Protocol KOLs - Leland Lee

hi i'm leland um and i worked i worked on protocol kols some brief overview about myself i currently work at galaxy digital working on the investing team prior to this i did a lot of freelancing work helping protocols with design work or front-end engineering and here we're going to present about protocol 100 which is a project i built that was funded by unisof grant leland i think the screen share is working properly so we want to just give that a shot one more time i think we're stuck on a froze perfect and then yep everything's good great so going through the ugp journey um got a grant early last year to verice early this year to build out a governance dashboard and then i happened to get a full-time job and then so like as a process turns out it's like okay i will work on it this weekend i'll work on that next weekend and turns out several months later the entire market has moved and at the time when i talked to ken i was like hey can i really want to work on a governance dashboard that shows the current progress of proposals like who's voting on what how they're voting how's the vote changed um but by the time i really started building it the market had moved already and we have companies like tally and border really feel that niche and then at that point i realized there's no point in building another you know governance dashboard that just replicates what other people are building so it's back to the drawing board like what it's new that we can build that hasn't been built before and at the time it seemed like these tools are really good at showing snapshots of protocols you look at a protocol in isolation but it's not great at you know combining protocols together so the question was like what's some interesting data that we can show that like you know aggregates protocol data together and that's came and that's how protocol kl came around so protocol is a amalgamation of like a protocol plus a kol a kol is a key opinion leader more commonly in the us known as the influencer and we slapped on 100 at the end and the goal here is to create a like a list of influencers or a list of kols or in the top 100 no biggest influencers within crypto who are biggest influencers within crypto governance and there's many ways to measure governance we can look in terms of like how active you are we can look in terms of passivity we can look at like whether you're being active on chain or passive on chain or being or this off chain and so what's interesting here is like in terms of you could be very active on chain by like submitting proposals and then we can look at the engagement of these proposals determine whether they're popular or not and that could be a cage of influence we can see you know whether you're voting which is slightly less active than submitting proposals and then on the alternative side we can something that's very passive is your your token balance you could have you know hundreds of millions of dollars delegated to you and yet you never vote at all but you still have some amount of influence because you have a lot of latent influence if you wanted to vote like you would have a lot of influence but yet you choose not to vote and so we see in some of these protocols we have some of the top like you know five delegates i've maybe only voted like once or twice yet they still have a lot of influence by virtue of you know having a lot of tokens we could also measure influence in terms of like who's delegating to you if someone quote unquote famous is delegating to you should not make yourself as a protocol politician like more famous a lot of university programs have been delegated by andrews and horowitz so the question is like should we be paying more attention to you because of this like do you have more influence and then we can look at you know whether you have a lot of delegations or not on the converse side we can measure influence from an off-chain manner and so this could be something like more passive like are you engaging on social media on forums are you participating in off-chain voting we can look at like your audience size like are you like do you have a newsletter like are a lot of people reading it do you have a lot of analysis and these are a lot like softer so it's a lot harder to kind of like quantify your influence so in terms of calculating influence we can imagine having like a very complex or like well-thought-out methodology to determine like who is more influential than someone else for example we could like look at your success rate when it comes to many proposals your votes protocols involved and etc and we can like weight these all appropriately however um i guess i took the easy way out and it's like okay the actual calculation of influence we'll do here is we look at how many votes you've been delegated and just like times by the token price and clearly like this is not the greatest of methodologies it's probably quite horrible because some protocols have like you know multi-billion dollar market cap and some protocols are much smaller and so like you know if you're medium-sized delegate and unit swap of course like your weight is going to supersede and overcome smaller protocols um but you know i think it's a fun like memeable metric that we can use which kind of goes in hand with what i was building here so let's jump in so protocol the club uh is my screen still being shared yes perfect um so when we load up the app here it starts giving you an alert and along with like a legend of what what's here um and so the question is like who are the governance influencers who's within the top 100 and we can select different protocols right now we have unit stop and compound selected let's add pool together in radical um and while wait for it to load like we can see you know we have some addresses that rank in the top one this is the rank this is their name uh address or their name from sybil we have their quote unquote vote weight which is in tokens delegated times price across protocols we can look at the total number of delegates we can look at their proposal number and then we can look at the number of protocols at their active end and what's quite profound is across these four protocols it's actually quite uncommon to see someone active in all of them and actually within the top like 100 there's only one person who it who does participate in all three protocols um so just like an interesting like data point we realize that like influence is very localized it is like localized within like one or two protocols at max um so here we can like you know drill down and look at individual delegates and see how much like voting power they have um some other features here is we can go like search for particular addresses and we can and it'll say whether they are in the top 100 or not um and i just we we cut this at 100 explicitly because i don't know i think the fun part about you know memeable leaderboards that you need to have some amount of like caps to it otherwise like your leaderboard will have like thousands of people and it's less you know fun in my opinion um so some interesting observations that i had when i was building this is that there really is like concentration um how does this this method of like weighing you know protocol politicians is horrible because if you look at like unislop you know huge market cap or so you look at like pool together it's much smaller um so i think you know ultimately in the long run like if you want to create a good index for measuring like who are these quote-unquote influencers like you can't just multiply token delegate if i took in price and we've seen like other like good tools that measure um kol's but there's a lot much there's a lot more work that you know needs to be done here so behind the scenes uh this is built using a lot of like some hooks from sybil we pulled the data from the graph and like i guess my hope for this project is that you know it becomes a meme that people are like okay i'm rank you know 20 on the protocol 100 list thank you carter