847e+06	True	No, I don't support oneGTC	Yes, I support oneGTC
QmRbuBUX7	0.963367	2.208175e+06	False	Proposed breakdown	Proposed breakdown
QmUoBpLsM	0.963081	3.233282e+06	True	Liquidate 100% of AKITA for ETH	Sell 10% of AKITA, Stream 90%
QmaNNqMPX	0.947662	1.681791e+06	False	Yes, transfer LP to GTC timelock	Yes, transfer LP to GTC timelock
Qmcr1T1EZ	0.940208	1.260847e+06	False	Yes, begin standards creation	Yes, begin standards creation
QmR1mSZaQ	0.938702	1.328415e+06	False	Stream: duration of 2 years	Stream: duration of 2 years
QmZeogNXZ	0.918996	1.151099e+06	False	Support	Support
Qmd5Lmq1Z	0.904576	1.191039e+06	False	Against	Against
QmaPNPYLC	0.877532	5.911266e+04	True	拒绝	同意
QmeLMJpaV	0.874000	5.868602e+05	False	Pineapple Pizza for the win	Pineapple Pizza for the win
QmSGhHLTc	0.839422	6.768985e+05	False	I support all of above	I support all of above
Qmf6hFhnn	0.809041	4.859597e+05	True	No	Yes, add a page with widget
QmSWmxbFx	0.673505	2.280618e+05	False	Yes 好	Yes 好
0x4efcc74	0.665095	4.372964e+04	False	Gitcoin is working hard	Gitcoin is working hard
0xf206afb	0.602727	3.555509e+04	False	yes	yes

Proportion of Outcomes Changed

12.50% of Gitcoin's proposal outcomes change after filtering out whale voting power.

Euler

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x93a1390	0.994556	4.152027e+05	False	YES	YES
0x0991c38	0.993948	4.270865e+05	False	Yes, by 3PM EST 25th Nov 22	Yes, by 3PM EST 25th Nov 22
0x432e4d3	0.987322	4.008211e+05	False	Claims and self-delegate $SAFE	Claims and self-delegate $SAFE
0x9da517e	0.979825	3.709000e+05	False	Implement this change	Implement this change
0xdbd34a5	0.979729	1.085214e+05	False	YES	YES
0x40874e4	0.964052	5.743725e+05	False	YES -Implement the changes	YES -Implement the changes
0x5b72a41	0.963143	5.740418e+05	False	Yes	Yes
0xe91b62c	0.961527	3.840210e+05	False	NO	NO
0x39151cd	0.949969	6.689393e+05	False	Yes	Yes
0x65a56c2	0.945281	3.669608e+04	False	Yes (Fund eGP 6)	Yes (Fund eGP 6)
0x8c7957f	0.944661	4.701618e+05	False	Yes	Yes
0xed0cfd4	0.943877	1.679252e+04	False	Yes	Yes
0x189c40f	0.936616	8.758991e+05	False	Yes - Approve	Yes - Approve
0xebff925	0.936247	1.401948e+04	False	Yes	Yes
0x44f3b0f	0.936010	8.764659e+05	True	No - Do not update FRAX IRM	Yes - Update FRAX IRM
0xaa7cf37	0.933143	3.535022e+04	False	Yes	Yes
0x8d246ca	0.929271	3.004293e+04	False	Yes	Yes
0x35146ea	0.926604	2.706807e+04	False	Yes	Yes
0x31db795	0.922248	1.235779e+04	False	Yes	Yes
0x551f9e6	0.919941	4.722648e+05	False	Update EUL distribution	Update EUL distribution
0xb4b98f7	0.915805	3.827971e+05	True	NO - Do not approve eIP 38	YES - Approve eIP 38
0xe4dbd72	0.913589	3.722241e+05	False	Implement this scheduling	Implement this scheduling
0xbdea407	0.909351	3.739588e+05	False	Promote LUSD w/ these parameters	Promote LUSD w/ these parameters
0x3f5fdde	0.908852	7.151853e+05	False	Yes - Withdraw STG from the rese	Yes - Withdraw STG from the rese
0x8aeb25a	0.908698	9.028098e+05	False	Yes - Update LSD IRMs	Yes - Update LSD IRMs
bafkreigt	0.900323	2.190655e+04	False	Yes	Yes
0x52bfe20	0.895994	1.360997e+06	False	Yes - Approve	Yes - Approve
0xef1c55d	0.894521	4.162001e+05	False	Implement by 13 Dec 3pm EST	Implement by 13 Dec 3pm EST
0x8721e87	0.885637	4.888240e+05	False	Abstain	Abstain
0x8f04631	0.877591	1.405273e+05	True	Yes	No
0xbbb2c3f	0.871130	1.571002e+04	False	Yes	Yes
0x3e72636	0.868269	5.256335e+05	True	Yes: deploy Euler to BNB Chain	No: make no changes
0x16a790d	0.861215	2.552750e+04	False	Yes	Yes
0xe16545b	0.856475	3.887103e+05	False	YES - Implement changes	YES - Implement changes
0xdfb86aa	0.851187	3.979754e+05	False	Yes, implement this change.	Yes, implement this change.
0x145d78e	0.851053	1.367914e+04	False	YES	YES
0x4e973ce	0.848291	5.010669e+05	False	Raise the Snapshot quorum to 50k	Raise the Snapshot quorum to 50k
0x4761ad8	0.844914	5.856080e+05	True	Abstain	No: Make no changes.
0xfd577b9	0.842591	1.423028e+04	False	Yes	Yes
0xeb9b8a9	0.839268	4.036275e+05	True	NO - Do Nothing	YES - Implement the Changes
0x3635964	0.837219	3.976503e+05	False	Yes - make rETH collateral	Yes - make rETH collateral
0xe40ab49	0.761502	2.098301e+05	True	Abstain	NO - Do not allocate
0x526a71c	0.742391	5.084302e+04	True	No	Yes
0xc39ab69	0.733129	4.458349e+04	False	Yes - Fund this grant	Yes - Fund this grant
0xe7c406f	0.673674	8.378643e+04	False	YES - Increase Borrow Factors	YES - Increase Borrow Factors
0xfbc2bdb	0.669848	1.081692e+05	False	Implement changes proposed	Implement changes proposed
0xa41a3b0	0.669678	1.119431e+05	False	YES-Convert FTT by 19/01 4PM EST	YES-Convert FTT by 19/01 4PM EST
0x7e65ffa	0.605510	2.814804e+05	False	YES - change the distribution	YES - change the distribution
0xdaa5c4b	0.569751	5.626910e+03	False	Yes	Yes
0x3b4b7e7	0.554538	6.380071e+04	False	Yes	Yes
0x76fb289	0.542182	6.886941e+04	False	YES - Approve Grant Request	YES - Approve Grant Request
0x4129f05	0.519698	1.057247e+05	False	YES - implement the changes	YES - implement the changes
0x4b6126b	0.409033	2.235918e+04	False	Yes	Yes

Proportion of Outcomes Changed

15.09% of Euler's proposal outcomes change after filtering out whale voting power.

