SafeDAO Governance Analytics Report Thread

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SafeDAO Governance Analytics Report: September 2024

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We are pleased to present the SafeDAO Governance Analytics Report for September 2024. This month saw an influx of 9 proposals, higher than usual, reflecting a growing governance activity within SafeDAO. This report continues our efforts to promote transparency and provide key insights that inform governance decision-making within the SafeDAO community.

Key Findings:

Votable Supply and Voting Power Distribution

  • Votable Supply Changes:
    The votable supply of SAFE tokens decreased slightly to 335.47M, down from 336.89M in August, indicating minor adjustments in votable supply distribution among stakeholders.

  • Voting Power Distribution:

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    In September 2024, the top 10 voters controlled 50.96% of the total voting power, a slight increase from 50.85% in August. The voting power among the top 11-50 voters showed a minor decrease of -0.31%, while the top 51-200 voters experienced a more notable decrease of -2.35%. However, the top 201-500 voters saw a significant increase of +4.42%, and the top 501-1000 voters experienced modest growth of +1.52%. These shifts indicate a relatively stable distribution of power at the top, while the lower tiers show more dynamic changes.

Voting Participation Trend

  • Participation Rate:
    In September 2024, the participation rate dropped to 3.27% from 4.44% in August, signaling a decline in voter engagement. This reversal of the previous month’s improvement highlights the need for ongoing efforts to strengthen community participation in governance.

  • Unique Voters:
    The number of unique voters increased to 240 from 163 in August, marking a modest rise of 47.24%. While this is a positive shift, more efforts are required to broaden participation and involve more members in decision-making.

  • Voting Power:
    Average voting power per proposal dropped significantly to 11.00M SAFE from 14.95M SAFE in August, a -26.39% decline. This suggests that larger voting power participants were less active, indicating potential disengagement among high-influence voters.

  • Delegate Participation:
    Delegate participation saw a notable rise, with 41 delegates voting at least once, up from 27 in August, marking a +52% increase.

  • New Voters:
    The onboarding of new voters decreased, with only 13 new voters casting their first vote in September, down from 22 in August. This drop reflects a slowdown in fresh voter engagement within the SafeDAO governance process.

Voter Dynamics

Existing Voters:
Among existing voters, 24 increased their voting power, adding 4.083M SAFE tokens, while 46 saw decreases, with 15 voters dropping to zero voting power, resulting in a total reduction of 7.958M SAFE tokens. Notable examples include:

  • stablelab.eth: Voting power surged by +1273%, representing about 1.38% of the proposal quorum, strengthening their influence in SafeDAO governance.

  • governance.karpatkey.eth: Voting power increased by +16.63%, now representing 7.51% of the proposal quorum, further solidifying their influence in decision-making.

New Potential Voters:
September introduced 21 new potential voters, collectively holding 3.252M SAFE tokens.

Delegate Status Shifts

  • Active Delegates:
    Active delegates increased to 45, up from 41 in August, indicating improved engagement in governance activities.

  • Inactive Delegates:
    The number of inactive delegates remained at 62 in both August and September 2024.

  • Ghost Delegates:
    Ghost delegates, those who have never voted, decreased slightly to 125 from 132, signaling a positive trend toward re-engaging previously inactive participants.

These shifts suggest positive momentum in delegate engagement, but continued efforts are necessary to sustain this participation and further reduce inactivity.

Proposal Outcomes

  1. [SEP 37] Contribution Efficiency System (CES) Extension - Areta

    • Category: OBRA Initiatives
    • Overview: Seeks to extend the CES to maintain continuity for SafeDAO’s OBRA initiatives during a transitional period of organizational restructuring.
    • Participation: 145 voters, 10.16M SAFE tokens cast.
    • Contentiousness: Minimal, with 94.73% supporting the proposal.

  2. [SEP 38] Governance Accessibility and Participation Enhancement - StableLab

    • Category: OBRA Initiatives
    • Overview: Proposes a strategy to boost governance participation through refined community initiatives and governance updates.
    • Participation: 135 voters, 9.82M SAFE tokens cast.
    • Contentiousness: Moderate, with 90.96% support, but failed to meet quorum.

  3. [SEP 39] Public API Development and Continuation of SafeDAO Governance Analytics

    • Category: OBRA Initiatives
    • Overview: Aims to extend the SafeDAO Governance Analytics Dashboard and reports for six months with additional API for public data access.
    • Participation: 129 voters, 10.52M SAFE tokens cast.
    • Contentiousness: Minimal, with 94.31% supporting the proposal.

  4. [SEP 40] Governance Cycle Amendments Season 3, Sprint 3

    • Category: Governance
    • Overview: Proposes changes to the governance cycle, including removing Phase 0, introducing a proposal change freeze period, and shortening the voting period.
    • Participation: 137 voters, 6.60M SAFE tokens cast.
    • Contentiousness: Minimal, with 98.89% support, but did not meet quorum.

  5. [SEP 41] Safe Ecosystem Roundups and Highlights by FinOps3

    • Category: OBRA Initiatives
    • Overview: Builds on the FinOps3 partnership to produce bi-weekly Safe Ecosystem Roundups and 10 highlight campaigns showcasing Safe Builders’ solutions.
    • Participation: 138 voters, 8.09M SAFE tokens cast.
    • Contentiousness: Moderate, with 76.38% support, but failed to meet quorum.

  6. [SEP 42] Simulations and Report: Safings Accounts and Safe Vaults - Kolektivo Labs & Hopper Protocol

    • Category: OBRA Initiatives
    • Overview: Explores the potential value of Safings Accounts and Safe Vaults for the SAFE token economy using data from Safe {Pass}.
    • Participation: 153 voters, 12.26M SAFE tokens cast.
    • Contentiousness: Minimal, with 98.27% supporting the proposal.

  7. [SEP 43] ZK Email Account Recovery

    • Category: OBRA Initiatives
    • Overview: Proposes implementing a secure account recovery system using the ZK-Email SDK for digital wallets, compatible with EIP 7579 and legacy Gnosis Safes.
    • Participation: 151 voters, 11.05M SAFE tokens cast.
    • Contentiousness: Moderate, with 92.66% support and some abstentions.

  8. [SEP 44] Creating SafeDAO’s First Revenue Stream - Community-Aligned Fees

    • Category: OBRA Initiatives
    • Overview: Introduces SafeDAO’s first revenue stream to enhance token utility and governance, supporting ecosystem vibrancy.
    • Participation: 167 voters, 15.28M SAFE tokens cast.
    • Contentiousness: Minimal, with 99.26% support.

  9. [SEP 45] Implementation of Transition Period for Committees and Councils Structure

    • Category: Governance
    • Overview: Signals intent to adopt a Committees and Councils Structure and introduces a transition period while pausing new OBRA initiatives.
    • Participation: 165 voters, 15.23M SAFE tokens cast.
    • Contentiousness: Minimal, with 95.42% support, though with a higher level of abstentions.

Governance Impact and Strategic Implications

In September, SafeDAO saw an influx of proposals, with 9 proposals voted on. However, voter participation remained low, reflecting a broader challenge in sustaining engagement. While most proposals met quorum, SEP 38, SEP 40 and SEP 41 fell short due to insufficient participation.The reduction in voting power participation from high-influence voters further highlights the need to re-engage more delegates and voters. Moving forward, SafeDAO must prioritize strategies to address low turnout, foster broader participation, and activate both new and existing delegates to ensure a more balanced and inclusive governance process.

For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: September 2024.

Note: We’re trying out a new format for this update. Let us know if you have any feedback!

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