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Decoding Social Sentiment in DAO: A Comparative Analysis of Blockchain Governance Communities

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  • Yutong Quan
  • Xintong Wu
  • Wanlin Deng
  • Luyao Zhang

Abstract

Blockchain technology is leading a revolutionary transformation across diverse industries, with effective governance being critical for the success and sustainability of blockchain projects. Community forums, pivotal in engaging decentralized autonomous organizations (DAOs), significantly impact blockchain governance decisions. Concurrently, Natural Language Processing (NLP), particularly sentiment analysis, provides powerful insights from textual data. While prior research has explored the potential of NLP tools in social media sentiment analysis, there is a gap in understanding the sentiment landscape of blockchain governance communities. The evolving discourse and sentiment dynamics on the forums of top DAOs remain largely unknown. This paper delves deep into the evolving discourse and sentiment dynamics on the public forums of leading DeFi projects: Aave, Uniswap, Curve DAO, Yearn.finance, Merit Circle, and Balancer, focusing primarily on discussions related to governance issues. Our study shows that participants in decentralized communities generally express positive sentiments during Discord discussions. Furthermore, there is a potential interaction between discussion intensity and sentiment dynamics; higher discussion volume may contribute to a more stable sentiment from code analysis. The insights gained from this study are valuable for decision-makers in blockchain governance, underscoring the pivotal role of sentiment analysis in interpreting community emotions and its evolving impact on the landscape of blockchain governance. This research significantly contributes to the interdisciplinary exploration of the intersection of blockchain and society, specifically emphasizing the decentralized blockchain governance ecosystem. We provide our data and code for replicability as open access on GitHub.

Suggested Citation

  • Yutong Quan & Xintong Wu & Wanlin Deng & Luyao Zhang, 2023. "Decoding Social Sentiment in DAO: A Comparative Analysis of Blockchain Governance Communities," Papers 2311.14676, arXiv.org, revised May 2024.
    • Handle: RePEc:arx:papers:2311.14676
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    References listed on IDEAS

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    Cited by:

    1. Chemaya, Nir & Cong, Lin William & Joergensen, Emma & Liu, Dingyue & Zhang, Luyao, 2023. "Uniswap Daily Transaction Indices by Network," OSF Preprints ube2z, Center for Open Science.
    2. Yunpeng Xiao & Bufan Deng & Siqi Chen & Kyrie Zhixuan Zhou & Ray LC & Luyao Zhang & Xin Tong, 2023. ""Centralized or Decentralized?": Concerns and Value Judgments of Stakeholders in the Non-Fungible Tokens (NFTs) Market," Papers 2311.10990, arXiv.org, revised Nov 2023.
    3. Xiao, Yunpeng & Deng, Bufan & Chen, Siqi & Zhou, Kyrie Zhixuan & LC, RAY & Zhang, Luyao & Tong, Xin, 2023. ""Centralized or Decentralized?": Concerns and Value Judgments of Stakeholders in the Non-Fungible Tokens (NFTs) Market," OSF Preprints evz4p, Center for Open Science.

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