Gearbox

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0xa24c991	0.911661	2.266455e+08	False	Yes, approve	Yes, approve
0xc7d4eb1	0.898677	2.119328e+08	False	Yes, approve	Yes, approve
0x7155b39	0.891847	2.120120e+08	False	Yes, approve	Yes, approve
0x3cbd502	0.888188	2.444278e+08	False	Yes, approve	Yes, approve
0x2d77246	0.884413	2.471702e+08	False	Approve	Approve
0x5e348d3	0.876182	2.545753e+08	False	Yes, approve	Yes, approve
0x3a4f32b	0.876123	2.444973e+08	False	Yes, approve	Yes, approve
0x3719083	0.872143	2.331051e+08	False	Approve OBRA	Approve OBRA
0x23b65a4	0.845524	4.751992e+07	False	Yes, approve	Yes, approve
0x24c3f73	0.825484	2.210429e+08	False	Yes, update the Uniswap adapters	Yes, update the Uniswap adapters

Proportion of Outcomes Changed

0.00% of Gearbox's proposal outcomes change after filtering out whale voting power.

SuperRare

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0xf84ed27	0.580322	6.061394e+06	False	Yes	Yes
0xd84b09a	0.552082	6.329435e+06	False	Yes	Yes
0x40b7d0e	0.531639	1.639030e+06	False	Yes	Yes
0xc9fa170	0.529507	1.650444e+07	False	Yes	Yes
0x63b7fbb	0.507906	6.957953e+06	False	Yes	Yes
0x1d64af4	0.501453	7.271877e+06	False	Yes	Yes
0x5a51391	0.488250	7.337768e+06	False	Yes	Yes
0xa73cb65	0.470866	6.704130e+06	False	Yes	Yes
0x8d3c065	0.466561	1.313154e+07	False	Yes	Yes
0x0b75ed2	0.465688	5.746038e+06	False	Yes	Yes
0x2508702	0.457431	5.261610e+06	False	Yes	Yes
0x1763d23	0.453317	8.044046e+06	False	Yes	Yes
0x46461bc	0.448403	7.181424e+06	False	Yes	Yes
0x60745f1	0.434386	8.483730e+06	False	Yes	Yes
0x1787f5d	0.427301	5.011283e+06	False	Yes	Yes
0x5c46e4d	0.414785	7.243145e+06	False	Yes	Yes

Proportion of Outcomes Changed

0.00% of SuperRare DAO's proposal outcomes change after filtering out whale voting power.

Hop

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0xdf8dbd4	0.990016	1.319066e+07	False	For	For
0x8131ad6	0.988627	1.214940e+07	False	Yes	Yes
0x6b51364	0.986493	1.355622e+07	False	Yes	Yes
0x77dfa74	0.986203	1.356527e+07	False	Yes	Yes
0xf1bf932	0.986168	1.356350e+07	False	Yes	Yes
0x6873b06	0.986155	1.097978e+07	False	For	For
0x29c0205	0.984798	1.198519e+07	False	Yes	Yes
0x15937d8	0.984153	1.056193e+07	False	Yes	Yes
0xaa5d0ac	0.982945	9.891047e+06	False	For	For
bafkreigy	0.982840	1.230943e+07	True	No	Yes
0x3e81e95	0.982176	9.760726e+06	False	Yes	Yes
0x8dee191	0.981994	8.687809e+06	False	For	For
bafkreid2	0.980578	8.536331e+06	False	Yes	Yes
0x3274272	0.980140	6.700165e+06	False	For	For
bafkreibb	0.975413	1.247628e+07	False	Yes	Yes
bafkreifo	0.960753	8.276589e+06	False	Yes	Yes
bafkreicl	0.959179	6.714150e+06	False	For	For
0x5ed7346	0.956643	1.415446e+07	False	Yes - Authorize Hop Foundation	Yes - Authorize Hop Foundation
0xd8dfe98	0.953260	1.420469e+07	False	Yes - Deploy a HOP bridge	Yes - Deploy a HOP bridge
0x3df21f6	0.952876	6.303571e+06	False	Yes - Deploy a HOP bridge	Yes - Deploy a HOP bridge
0x603f0f6	0.947185	1.429579e+07	False	Yes - Adopt the mission statemen	Yes - Adopt the mission statemen
bafkreihv	0.936266	4.459925e+06	False	Yes	Yes
bafkreic3	0.866190	7.125023e+06	False	For	For
bafkreihi	0.851591	9.003253e+06	False	For	For

Proportion of Outcomes Changed

4.17% of Hop's proposal outcomes change after filtering out whale voting power.

