Whale Pivotality in Aave top Snapshot proposals
Contents
Whale Pivotality in Aave top Snapshot proposals#
Last updated on 2023-04-23
This article is part of a series of reports that aims to determine the impact of large token holders (whales) on DAO governance.
We take a look at the top 10 Aave Snapshot proposals ranked by voting power and voter count, including the first Butter Aave Elections.
We compare their voter turnout and pivotality metric (a measure of whale influence, described in our previous Mirror article and data report).
Synthesis#
Show the percentage of the last proposals whose outcome would change if whales did not vote (i.e. whale pivotality).
| # of proposals | # of whales | all voters | changed outcomes % | |
|---|---|---|---|---|
| DAO | ||||
| Aave | 150 | 1438 | 42586 | 9.33% |
Comparison of the Top 10 Proposals#
| Date Started | Date Ended | Result | Result w/o Whales | |
|---|---|---|---|---|
| Proposal | ||||
| [TEMP CHECK] Incentivized Delegate Campaign (3-month) | 03/04/23 | 10/04/23 | TokenLogic | Blockworks Research |
| [TEMP CHECK] - Launch Aave V3 on Starknet | 03/04/23 | 10/04/23 | YEA | YEA |
| [ARC] E-Mode Parameter Changes for V3 Avalanche, Optimism, Polygon, and Arbitrum | 05/04/23 | 12/04/23 | Option 3 | Option 3 |
| [TEMP CHECK] - Whitelist Stargate for V3 Portals | 13/04/23 | 18/04/23 | YAE | YAE |
| Safety Module upgrade to v1.5 | 15/03/23 | 20/03/23 | YES | YES |
| Deploy Aave V3 to Metis Andromeda Mainnet | 17/03/23 | 23/03/23 | YAE | YAE |
| [ARFC] Add MKR to Ethereum v3 | 08/03/23 | 13/03/23 | YAE | YAE |
| [TEMP CHECK] Aave V3 Deployment on zkSync Era Mainnet | 12/04/23 | 15/04/23 | YAE | YAE |
| [TEMP CHECK] Aave V3 deployment on BNB Chain | 29/03/23 | 01/04/23 | YAE | YAE |
| [ARFC] Grant OP Emission_Admin for Optimism v3 Liquidity Pool to Lido DAO | 08/03/23 | 13/03/23 | YAE | YAE |
Source for proposal list: https://dune.com/butterd/aave-top-10-snapshot-proposals
Case Studies#
[TEMP CHECK] Incentivized Delegate Campaign (3-month)#
Aka the first Butter’d Aave Election.
Proposal ID: 0xf6da417
Start Date: 03/04/23 End Date: 10/04/23
Voting System: Weighted Voting
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
Aave votes to select a delegate who will receive a $15k grant (paid in AAVE) from Aave Grants after a three-month term as a delegate, a delegate election. TokenLogic ultimately won this election, however, if we remove whale voting power from this proposal we find that Blockworks Research would’ve been selected by the Aave community instead.
| Blockworks Research | ConsenSys | Curia | DAOStewards | Fire Eyes | Flipside Crypto | FranklinDAO | OnChainCoop | Oxytocin | Saludiego201.eth | StableLab | TokenLogic | Wallfacer Labs | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Scores | 87232.635594 | 17620.565593 | 12742.462405 | 434.508563 | 104834.493934 | 90345.343934 | 66127.639535 | 409.610873 | 30504.177435 | 437.382397 | 146246.026838 | 185171.775039 | 435.859890 |
| Whale-only Scores | 86487.989188 | 16950.926291 | 12712.705752 | 407.073261 | 104802.547664 | 90318.258696 | 65886.207100 | 391.862324 | 30491.294636 | 393.737487 | 146194.584615 | 185153.921653 | 420.744217 |
| Non-whale Scores | 744.646406 | 669.639302 | 29.756653 | 27.435302 | 31.946270 | 27.085238 | 241.432435 | 17.748550 | 12.882799 | 43.644910 | 51.442223 | 17.853386 | 15.115673 |
[TEMP CHECK] - Launch Aave V3 on Starknet#
Proposal ID: 0xde90f4d
Start Date: 03/04/23 End Date: 10/04/23
Voting System: Single Choice
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
This is a proposal to gauge the Aave community’s sentiments on going on with phase 2 of the Aave’s integration on Starknet. Its outcome did not change after filtering out whales.
| YEA | NOP | ABSTAIN | |
|---|---|---|---|
| Scores | 664848.446683 | 21.627573 | 136.417016 |
| Whale-only Scores | 407757.376934 | 4.772256 | 120.558800 |
| Non-whale Scores | 257091.069749 | 16.855317 | 15.858216 |
[ARC] E-Mode Parameter Changes for V3 Avalanche, Optimism, Polygon, and Arbitrum#
Proposal ID: 0x84deca8
Start Date: 05/04/23 End Date: 11/04/23
Voting System: Single Choice
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
This proposal aims to optimize stablecoin E-Mode parameters on various non-Ethereum chains. Its outcome did not change after filtering out whales.
