JokeRace is approaching the hosting of 700 competitions, with revenue exceeding $130,000.
Author: OurNetwork
Translated by: Deep Tide TechFlow
From the editorial team:
Decentralized Autonomous Organizations (DAOs) are an exciting yet frustrating part of the crypto space.
The concept is incredibly appealing—cryptographic technology has enabled entrepreneurs to break free from the traditional corporate structures of C Corporations and LLCs, allowing them to create new organizations on-chain with just a few clicks and at a very low cost.
However, on-chain data indicates that true product-market fit has not yet been fully realized. DAOs still face issues of low participation rates and poor usability. In fact, a report from Coinbase last week noted that typically, less than 0.1% of governance token holders regularly participate in voting for large protocols. Clearly, we have a long way to go before achieving widespread adoption of this new technology.
Nevertheless, as demonstrated by the projects below, the DAO space remains vibrant and innovative. Especially with the emergence of new tools that make participation, voting, and interaction with decentralized organizations more convenient. For example, the DAO tool project Realms on Solana saw a surge in active addresses in November.
Here are some early signs of product-market fit. As Spencer mentioned, for DAOs, we have the raw materials; now we need to find the right formula.
DAOs
Snapshot | Realms | JokeRace
David Truong | Website | Dashboard
Arbitrum's activity and contributors are nearly double that of Optimism
- In the competition among top Layer 2 (L2) solutions, Arbitrum leads in annual forum activities, with 1,497 unique topics discussed, while the Optimism community had 833 topics. This marks a significant contrast to 2022 when the Optimism community dominated. However, in the final months of 2024, these two leading L2s seem to be balancing out, each developing unique communities. To compare the situations of 30 different communities, you can check the x23.ai dashboard.
- In DeFi protocols, Sky (MakerDAO) and Aave dominate public discussions. Although the discussion volume for Sky has now decreased to one-fifth of its peak in June 2022, Aave's discussion volume has increased 2.5 times during the same period. In contrast, Compound and Uniswap have consistently had lower discussion volumes than their competitors.
- In the comparison of unique topic authors, only Arbitrum saw an 81% increase and Compound a 12% increase in contributors in 2024. Meanwhile, Balancer and Sky/MakerDAO saw decreases of 44% and 37%, respectively, while Uniswap's author count remained relatively stable in 2023 and 2024.
- Transaction Focus: As DAO treasuries continue to expand, the potential risks of governance attacks become more apparent. For example, Compound experienced an attack in June, while the Ethereum Name Service (ENS) proposed the establishment of a security council in July to protect its DAO. These developments highlight the need for tools to facilitate broader participation and achieve a more balanced distribution of voting power within DAOs.
Snapshot
85% of governance proposals are completed on Snapshot
- Snapshot is a leading voting platform in the governance space. Of the 817 proposals tracked in October, 707 were completed on Snapshot, accounting for about 86% of the market share. The situation in November is also roughly the same. However, since the beginning of the year, the total number of proposals has decreased by about half, and Snapshot's dominance has also declined, as the number of proposals on dedicated DAO governance platforms like Nouns and Compound has stagnated.
- In the past two weeks, the weekly voter count on Snapshot has increased by over 50% compared to the average of previous weeks. The peak in voter numbers, particularly in May 2024, was primarily driven by stgdao (Stargate DAO).
- Snapshot has attracted approximately 96% of the tracked DAOs to join. In October, 166 proposals were launched, and as of now, there are about 120 proposals in November. This shows a slight downward trend since the beginning of the year, consistent with the overall decline in market governance statistics.
Realms
Takisoul | Website | Dashboard
Realms' managed assets exceed $1.2 billion
- Realms is a project on Solana that provides treasury management, voting, and other tools for DAOs. Over the past year, Realms' total value locked (TVL) has skyrocketed to $1.2 billion, with the value of assets locked in Realms/SPL Governance quadrupling over the past year, indicating that Realms is one of the top platforms for asset management on Solana. DAOs on Solana continue to grow steadily, and Realms has become their primary platform on Solana.
- In November of this year, the number of active addresses on Realms significantly increased, particularly with a notable rise in new wallets.
- The daily transaction volume using Realms hit a historic high of 2,500 on November 9. Although the transaction volume has since declined, it remains above levels prior to the peak.
- Transaction Highlight: In a successful Bonk DAO vote executed on Realms, the BONK community voted to burn 5 million $BONK. This proposal was specifically added and executed through Realms' SPL governance contract in a programmatic manner.
JokeRace
JokeRace is approaching 700 competitions, with revenue exceeding $130,000
- JokeRace is a platform for creating and voting on on-chain competitions. The project has two sources of revenue: participants must pay a fee to submit their entries; voters must pay a fee to vote for the entries. Since its monetization launch at the beginning of 2024, JokeRace has hosted 666 competitions, generating $121,000 in revenue, which is shared between the protocol and competition creators.
- One of JokeRace's core metrics is the number of votes and voters. Last week, there were 360 unique voters and 493 votes, which is down from the peak of 11,000 voters and 12,000 votes during the L2 competition between ZKsync and Movement in early October.
JokeRace's development strategy is to convert voters into creators and keep them active. Currently, there are 278 creators, of which 37 transitioned from being voters to creators. The retention rate for creators is low, averaging about 10% in the first month after launch, dropping to less than 10% by the third month, with some groups having a retention rate of 0%. Finding ways to improve creator retention is a question worth pondering.
Transaction Highlight: “Where Are the Apps?” is a competition aimed at finding the best crypto applications, which has been the most active among participants and voters. A total of 65 crypto applications participated in the competition, with over 1,000 people voting to select the best application. The competition generated a total revenue of $11,000. The first place was awarded to a sustainability project called Aquari, which received a reward of 1.375 ETH. The second place and third place received 0.687 ETH and 0.229 ETH, respectively.
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