JPEG’d

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x6f20051	0.980853	4.262598e+07	False	yes	yes
QmU5Ku31d	0.902504	3.055583e+09	False	Yes, commission the NFTs	Yes, commission the NFTs
QmZhiDLFX	0.833699	2.277809e+09	False	Yes, launch NFT auctions	Yes, launch NFT auctions
0x2f14983	0.815436	8.065378e+08	True	no	yes
0x04ec684	0.804727	8.626524e+07	False	yes	yes
0x2c3a786	0.753776	3.241814e+09	False	Diversify	Diversify
QmahuLsSu	0.751152	3.803228e+09	False	Design 3	Design 3
0x8b2f168	0.749019	3.238020e+08	True	Yes, launch the index	Abstain
0x55723c4	0.742123	2.542658e+09	False	Yes approve new JPEG boost	Yes approve new JPEG boost
0x1b099f5	0.717871	3.491613e+08	True	yes	no
bafkreihd	0.709964	2.363689e+09	False	Remove deposit fees	Remove deposit fees
0x9ea28f5	0.695198	2.693522e+09	False	Yes	Yes
bafkreibv	0.694372	4.354831e+09	False	Yes enable pETH borrowing	Yes enable pETH borrowing
bafkreiev	0.692118	2.424079e+09	False	Add Doodles	Add Doodles
bafkreigf	0.690976	3.730456e+09	False	Yes authorize veCRV bribes	Yes authorize veCRV bribes
bafkreihc	0.686093	4.640046e+09	False	Authorize DAO	Authorize DAO
bafkreiac	0.681444	5.636676e+09	False	Yes. Offer free insurance.	Yes. Offer free insurance.
0x452d44a	0.674629	3.289604e+09	False	Yes enable JPEG LTV boost	Yes enable JPEG LTV boost
bafkreiem	0.653208	2.569426e+09	False	Implement Punk Trait Multiplier	Implement Punk Trait Multiplier
0x31d3517	0.639521	2.860513e+09	False	Yes	Yes
0xa83e8a3	0.620489	1.157935e+08	False	No	No
0x7bdb01d	0.591758	9.392267e+08	False	yes	yes
0xd68fd85	0.582523	1.401333e+09	False	Yes	Yes
0xe9ac0e9	0.577629	7.155875e+08	True	no	yes
0xf1df891	0.573307	3.291369e+09	False	Yes	Yes
QmaTbT5Br	0.562769	4.432926e+09	False	Yes authorize up to $15m CVX.	Yes authorize up to $15m CVX.
0xec0ef9e	0.561243	2.468512e+09	False	Support	Support
0x43983b0	0.552810	2.026389e+09	False	No	No
0xf5f4569	0.535826	3.000190e+09	False	Accept this proposal	Accept this proposal
bafkreiaj	0.526497	5.438990e+09	False	Yes authorize up to $15m.	Yes authorize up to $15m.
0x8f2f513	0.524384	2.943279e+09	False	Yes, Enable staking and airdrop	Yes, Enable staking and airdrop
bafkreifb	0.522123	4.480022e+09	False	Yes vote 100% on pETH gauge	Yes vote 100% on pETH gauge
0xb8a3eca	0.497502	4.126358e+09	False	For	For
0x8eb4f04	0.497117	1.840830e+09	False	Accept this proposal	Accept this proposal
0x103fdd3	0.487092	1.541569e+09	False	Yes launch the index	Yes launch the index
0x98a890c	0.486323	3.004328e+09	False	Support Subsidizing JPEG-pETH	Support Subsidizing JPEG-pETH
0x5cfa59b	0.483359	3.914539e+09	False	Yes approve PIP	Yes approve PIP
bafkreibw	0.477312	5.066019e+09	False	Yes remove fees	Yes remove fees
0x7d80f77	0.471879	3.337571e+09	False	Yes - add support	Yes - add support
bafkreihi	0.469616	3.070628e+09	False	Yes	Yes
bafkreicq	0.457358	3.061497e+09	False	Yes	Yes
0xa0ae290	0.422897	2.688742e+09	False	Yes, enable BAYC traits Boost	Yes, enable BAYC traits Boost
0xcbe086a	0.418084	3.346360e+09	False	no	no
0xd9dc4fe	0.415669	2.779636e+09	False	Set Debt Ceiling to 2469 pETH	Set Debt Ceiling to 2469 pETH
bafkreibc	0.404101	3.426069e+09	False	Yes add collections	Yes add collections
bafkreigy	0.403021	3.084989e+09	False	Yes increase base TVL	Yes increase base TVL
bafkreibw	0.400393	3.457796e+09	False	Yes launch bonds	Yes launch bonds
bafkreick	0.398210	2.465479e+09	False	Yes Authorize the budget	Yes Authorize the budget
bafkreida	0.391640	3.174632e+09	False	Yes increase cigarette boost	Yes increase cigarette boost
0xaa6a177	0.381108	2.395368e+09	False	Yes, allow team.	Yes, allow team.
0x9ee968a	0.345234	2.001095e+09	False	Against	Against
bafkreihj	0.341538	1.217826e+09	False	Yes launch CVX bonds	Yes launch CVX bonds
0xd061787	0.331523	2.931509e+09	False	Support	Support
0x0800198	0.330340	2.367932e+09	False	Yes implement tiered vaults	Yes implement tiered vaults
0x20e3d10	0.327731	2.648948e+09	False	Yes, launch JPEG Index	Yes, launch JPEG Index

Proportion of Outcomes Changed

7.27% of JPEG’d's proposal outcomes change after filtering out whale voting power.

Merit Circle

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0xd155513	0.701893	4.135070e+06	False	No	No
QmQkG8aWr	0.693401	5.812888e+06	False	Yes	Yes
0x0915881	0.664194	4.153706e+06	False	No	No
0xb304e09	0.625963	1.184047e+07	False	Yes	Yes
0xc5d25c7	0.619293	3.233531e+06	False	MC/ETH	MC/ETH
0x1466420	0.611997	6.576268e+06	False	Yes	Yes
0xf06600b	0.609372	5.918585e+06	False	Yes	Yes
0xbd4b35e	0.597107	8.199661e+06	False	MC/USDC	MC/USDC
0x732345c	0.594546	6.370837e+06	False	Yes	Yes
QmT71tWtT	0.592031	5.932188e+06	False	Yes, with clause	Yes, with clause
0x2927e0a	0.590119	6.123841e+06	False	Yes	Yes
0x20f45fa	0.588765	6.717105e+06	False	Yes	Yes
QmanW7dTy	0.573289	5.651846e+06	False	Yes	Yes
0x98ce918	0.569722	5.274294e+06	False	No	No
0x412aa19	0.567492	7.593664e+06	False	Yes	Yes
0xec08b6f	0.561837	5.388914e+06	False	Yes	Yes
0x3542e2c	0.539303	7.187220e+06	False	Yes	Yes
0x4e20025	0.533138	5.957648e+06	False	Yes	Yes
0x82bda0c	0.512506	3.795175e+06	False	Yes	Yes
0x64a669a	0.507373	4.441823e+06	False	48 months	48 months
QmYVB6JAu	0.488554	3.442413e+06	False	Uniswap v2	Uniswap v2
0x45b5387	0.477794	3.082149e+06	False	Yes	Yes
QmcZfm6yt	0.444433	4.376475e+06	False	Yes	Yes
0xae27e76	0.438073	4.110631e+06	False	Yes	Yes
0x4972826	0.370973	2.814769e+06	False	Yes	Yes
0xb77d293	0.358561	2.635321e+06	False	Yes	Yes

Proportion of Outcomes Changed

0.00% of Merit Circle's proposal outcomes change after filtering out whale voting power.