| Option 1 | Option 2 | Option 3 | Option 4 | Abstain | Nay | |
|---|---|---|---|---|---|---|
| Scores | 126545.660433 | 166.034309 | 532246.554661 | 140.712281 | 489.850798 | 2.067035 |
| Whale-only Scores | 84143.973524 | 83.499083 | 291145.238949 | 107.559375 | 416.456718 | 1.017788 |
| Non-whale Scores | 42401.686910 | 82.535226 | 241101.315713 | 33.152905 | 73.394080 | 1.049248 |
[TEMP CHECK] - Whitelist Stargate for V3 Portals#
Proposal ID: 0xc17bc86
Start Date: 13/04/23 End Date: 18/04/23
Voting System: Single Choice
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
Proposes that Aave whitelist Stargate on their Portal bridge. Its outcome did not change after filtering out whales.
| YAE | NAY | ABSTAIN | |
|---|---|---|---|
| Scores | 654682.761288 | 16.887568 | 167.351060 |
| Whale-only Scores | 364423.857267 | 8.134670 | 143.935683 |
| Non-whale Scores | 290258.904021 | 8.752898 | 23.415377 |
Safety Module upgrade to v1.5#
Proposal ID: 0x743ae60
Start Date: 15/03/23 End Date: 20/03/23
Voting System: Single Choice Voting
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
A proposal to gauge the community’s sentiments on upgrading the Safety Module smart contracts (stkAAVE, stkABPT) to v1.5. The outcome of this proposal did not change after filtering out whales.
| YES | NO | ABSTAIN | |
|---|---|---|---|
| Scores | 728927.638707 | 34.541017 | 32.507649 |
| Whale-only Scores | 572570.468097 | 31.963758 | 3.550356 |
| Non-whale Scores | 156357.170609 | 2.577259 | 28.957293 |
Deploy Aave V3 to Metis Andromeda Mainnet#
Proposal ID: 0x7e6175c
Start Date: 17/03/23 End Date: 23/03/23
Voting System: Single Choice Voting
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
This is a proposal to gauge the community’s sentiments to deploy Aave V3 to the Metis “Andromeda” Mainnet. The outcome of this proposal did not change after filtering out whales.
| YAE | NAY | ABSTAIN | |
|---|---|---|---|
| Scores | 555698.763981 | 162135.341400 | 140.725517 |
| Whale-only Scores | 133249.462649 | 161953.210564 | 137.650972 |
| Non-whale Scores | 422449.301332 | 182.130836 | 3.074545 |
[ARFC] Add MKR to Ethereum v3#
Proposal ID: 0xf4aec3f
Start Date: 08/03/23 End Date: 13/03/23
Voting System: Single Choice Voting
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
A proposal to onboard MKR to the Aave V3 Liquidity Pool. The outcome of this proposal did not change after filtering out whales.
| YAE | NAE | ABSTAIN | |
|---|---|---|---|
| Scores | 660079.717273 | 12.211159 | 19.760356 |
| Whale-only Scores | 421665.918408 | 8.137339 | 17.155329 |
| Non-whale Scores | 238413.798865 | 4.073820 | 2.605028 |
[TEMP CHECK] Aave V3 Deployment on zkSync Era Mainnet#
Proposal ID: 0x46cf72d
Start Date: 12/04/23 End Date: 15/04/23
Voting System: Single Choice
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
A temperature check to gauge the community’s sentiments on deploying Aave V3 on zkSync Era Mainnet. This proposal’s outcome also was not changed after filtering out whales.
| YAE | NAY | ABSTAIN | |
|---|---|---|---|
| Scores | 577937.331903 | 1133.242375 | 134.422288 |
| Whale-only Scores | 529876.707255 | 1.350356 | 1.585889 |
| Non-whale Scores | 48060.624648 | 1131.892020 | 132.836399 |
[TEMP CHECK] Aave V3 deployment on BNB Chain#
Proposal ID: 0x4579b56
Start Date: 29/03/23 End Date: 01/04/23
Voting System: Single Choice
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
A temperature check to gauge the community’s sentiments on deploying Aave V3 on BNB Chain. Its outcome did not change after filtering out whales.
| YAE | NAY | ABSTAIN | |
|---|---|---|---|
| Scores | 583635.461921 | 2296.049067 | 124.059645 |
| Whale-only Scores | 191783.269653 | 1039.979339 | 113.040863 |
| Non-whale Scores | 391852.192268 | 1256.069728 | 11.018781 |
[ARFC] Grant OP Emission_Admin for Optimism v3 Liquidity Pool to Lido DAO#
Proposal ID: 0xd8a400f
Start Date: 08/03/23 End Date: 13/03/23
Voting System: Single Choice
Voting Strategies:
aAAVE
AAVE + stkAAVE
Matic AAVE + amAAVE
AAVE in stkBPT (Balancer Pool Token)
This proposal aims to enable Lido DAO to distribute OP rewards to the Aave V3 Optimism Liquitdity Pool. Its outcome did not change after filtering out whales.
| YAE | NAE | ABSTAIN | |
|---|---|---|---|
| Scores | 578961.637041 | 6.087976 | 133.073240 |
| Whale-only Scores | 248331.876540 | 1.009792 | 122.666259 |
| Non-whale Scores | 330629.760501 | 5.078184 | 10.406981 |