SafeDAO Governance Analytics Report: October 2024
This month’s report captures the unique circumstances of SafeDAO’s governance activity, as the transition period for the Committees and Councils structure has paused new OBRA proposals. While the metrics reflect this temporary lull, the ongoing data offers insights into voting power shifts and delegate status, setting the stage for renewed engagement when governance resumes.
Key Findings:
Votable Supply and Voting Power Distribution
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Votable Supply Changes:
The votable supply of SAFE tokens increased significantly to 366.12M, up from 335.47M in September, suggesting heightened token activity or delegation as the transition phase progresses. -
Voting Power Distribution:
In October 2024, the top 10 voters saw a marked increase in their share, now controlling 53.96% of the total voting power, up from 50.96% in September. This shift highlights a significant consolidation among the top voters, with their voting power increasing by 15.54%. The top 11-50 voters observed a minor increase of +1.60%, while the top 51-200 and 201-500 voters experienced rises of +4.30% and +3.02%, respectively. Meanwhile, the top 501-1000 tier showed a slight decrease of -0.88%, reflecting a small reduction in influence among this group. These changes reveal a concentration at the top and growth in the middle tiers, showcasing the evolving distribution of influence within SafeDAO.
Voting Participation Trend
Due to the lack of proposals in October, no data was recorded across standard participation metrics, such as Participation Rate, Unique Voters, Voting Power, Delegate Participation, and New Voters. These metrics are expected to resume as new proposals are introduced, allowing for an assessment of any shifts in engagement.
Voter Dynamics
Existing Voters:
An examination of voting power shifts among existing voters in October saw notable changes:
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Increases: 21 voters collectively added 6.803M SAFE tokens. Notable examples:
- governance.karpatkey.eth: Voting power rose by +13.04%, now representing 8.49% of the 10M proposal quorum, solidifying their role within SafeDAO governance.
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Decreases: 90 voters saw reductions totaling 23.481M SAFE tokens, with 32 dropping to zero voting power. Examples include:
- utopiagovernance.eth: Voting power declined by -50.43%, now at 2.65% of the quorum, marking a substantial reduction in influence.
New Potential Voters:
In October, 40 new potential voters entered SafeDAO, holding a combined 36.441M SAFE tokens. This influx, potentially influenced by the recent SAFE listing on Upbit, expands the voter base and presents new opportunities for governance engagement.
Delegate Status Shifts
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Active Delegates:
The count of active delegates remained stable at 45. -
Inactive Delegates:
Inactive delegates also remained steady at 62. -
Ghost Delegates:
The number of ghost delegates decreased from 125 in September to 122 in October.
These stable figures indicate a consistent core of engaged delegates, with room for continued efforts to mobilize inactive and ghost delegates as governance activity resumes.
Proposal Outcome
There were no proposals in October 2024 as SafeDAO implemented the Transition Period for its Committees and Councils structure, temporarily pausing new OBRA proposals. This restructuring is anticipated to enhance governance processes, and proposal activity is expected to resume once the transition is complete.
Governance Impact and Strategic Implications
In October, the consolidation of voting power among top participants and stable engagement metrics reflect a core of committed voters awaiting resumed governance activities. SafeDAO’s transition phase emphasizes the need to maintain readiness among delegates and foster broader participation when proposal activity recommences. As new governance processes emerge, encouraging broader voter and delegate involvement will be key to fostering a dynamic and inclusive governance environment.
For a detailed breakdown and insights, you can view the full report here: SafeDAO Governance Analytics Report: October 2024.