Aavegotchi

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x1dcc158	0.845668	1.086557e+07	False	Fund Completed Work/Bounties	Fund Completed Work/Bounties
0x9e71af4	0.829492	7.556619e+06	False	Yes. Implement Strategy	Yes. Implement Strategy
0x1ea93e1	0.821143	1.052393e+07	False	A	A
0x2ab8f9e	0.812639	1.474443e+07	False	Yes, agree to 25/25/25/25 split	Yes, agree to 25/25/25/25 split
0x2d9a7ec	0.810330	1.459242e+07	False	Yes. Form and fund the CTT.	Yes. Form and fund the CTT.
0xe95a5ed	0.809063	1.267284e+07	False	Keep spillover turned off	Keep spillover turned off
0x0a5979a	0.805901	1.346150e+07	True	Yes. Launch Round 2 parcel roll	No. Wait until the great battle.
0x6fd66b3	0.804271	1.378177e+07	False	YES Fund 4.5k ghst partnership	YES Fund 4.5k ghst partnership
0x0f8ae0b	0.803015	1.604231e+07	False	Yes, turn off the GHST Curve	Yes, turn off the GHST Curve
0x1399095	0.802998	1.025068e+07	False	Yes. Vote for vQi-Qi	Yes. Vote for vQi-Qi
0x1db8308	0.800414	1.175213e+07	False	Do something else	Do something else
0x5a0a08b	0.796708	1.741921e+07	True	Yes. Fund the Forge Team.	No. Do Not Fund the Forge Team.
0x0e51eab	0.792168	1.290773e+07	False	Yes, fund the competition	Yes, fund the competition
0xa0822fa	0.791717	1.318666e+07	False	Yes, do it.	Yes, do it.
0x1338064	0.791642	1.691898e+07	False	Yes. Transfer Parcels/alchemica	Yes. Transfer Parcels/alchemica
0xda5dc03	0.789643	1.586067e+07	False	Yes, secure $4M for liquidity	Yes, secure $4M for liquidity
0x16f6d40	0.787757	1.487486e+07	False	Yes, Fund the experience	Yes, Fund the experience
0x5705526	0.787251	1.686189e+07	False	Add 50k GHST + equal alchemica	Add 50k GHST + equal alchemica
0x23655a0	0.782410	1.418741e+07	False	Yes. Fund and implement geodes.	Yes. Fund and implement geodes.
0xfecb010	0.782053	1.725993e+07	False	yes, fund 25'000 GHST	yes, fund 25'000 GHST
0xd32d9f4	0.780687	1.474219e+07	False	Fund Gotchi Lodge 2023	Fund Gotchi Lodge 2023
0x1f84e11	0.778487	1.215175e+07	False	Require weighted voting	Require weighted voting
0xfd80fb6	0.778167	1.451675e+07	False	Option 1 + Accept revenue split.	Option 1 + Accept revenue split.
0x08e86b4	0.773896	1.585762e+07	False	Another way (new prop required)	Another way (new prop required)
0x4fcf6ce	0.769565	1.350503e+07	False	Agree with the pre-curve plan	Agree with the pre-curve plan
0x120a44d	0.767307	1.243877e+07	False	Yes. Increase USDC remove MATIC.	Yes. Increase USDC remove MATIC.
0x0ad57c0	0.766353	1.233056e+07	False	Sunset FRENS immediately	Sunset FRENS immediately
0x35f3317	0.762038	1.583765e+07	False	Yes, launch the Aavegotchi Forge	Yes, launch the Aavegotchi Forge
0x378153f	0.760312	1.903546e+07	True	Yes. Launch Round 2 parcel roll	No. Wait until the great battle.
0x711c79d	0.758433	1.498413e+07	False	Yes. Fund the Project 50k GHST	Yes. Fund the Project 50k GHST
0x1930189	0.758127	1.866236e+07	False	Yes. Accept the Core Framework.	Yes. Accept the Core Framework.
0xdae48a9	0.755850	1.920116e+07	False	Yes, agree to 25/25/25/25 split	Yes, agree to 25/25/25/25 split
0x628d199	0.754647	1.439559e+07	False	For	For
0x93f3e0f	0.754213	1.853660e+07	False	Yes. Form and fund the CTT.	Yes. Form and fund the CTT.
0xf83adaa	0.753339	1.414073e+07	False	Yes. Accept the Core Framework.	Yes. Accept the Core Framework.
0x6cabf77	0.752596	1.916901e+07	False	Yes close the GHST Curve	Yes close the GHST Curve
0x4c43e12	0.752317	1.835749e+07	False	Fund Gotchi Lodge 2023	Fund Gotchi Lodge 2023
0x8754ab7	0.749510	1.259960e+07	True	Do nothing	Option 1
0x49a21a5	0.748431	1.543329e+07	False	Yes, follow this Emergency Plan	Yes, follow this Emergency Plan
0x69f0ac4	0.746357	1.845643e+07	False	YES, fund 4.5k GHST partnership	YES, fund 4.5k GHST partnership
0xfb622fe	0.744468	1.899749e+07	False	Yes, fund the experience	Yes, fund the experience
0x4141053	0.740650	1.258750e+07	False	Yes, formally start RF Szn 4	Yes, formally start RF Szn 4
0x8940393	0.739786	1.263160e+07	False	implement original KIN mechanics	implement original KIN mechanics
0xe79c963	0.739728	1.497934e+07	False	Yes. Accept the proposed SOP.	Yes. Accept the proposed SOP.
0xa749417	0.739424	1.766668e+07	False	Fund Completed Work/Bounties	Fund Completed Work/Bounties
0x0083cbe	0.734638	1.317606e+07	False	Delay the LAND 3 release	Delay the LAND 3 release
0x8802a88	0.729245	1.793698e+07	False	Yes, fund the competition	Yes, fund the competition
0x0e2211f	0.728909	1.634496e+07	False	Create the ATF	Create the ATF
