Uniswap Voting Behaviour

Let's talk voting behavior. Pick the top 5 addresses that have had tokens delegated to them for voting; define the metric that makes them the largest; and briefly review their voting history over the past 6 months. Are there any common trends (ex. are they voting frequently or infrequently? Are the top 5 addresses tending to vote the same way?)?

Top 5 Delegate Voting Intent

The top voters, when they vote, all appear to support the proposals put to the governance process. The last 3 proposals on the Uniswap Governance Portal (Proposals 0.3, 0.4, 1.1) all passed with votes from some of our top 5 voters helping to get them across the line.

The top 5 voters appear to cast all of their votes when voting in a proposal. The chart below shows the number of votes cast on each proposal by each voter.

Top 5 Voter History

Looking at our top 5 voters over these governance proposals, we see which of them voted for each of the proposals in the database. As seen in the table, two of the top addresses have not voted at all, and one of the proposals recorded no votes from any of the top addresses. Note the addresses have been shortened for readability.

Uniswap Governance Proposals

Uniswap governance voting occurs on-chain. Proposals begin as a series of forum discussions on gov.uniswap.org, escalating in formality until there is enough consensus for a vote. The first vote occurs off-chain, on the Snapshot site, which allows for simple voting, weighted by token ownership. Once these tollgates have passed, a proposal can by put on-chain via the Uniswap Governance interface. A proposer must have at least 10m UNI votes delegated to them to to create a proposal. UNI voting right holders then cast their votes on-chain via the portal. At the moment, a minimum of 40m votes cast are required for a proposal to pass. Proposals pass by simple majority.

Since on-chain voting began, Uniswap has had 6 governance votes. 4 of these are available in the Flipside tables and are shown below:

Top 5 Uniswap Voting Addresses

Uniswap holders can delegate their voting rights on sybil.org. This site also shows the current list of delegates, ordered by the number of votes they are able to cast.

Looking for the top 5 delegates over this period, we look for the accounts which had the largest point-in-time balance of voting power. This list is a bit different to the current list - it turns out that big parcels of votes get delegated & redelegated regularly.