A formal relative valuation framework for governance tokens

As blockchains with formal on-chain governance mechanisms continue to proliferate, many analysts have raised questions regarding voter participation rates.

This week, The Block’s Ryan Todd produced a comprehensive overview of turnout across a variety of protocols and the results may be cause for concern: 0x’s recent ZEIP-23 saw just 0.86% turnout by stake, MakerDAO’s March 21 Stability Fee hike vote 8.96%, and Aragon AGP-5 9.30%.