0x5f3b6ff	0.725702	1.786815e+07	True	Mori#5912	Nofuturistic#1972
0x4d23c87	0.724443	1.411857e+07	True	No	Yes
0xe9bddee	0.723178	1.582622e+07	False	Yes, stop new wearables	Yes, stop new wearables
0x5436b92	0.723035	1.537425e+07	False	5% Aalloy burn; 5% Aalloy to DAO	5% Aalloy burn; 5% Aalloy to DAO
0x0961e22	0.722591	1.333074e+07	False	Yes, perform a swap of 1.75M DAI	Yes, perform a swap of 1.75M DAI
0xac0a208	0.722311	1.518188e+07	False	Use the Hybrid Ratio	Use the Hybrid Ratio
0xcae8227	0.718789	1.718468e+07	False	Require Weighted Voting	Require Weighted Voting
0xf9dafc8	0.714499	1.341286e+07	False	Yes, use the proposed model	Yes, use the proposed model
0x1237685	0.712453	1.718854e+07	False	Create the ATF	Create the ATF
0xd610a03	0.709341	1.755739e+07	False	Yes, use the proposed model	Yes, use the proposed model
0x7713389	0.706933	1.538110e+07	False	Change to proposed aaltar rates	Change to proposed aaltar rates
0x0ba9fdf	0.706566	1.448898e+07	False	Use GLTR to Move Channeling	Use GLTR to Move Channeling
0x599754e	0.705587	1.749907e+07	False	Yes, Change the Recipes	Yes, Change the Recipes
0xdf007c7	0.705096	1.445701e+07	False	Continue with outcome of AGIP49	Continue with outcome of AGIP49
0x68dc76a	0.703868	1.719672e+07	False	Yes. Vote for vQi-Qi	Yes. Vote for vQi-Qi
0x2ddd04a	0.703622	1.756595e+07	False	Yes, formally start RF Szn 4	Yes, formally start RF Szn 4
0xe9ceb07	0.703066	1.719286e+07	False	Yes, perform a swap of 1.75M DAI	Yes, perform a swap of 1.75M DAI
0xf614634	0.703048	1.704044e+07	False	Yes, delay LAND 3 Release	Yes, delay LAND 3 Release
0x9ea87c0	0.701161	1.640270e+07	False	Yes, have S5 RF	Yes, have S5 RF
0xa9fb5cb	0.699905	1.342294e+07	False	YES, let's form AavegotchiDAO	YES, let's form AavegotchiDAO
0x68d7186	0.695071	1.466744e+07	False	Yes, Change the Recipes	Yes, Change the Recipes
0xfb3766f	0.687883	1.933429e+07	True	Do not implement	Implement orig kinship mechanics
0x1b8438e	0.687058	1.934264e+07	False	Yanik#0015	Yanik#0015
0x84119ec	0.686705	1.982175e+07	False	Yes, have S5 RF	Yes, have S5 RF
0x11f3f56	0.681187	1.730282e+07	False	Disable spillover	Disable spillover
0x345ddec	0.678038	1.911325e+07	False	YES, let's form the Foundation!	YES, let's form the Foundation!
0x2e8ca84	0.677414	9.327355e+06	False	Yes. Transfer Parcels/alchemica	Yes. Transfer Parcels/alchemica
0x534f443	0.677376	1.658902e+07	False	Change to Proposed Aaltar Rates	Change to Proposed Aaltar Rates
0x9923aab	0.672512	1.856131e+07	False	Yes, do it.	Yes, do it.
0xec282bd	0.671818	1.858512e+07	False	Yes, stop new wearables	Yes, stop new wearables
0xb58136c	0.663281	9.180043e+06	False	Stop owner channel listed gotchi	Stop owner channel listed gotchi
0x3f162f9	0.658444	1.232194e+07	False	Yes, fund the Project 50k GHST	Yes, fund the Project 50k GHST
0x73f93b7	0.657149	1.253322e+07	False	Yes, follow this Emergency Plan	Yes, follow this Emergency Plan
0x8d17ac8	0.650706	1.153104e+07	False	Limit market to # of parcels + 1	Limit market to # of parcels + 1
0x667b862	0.649926	9.750123e+06	False	Do nothing and keep current syst	Do nothing and keep current syst
0x4955553	0.648553	1.210780e+07	False	Yes, create new sets	Yes, create new sets
0xfa99468	0.638887	1.173120e+07	False	Stop listed Gotchi from channeli	Stop listed Gotchi from channeli
0x84f361a	0.637458	1.292270e+07	False	Add 50k GHST + equal alchemica	Add 50k GHST + equal alchemica
0x5a2dc2a	0.627621	1.063859e+07	False	Yes, Airdrop Potion	Yes, Airdrop Potion
0x5e4b482	0.620493	7.334665e+06	False	Yes, fund the taskforce	Yes, fund the taskforce
0x8285f38	0.576125	5.974093e+06	False	Revote	Revote
0xc6622d0	0.541666	4.414655e+06	False	Yes, Implement Strategy	Yes, Implement Strategy
0x59c0013	0.537511	4.448751e+06	False	Yes, Fund 27,500 DAI	Yes, Fund 27,500 DAI
0x9b2559e	0.534680	1.214988e+07	False	Limit market to # of parcels + 1	Limit market to # of parcels + 1
0x9d8fa69	0.533595	1.217450e+07	False	Sunset FRENS immediately	Sunset FRENS immediately
0x304df06	0.533467	1.217745e+07	False	Yes. Increase USDC remove MATIC.	Yes. Increase USDC remove MATIC.
0xb41fe70	0.524215	1.188240e+07	False	Keep the current solution	Keep the current solution
0x60e907e	0.522180	6.519650e+06	False	Do Nothing	Do Nothing
0x50be144	0.515304	6.208336e+06	False	Create the ATF	Create the ATF
0x02a20a7	0.493634	5.214360e+06	False	YES! Let players pick.	YES! Let players pick.

