🦉 DAO Engagement and Community Size as of August 1, 2021

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:owl: DAO Engagement and Community Size as of August 1, 2021

tags: index-coop

So in my Bronze Owl Quest I have been gathering data for @Pepperoni_Joe related to DAO engagement and community size. The manual data gathering and sorting requires a fairly significant effort and I thought it might be good to share with the community for analysis. Hopefully, we can identify enough value here to justify the effort. And maybe even bring in eager Owls to help or build tools to automate some of the work.

Since the work started I have been able to start tracking month over month (MoM) changes and including data from other index protocols at the request of @patb.

tl;dr

“It’s not about the size of the boat, it’s about the motion of the ocean.”

  • Uniswap has 84,852 Discord members, 581,800 Twitter followers and 1,000 forum posts in the last 30 days they have only had 6 proposals according to boardroom.
  • Index Coop as 6,318 Discord members, 21,000 Twitter followers and 1,500 forum posts in the last 30 days and have had 136 proposals according to boardroom.

The Coop is getting bigger

  • Number of Discord members (6,318) has increased 23.93% in the last 30 days
  • Number of Twitter followers (21,000) has increased 14.13% in the last 30 days

Other indices are not that far behind in size

  • Indexed Finance, PowerPool and PieDAO DOUGH v2 have an average of 4,555 Discord members 14,267 Twitter followers

But our forum is poppin’

  • Last month there were 1,500 posts (▲ 36.36%)
  • Indexed Finance, PowerPool and PieDAO DOUGH v2 have an average of only 70 posts in the last 30 days
  • For every forum post we have only 4 Discord members and 14 Twitter followers

That leads me to believe that the members and followers we do have are highly engaged in the community.

Questions

  • What are the community behaviors we want to encourage?
  • How can we find more meaningful metrics to measure DAO engagement?

Next Steps

Although I mentioned a few highlights above I hope this data provides value to the various working groups in the Coop. Let me know if this is helpful or share your ideas for improvement.

If anyone else is interested in getting involved to continue the research hit me up on Discord @earth2travis#8570

Research

Explored the top 20 from CoinMarketCap’s Top DAO Tokens by Market Capitalization

Research completed:

  • August 1, 2021

July Data

Market Cap

MoM Changes

  • Synthetix passed SushiSwap in market cap
  • 0x passed Curve in market cap
  • Kyber Network Crystal Legacy dropped below Stratis, Aragon and Balancer in market cap
  • Kyber Network Crystal v2 entered top 20 at 16 in market cap
  • Alien Worlds returned to top 20 at 17 in market cap
  • BarnBridge fell out of top 20 in market cap
  • Illuvium entered top 20 at 18 in market cap
  • Harvest Finance entered top 20 at 19 in market cap
  • Ampleforth Governance Token, CREAM Finance and Badger DAO fell out of top 20 in market cap
  • Index, BasketDAO and Cryptex Finance do not have market caps

Community Size

Discord Members

  • Max: Uniswap - 84,852 (▲ 6.55%)
  • Min: Cryptex Finance - 851 (▲ 1.19%)
  • Avg: 15,944
  • Index Coop: 6.318 (▲ 23.93%)
Other Indices
  • Indexed Finance: 4,797 (▲ 3.65%)
  • PowerPool: 4,803 (▼ -1.80%)
  • PieDAO DOUGH v2: 4,064 (▲ 0.37%)
  • BasketDAO: 1,824 (▼ -2.25%)
  • Cryptex Finance: 851 (▲ 1.19%)
MoM Changes
  • Index Coop: 23.93% increase
  • SushiSwap: 14.55% increase
  • Compound: 48.54 % decrease

Twitter Followers

  • Max: Uniswap - 581,800
  • Min: BasketDAO - 3,609
  • Avg: 124,171
  • Index Coop: 21,000
Other Indices
  • Indexed Finance: 15,000 (▲ 2.04%)
  • PowerPool: 14,200 (▲ 3.65%)
  • PieDAO DOUGH v2: 13,600 (▲ 1.49%)
  • BasketDAO: 3,609 (▲ 16.12%)
  • Cryptex Finance: 9,128 (▲ 5.98%)
MoM Changes
  • Index Coop had a 14.13% increase
  • BasketDAO had a 16.12% increase
  • Alien Worlds had a 14.08% increase
  • UMA had a .25% decrease

DAO Engagement

Forum Posts in Last 30 Days

  • Max: MakerDAO - 2,200 posts (▼ -21.43%)
  • Min: DFI.Money - 7 posts (▼ -61.11%)
  • Avg: 417 posts
  • Index Coop: 1,500 posts (▲ 36.36%)
Other Indices
  • Indexed Finance: 46 (▼ -8.00%)
  • PowerPool: 62 (▲ 6.90%)
  • PieDAO DOUGH v2: 101 (▲ 7.45%)
  • BasketDAO: N/A
  • Cryptex Finance: 57 (▲ 72.73%)
MoM Changes
  • Index Coop had a 36.36% increase
  • UMA had a 66.67 % decrease
  • Synthetix had a 300% increase
  • SushiSwap had a 183.29% increase

Twitter Followers/Forum Post

  • Index Coop has 14 Twitter followers for every forum post
  • Maker has 77 Twitter followers for every forum post
  • Kyber has 4538 Twitter followers for every forum post

Discord Members/Forum Post

  • Index Coop has 4 Discord members for every forum post
  • Cryptex has 15 Discord members for every forum post
  • Synthetix has 598 Discord members for every forum post
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Interesting analysis!

The difference in proposals per Discord member between the two DAOs really stood out to me.

Based on this data point, and personal experience, I think Governance in Index Coop is significantly more complex, and our coordination problems more significant, than Uniswap’s.

I’d be curious what the proposal per Discord member looks like for Indexed Finance, PieDAO, etc.

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The only other index with data on boardroom was indexed with 13 proposals.

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Quite an insightful bit of work, great to see it laid out like this. My questions would be similar to yours, what can we do with this data (apart from appreciate there is a lot to keep up with at the Coop!).

MakerDAO use badges on their forum to signal who has contributed/voted/engaged, maybe that is one way to help filter out the bits that push things forward and recognise those who contribute? Discourse forums have their own inbuilt badge system too but not sure it’s so relevant.

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@earth2travis Very useful analysis for the IC!

If Discord offers analytics it would be interesting to see how the quality varies across competitors/analogous DAO’s as well.

It might be worth testing - as obvious as it might seem - the correlation between growth in the community metrics being measured here with TVL/#wallets. The hypothesis is something like growth in quality community engagement correlates positively with TVL growth or # wallets. On this basis we’re not so far behind UNI … :laughing: Secondary hypothesis might be does one always lead the other or does it oscillate.

100% agree. This is valuable data gathering and analysis but … sure seems like someone in the DAO tracking business (e.g. DeepDAO, PrimeDAO, etc.) could do the industry a solid and just automate this for everyone! If not, this kind of data gathering is a great way for new joiners (@afromac @Pepperoni_Joe) to familiarize themselves with the industry (i.e. by updating @earth2travis or my @patb Google Sheets, etc. Pretty sure @ElliottWatts finds this data useful as well for quarterly reporting purposes and @BigSky7 and @Metfanmike find this data useful for BD purposes.

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Really interesting @earth2travis. The Forum engagement is fascinating - and great to see.

Thank you for this.

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Great job @earth2travis. It’s very clear that there is still a lot of catching up to do.

How can new comers like me contribute?

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thanks this is fascinating to understand relative sizes and engagement rates!