Proportion of Outcomes Changed

7.14% of Aavegotchi's proposal outcomes change after filtering out whale voting power.

Rook

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0xa95d98a	0.823478	19612.908172	False	No objection	No objection
0x87e9189	0.787806	15575.916427	False	No objection	No objection
0x74bf937	0.756495	16243.977807	False	No objection	No objection
0x0b3ad00	0.734236	16736.431371	False	No objection	No objection
0xcf296f7	0.733281	22067.657107	False	No objection	No objection
0x44e5b1c	0.700316	19669.863695	False	No objection	No objection
0x68f5e4c	0.684806	20115.343064	False	No objection	No objection
0x5715c13	0.650868	18414.550127	False	No objection	No objection
0x5ab5397	0.641678	19590.509500	False	No objection	No objection
0x1db7082	0.638384	19656.245248	False	No objection	No objection
0x1cdaeee	0.638017	13806.802874	False	No objection	No objection
0x83e51ce	0.601932	29491.112801	False	No objection	No objection
0x3b6774f	0.589756	5952.021783	False	No objection	No objection
0x7c7ee0c	0.583637	7143.225111	False	No objection	No objection
QmWwtAJA3	0.545631	27817.592684	False	No objection	No objection
0x7c2a823	0.470901	7335.535272	False	No objection	No objection
0xf5824d2	0.470851	16073.397397	False	No objection	No objection
0xef419ad	0.469556	37789.954753	False	No objection	No objection
Qmcz7uCQm	0.462780	32797.753691	False	No objection	No objection
Qmd7bLee9	0.461524	47044.437426	False	No objection	No objection
0x523ea38	0.452169	16737.486588	False	No objection	No objection
0x36737cb	0.438103	40503.047967	False	No objection	No objection
0x3f1c55b	0.436361	32546.501622	False	No objection	No objection
0xed78ca5	0.435719	80336.227750	False	No objection	No objection
QmPiaGZMs	0.425909	32819.909218	False	No objection	No objection
0x563e883	0.422484	37916.522429	True	No objection	Object
0x621d2c8	0.420429	48129.071236	False	No Objection	No Objection
0x742ab15	0.417217	5547.441026	False	No objection	No objection
0xdc62394	0.369192	9356.417790	False	No objection	No objection
0xfec2dc6	0.358489	46106.241859	False	No objection	No objection
0x78a62a7	0.356457	56766.594397	True	Object	No Objection
0x7ab201d	0.339338	8474.164037	False	No objection	No objection
QmPejeYnj	0.335358	39763.309494	False	No objection	No objection
0x2c6ad65	0.333682	15150.233357	False	No objection	No objection
0xe3ef0fb	0.321232	5086.045166	False	No objection	No objection
0xfd05c73	0.314897	4970.543431	False	No objection	No objection
0x828df6a	0.235036	15709.022352	False	No objection	No objection

Proportion of Outcomes Changed

5.41% of Rook's proposal outcomes change after filtering out whale voting power.

ApeCoin DAO

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x7e43228	0.990179	6.256527e+05	False	I confirm this is a test vote.	I confirm this is a test vote.
0x8e360c0	0.981936	4.379614e+06	False	In Favor	In Favor
0xfe0e75a	0.980226	1.659834e+06	False	Against	Against
0x5840047	0.973400	1.550751e+06	False	In favor	In favor
0x564cd76	0.971424	1.286369e+06	False	Against	Against
0x6ed3c09	0.971044	2.076817e+06	False	In favor	In favor
0xf9d857c	0.968874	2.008295e+06	True	Against	In favor
0x5d449bd	0.967873	1.009663e+06	False	In favor	In favor
0xbff08fe	0.965701	4.219239e+05	False	In favor	In favor
0x27c3987	0.963415	2.726180e+06	False	In favor	In favor
0xf37d7cd	0.961695	1.317353e+06	False	In favor	In favor
0x4fd913f	0.959452	1.652688e+06	False	Against	Against
0xe5a9380	0.959441	1.571965e+06	False	In favor	In favor
0x41e6ad5	0.950320	9.867625e+05	False	In favor	In favor
0xbaf7244	0.946063	9.725028e+05	False	In favor	In favor
0x01cef6a	0.942583	1.360279e+06	False	In favor	In favor
0xe56f210	0.941583	5.741309e+06	True	Against	In favor
0x5329238	0.940700	5.672065e+06	False	Against	Against
0x680732b	0.938742	1.403693e+06	False	Against	Against
0xde21896	0.937455	1.838237e+06	False	Against	Against
0xcb00a0d	0.935425	3.298483e+06	True	Against	In favor
0x6001e54	0.925658	2.251170e+06	False	Against	Against
0x706977b	0.921958	4.523201e+06	True	Against	In favor
0x95f6759	0.918375	5.136202e+06	False	Against	Against
0xeeadabe	0.915746	5.220499e+06	False	Against	Against
0xaa19861	0.915468	2.372477e+06	False	In favor	In favor
0x6be2b90	0.912665	2.311975e+06	False	Against	Against
0xfd084ff	0.912657	4.203606e+06	False	In favor	In favor
0xff55dc0	0.907535	4.353632e+06	False	In favor	In favor
0x724b9ff	0.906799	2.841070e+06	False	In favor	In favor
0xdf2315b	0.902051	6.082078e+06	True	Against	In favor
0xad108a2	0.895375	1.163938e+06	False	Against	Against
0x5222214	0.888311	4.660788e+06	False	WebSlinger	WebSlinger
0xe044322	0.883213	5.908821e+05	False	In favor	In favor
0x6fe2ce5	0.879135	7.870868e+05	False	In favor	In favor
0x43f00cf	0.876839	3.571919e+06	False	In favor	In favor
0xb3db31a	0.874900	3.855822e+06	False	In favor	In favor
0x837d842	0.864583	3.304516e+06	False	Against	Against
0x6af4373	0.862378	5.175564e+06	False	In favor	In favor
0x538c493	0.856531	2.417049e+06	False	Against	Against
0x2758b25	0.852632	4.904874e+06	False	In favor	In favor
0x60145f6	0.848819	1.231582e+06	False	In favor	In favor
0x96c835f	0.845459	2.018025e+06	False	Against	Against
0xc9401e8	0.835794	6.460863e+06	False	In favor	In favor
0x8406217	0.830570	6.237507e+06	False	In favor	In favor
0x4167832	0.826638	1.313514e+06	False	In favor	In favor
0xeb7f420	0.819976	1.106652e+07	True	Against	In favor
0x5b49518	0.812843	2.904306e+06	False	In favor	In favor
0xfb1787b	0.798779	2.734010e+06	False	Against	Against
0xd1f8c8c	0.783842	3.888917e+06	False	In favor	In favor
0x9a4b8fb	0.780864	3.929616e+06	False	In favor	In favor
0x815d74c	0.769096	2.550246e+06	False	In favor	In favor
0x2485aa5	0.767899	1.058330e+07	False	Against	Against
0xc008354	0.766792	4.592843e+06	False	In favor	In favor
0x367eeca	0.764945	7.168023e+06	False	In favor	In favor
0x4a069f6	0.758740	3.079938e+06	False	Against	Against
0x0bef405	0.751414	6.082668e+06	False	In favor	In favor
0x34d2e9b	0.747455	6.133428e+06	False	Against	Against
0x60259de	0.682636	6.776431e+06	False	In favor	In favor
0xcf4d719	0.668198	5.850441e+06	False	In favor	In favor
0xa24dab4	0.665186	5.851915e+06	False	In favor	In favor
0x0fb1d66	0.656165	2.264243e+07	True	BoredApeG	Gerry
0x0a80806	0.652674	4.987553e+06	False	In favor	In favor
0x79ae5f9	0.640293	1.913044e+07	True	veratheape	Gerry
0xf0a7649	0.589881	1.490340e+07	False	In favor	In favor
0xabaa0f5	0.586938	2.061024e+07	False	Against	Against
0x01e3c33	0.582419	1.505590e+07	False	In favor	In favor
0x8b6287d	0.581712	1.543426e+07	False	In favor	In favor
0x9e7c6f1	0.574838	1.967061e+07	False	Against	Against

Proportion of Outcomes Changed

11.59% of ApeCoin DAO's proposal outcomes change after filtering out whale voting power.

Klima DAO

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x930b600	0.996920	504433.644339	False	For	For
0xa2d8bd4	0.996727	474787.421434	False	For: split fee 80/20	For: split fee 80/20
0xa50ab29	0.987467	425434.738707	False	For	For
0x8e4ef40	0.980098	750178.179232	False	For	For
QmZUSGcMq	0.840598	9264.591987	False	48 hours	48 hours
0xd358805	0.727192	195233.769979	False	For: Build NCT liquidity	For: Build NCT liquidity
0xe69c1cc	0.699951	335036.922800	False	For: Reduce AKR to 20%	For: Reduce AKR to 20%
0x23ad839	0.680467	52686.991299	False	For: Reduce rate to match actual	For: Reduce rate to match actual
0xe9de3ba	0.677817	236863.094312	False	For: Bolster UBO & NBO liquidity	For: Bolster UBO & NBO liquidity
0x9df154d	0.676759	40020.017732	False	YES: I agree, create the program	YES: I agree, create the program
0x2ae3fce	0.663135	124452.357235	False	For: clean up HFC-23 credits	For: clean up HFC-23 credits
0xb6eb87e	0.648505	82923.686414	False	For: Add MCO2 Bonds	For: Add MCO2 Bonds
0xbe5ba88	0.647190	74272.836616	False	Accept the Reward Framework	Accept the Reward Framework
0x5544825	0.624344	54015.460984	False	Introduce wsKLIMA/gOHM bonds	Introduce wsKLIMA/gOHM bonds
0x7359c09	0.619185	70059.481479	False	For	For
0xa63e839	0.606848	99999.485128	False	Adopt and Increase to 30%	Adopt and Increase to 30%
0x8841e5e	0.603193	94978.744872	False	For Proposal	For Proposal
0xc84e955	0.595234	97372.203374	False	For Proposal	For Proposal
0xfede607	0.594485	76696.939504	False	Yea: Accept C3 as an Ally	Yea: Accept C3 as an Ally
0xee393ab	0.583331	77541.476863	False	Option 1	Option 1
0x3918360	0.579341	125735.010825	False	For Proposal	For Proposal
0xcc99da7	0.573597	67046.384614	False	For	For
0xc8e25eb	0.566710	120833.178893	False	For: delegate inclusions	For: delegate inclusions
0x4b57eab	0.565975	136991.606579	False	For: whitelist Aave & Curve	For: whitelist Aave & Curve
0xa72601f	0.557952	133593.222803	False	Allow for Inverse Bonds	Allow for Inverse Bonds
0x918abd2	0.553488	175283.734511	False	For: dissolve	For: dissolve
QmTvD4PzB	0.550331	64722.401415	False	For: Add BCT Bonds	For: Add BCT Bonds
0xf6c26e1	0.549575	89971.317766	False	Yea: Deepen Klima/USDC Pool	Yea: Deepen Klima/USDC Pool
0xb6f70f8	0.547444	70055.175638	False	Allow for TCO2 conversions	Allow for TCO2 conversions
0x5518f64	0.546137	216897.326968	False	For Proposal	For Proposal
0xb81487a	0.530491	113643.855324	False	Reduce BCT/USDC LP	Reduce BCT/USDC LP
0x10b6a15	0.509925	84808.729973	False	For: allocate	For: allocate
0xfb993e0	0.460379	206372.980934	False	For: Ratify New Framework	For: Ratify New Framework

Proportion of Outcomes Changed

0.00% of Klima DAO's proposal outcomes change after filtering out whale voting power.

Hector Network

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x55918aa	0.740052	100942.001096	True	No	Yes
0xf61dfa6	0.735902	111331.738215	False	Yes	Yes
0x37de6bd	0.731288	121959.039539	False	Illuvium	Illuvium
0x74b62bc	0.728766	107968.121715	False	Yes	Yes
0x6ec98d7	0.716335	77377.042178	False	Yes	Yes
0xc4e6334	0.714887	125301.767306	False	Yes	Yes
0x4475e8a	0.712459	131082.049927	False	Yes	Yes
0x205c78d	0.712411	97912.273004	False	Yes	Yes
0x754a389	0.695676	192498.291501	False	NO	NO
0x32aebd2	0.679733	201794.480237	False	Yes	Yes
0x702b022	0.668822	121375.480268	False	Yes	Yes
0x7bcf970	0.639238	21892.340031	False	Yes!	Yes!
0x444c3ae	0.629598	142589.716153	True	NO	YES
0xd644cd9	0.602049	50597.362947	False	Yes	Yes
0x220cd36	0.601347	46927.849490	False	Yes	Yes
0xc07ff32	0.595398	39461.333409	False	Yess	Yess
0x127ca2e	0.589370	60121.720824	False	Travala	Travala
0xaa8e8f2	0.567859	35850.237183	False	Yes, 10M USDC and 10M DAI	Yes, 10M USDC and 10M DAI
0xc274077	0.565856	95353.950759	False	Yes	Yes
0x718b84d	0.564870	38227.060972	False	Yes	Yes
0xf60e687	0.554887	40722.106769	False	Yes	Yes
0x86d06cc	0.553219	42592.736151	False	Yes	Yes
0x66be549	0.550804	208358.571458	True	ETH	MATIC
0xbef6eb9	0.546675	173442.729105	False	USDH - $USDH	USDH - $USDH
0x387ac00	0.534998	22440.104822	False	Project HOPE	Project HOPE
0x90f4fb6	0.534833	55489.990172	False	Remove SpiritSwap LP	Remove SpiritSwap LP
0x42674e9	0.524616	35321.182821	False	Yes	Yes
0x93095bb	0.522852	140303.549922	False	Yes	Yes
0xf7980a0	0.521363	198029.898003	False	Dynamic APY from 200-1500%	Dynamic APY from 200-1500%
0x0138ee0	0.521121	128537.068531	False	Yes	Yes
0x8050845	0.513576	74178.907612	False	Yes	Yes
0xa5a8d94	0.510443	65047.514369	False	Yes	Yes
0x67ee373	0.505648	131133.997638	False	BOO	BOO
0xe4d61e3	0.501281	34113.458337	False	Yes	Yes
0xf755777	0.496331	93014.174655	False	MATIC	MATIC
0xea4e969	0.495701	67224.664286	False	Yes	Yes
0x26ce993	0.494457	121063.528672	False	Yes - reduce to 10,000%	Yes - reduce to 10,000%
0x0d7ece3	0.494354	64142.375038	False	Warm-up period of 3 rebases	Warm-up period of 3 rebases
0xb8ab7dc	0.488916	22178.371374	False	MIM	MIM
0xfa62aef	0.488013	135941.132508	False	Yes	Yes
0x75b9f1e	0.485571	71918.465513	False	BOO	BOO
0xa530872	0.483916	55692.868210	False	Yes	Yes
0xaac07ac	0.476569	52422.439848	False	Yes	Yes
0x4bc224f	0.476521	47419.058316	False	Yes	Yes
0xe9d84ae	0.476178	91783.496143	False	CRV	CRV
0x7bee6a7	0.474639	121545.995346	False	Hector Finance	Hector Finance
0xbf93f34	0.472875	153725.413249	False	TOR	TOR
0x2dedb31	0.472149	81358.051865	False	Yes	Yes
0xcdf92ad	0.471673	22714.948428	False	Childhood Leukemia Foundation	Childhood Leukemia Foundation
0x9d10eb3	0.467028	72085.640670	False	FTM	FTM
0x801b46b	0.463690	35354.755092	False	Agree with the deal with Rari	Agree with the deal with Rari
0x7c19621	0.461657	149845.817318	False	Yes	Yes
0x91526f1	0.457705	73828.038428	False	Remove Warmup	Remove Warmup
0x205e7d1	0.451031	86127.574046	False	Yes	Yes
0x95cf8d8	0.446677	119503.455596	False	Yes	Yes
0xb261b0e	0.437363	112160.841699	False	Yes	Yes
0x38ca4ad	0.432176	37360.828620	False	Yes	Yes
0xeae961c	0.431707	56257.597814	False	YES	YES
0x8f323c7	0.429524	66938.220026	False	A. APY 20%, 50% @emission launch	A. APY 20%, 50% @emission launch
0xb5d0ffd	0.425329	32576.747961	False	Yes	Yes
0x85dfa19	0.418286	119441.781099	False	3 weeks	3 weeks
0x2195f92	0.413472	22284.054392	False	Yes	Yes
0x7cb25c7	0.410429	33759.437595	False	Yes	Yes
0xf1c86cf	0.395280	35007.157666	False	Yes	Yes
0x6bfce29	0.387319	70655.610868	False	Approve Separation	Approve Separation
0x5691b6e	0.385792	35009.047856	False	Yes	Yes
0xebd59bf	0.371077	98928.555662	False	Option 1	Option 1
0xddb21b3	0.360722	38360.897144	False	Yes	Yes
0x499c7f3	0.337037	130440.649365	True	Approve additional Investment	Don't Approve

Proportion of Outcomes Changed

5.80% of Hector Network's proposal outcomes change after filtering out whale voting power.

Vesta

Filtered Proposals Analysis

	whale_vp_proportion	total_vp	outcome_changed	outcome_old	outcome_new
Proposal ID
0x4a478d3	0.999585	5.153223e+05	False	Restructure as outlined	Restructure as outlined
0x02ada85	0.987708	3.364918e+05	False	add VRR and halt redemption	add VRR and halt redemption
0xd22f9ab	0.902557	1.218759e+06	True	agree with this term and proceed	re-evaluate the term
0x128bc73	0.817738	2.568059e+05	False	For Unvested Token Swap	For Unvested Token Swap
0xe36d551	0.810129	1.234371e+06	False	Yes, engage Risk DAO	Yes, engage Risk DAO
0xec88562	0.663747	3.886962e+04	False	For	For
0x5887b4d	0.281922	4.341528e+05	False	Remove GMX performance fee	Remove GMX performance fee
0x938268e	0.078807	2.727852e+05	False	For	For

Filtered Proposals Analysis

12.50% of Vesta's proposal outcomes change after filtering out whale voting power.