Governance Grind

As Terra 2.0 has expanded, we’ve seen a number of governance proposals come to light. Analyze the voting activity on the most recent 5 proposals. Can you identify any trends or patterns in voting?

Bonus: Dig up and compare the text of 2 governance proposals. What do you think of these proposals? What would have made them stronger or likelier to gather more votes? Do you have any recommends to improvement?

Introduction

Governance

The Terra protocol is a decentralized blockchain platform that utilizes a governance model to allow community members to propose and vote on changes to the protocol. The Terra Station is a governance portal where users can learn how to vote with their staked Luna tokens and submit proposals to make changes to the protocol. The proposals are then voted on by the community, and if they receive enough support, they are implemented on the blockchain. This allows for a decentralized, democratic process for making changes to the Terra protocol.

Proposals​

Proposals start as ideas within the community on Terra's Agora forum. After gaining support and feedback from the community, a proposer drafts and submits a proposal alongside an initial deposit.

The most common proposal types include:

• ParameterChangeProposal: To change the parameters defined in each module.
• CommunityPoolSpendProposal: To spend funds in the community pool.
• TextProposal : To handle other issues like large directional changes or any decision requiring manual implementation.

Read more…

Method

We began by comparing the total number of votes cast for and against the five most recent governance initiatives in an effort to spot recurring themes and patterns. This gave us insight into the level of approval or disapproval for each proposal and helped us spot voting trends. We also analyzed the LUNA balance of voters who cast ballots on various propositions, so gaining insight about how many people cast ballots and to what extent each proposal was decided. It was possible to gauge the level of support for a proposal by looking at the percentage of votes needed for it to pass, which was derived from the data.

I used following tables to calculate the assessed metrics:

terra.core.fact_governance_votes

terra.core.ez_messages

terra.core.fact_governance_submit_proposal

In addition, the terra.core.ez_transfers table is used to compute the LUNA balance of voters on the date of voting participation. 

Analysis

✍🏻 Conclusion

All in all, this dashboard's data shines a light on the voting behavior surrounding recent Terra governance ideas, revealing interesting information about voter turnout, engagement, and participation. It appears from the data that many of the initiatives are not receiving much support or interest from the community. Voter turnout and the number of votes cast were both higher for successful initiatives than for unsuccessful ones. According to the data, there is also a large proportion of first-time voters and people who only vote on a few of propositions. The extent of community involvement and support, as well as the quality and viability of the idea itself, are all crucial to its success. Proposers need to show how their idea would help the Terra community and how it fits in with the project's larger vision and aims by providing specifics like a target, a plan of action, a budget, and a schedule. The proposal's prospects of being approved by the administration will improve as a result of this.

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

About:

• Author: HaM☰d

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:hourglass_flowing_sand: Overall View

The chart on the right depicts the number of new voters over time and its daily growth.

As can be seen, the number of new voters has decreased over time, with a total of 3776 new voters registered to date.

The following PIE charts represent the distribution of voter count by proposals: the top 10 proposals in terms of voter count, cast votes, and voting height, from left to right, respectively.

As can be seen, about 48% (23 proposals) of proposals have had 100 to 250 voters.

:1st_place_medal: The most recent 5 proposals

:mag_right: Findings:

The above table shows the voting statistic of 5 most recent proposals.

Also the visuals on the below of table show the casting vote over time when the proposal were in processing.

The proposals of 3796 & 3619 allocated to itself 31.7 & 24% of casted votes, that also got the most YES votes, too.

In this section I tried to show the distribution of LUNA balance of voters for each proposal.

As can be seen the most of voters in all 5 proposals have had less than 10 LUNA in their wallet when they voted.

🟢 Summery (Passed)

This proposal is to upgrade the Phoenix chain to version 2.2.0 which enables vesting accounts that have incurred slashing to still send their remaining vesting tokens to the community pool. The upgrade is intended to improve functionality and security of the Phoenix chain.

• The most of voters in this proposal were retailers (a & b. users with less than 10 LUNA) with 66% casting votes to say YES to proposal. and about 11% of voters that say YES were whales (d & e. users with 100 ~ 10K LUNA)

🟢 Summery (Passed)

ERIS Protocol has submitted a proposal requesting a grant of 312,500 LUNA ($500,000) to continue building its product portfolio for a liquid staking and slow burn arbitrage protocol. The grant will be used for audits, marketing, infrastructure and salaries. The funds will be distributed milestone-based, 50% immediately and 50% after milestones completion over 10 months.

• The proposal has passed by 218 agreed votes (as of table above) with 60% retailers and 12% whales.

🟠 Summery (Rejected)

Terra Poker has submitted a proposal to Terra Protocol's governance process requesting a grant of 300,000 LUNA to cover costs during a bear market. 40% of the fund will be allocated for operational expenses and 60% for wages.

• The proposal has rejected by 98 disagreed (say NO) votes (as of table above) with 66% retailers and 11% whales.

🟠 Summery (Rejected)

Terra Poker has submitted a proposal requesting a grant of 300,000 LUNA over three months to cover costs during a bear market. Terra Poker claims to be one of the most significant contributors to the ecosystem by all metrics, and already have a track record of already working and highly used products and making progress to the next big milestone, Tournaments.

• The proposal has rejected by 66 disagreed (say NO) votes (as of table above) with 72% retailers and 28% whales.

🟢 Summery (Passed)

Contro Protocol has submitted a proposal requesting 280,000 LUNA to develop a highly innovative DEX protocol that enables scalable prediction and futures markets. Contro Protocol aims to create new opportunities by providing safe, fair, and accessible betting markets and generating a large amount of fee income, 10% of which will be used to buy LUNA and give back to the community pool. Half of the grant will be given upfront and the vesting of the second half is conditioned on the release of the MVP and controlled by a 4 of 5 multisig with independent and informed members of the community.

• The proposal has passed by 142 agreed votes (as of table above) with 78% retailers and 22% whales.

:hourglass_flowing_sand: The most recent 5 proposals

1. Terra Poker Grant Proposal: Terra Poker is requesting a grant of 300,000 LUNA over three months to help cover costs during an unexpected prolonged bear market. They argue they have a track record of already working and highly used products and making progress to the next big milestone, Tournaments.
2. ERIS Protocol Revised Grant Proposal: ERIS Protocol is requesting a grant of 312,500 LUNA ($500,000) to continue building and shipping its product portfolio around a liquid staking and slow burn arbitrage protocol. The grant will be used for audits, marketing, infrastructure and salaries.
3. Phoenix Software Upgrade 2.2.0: This proposal aims to upgrade the Phoenix chain to version 2.2.0. The main feature of this upgrade is the ability for vesting accounts that have incurred slashing to still send their remaining vesting tokens to the community pool.
4. Contro Protocol Grant Proposal: Contro Protocol is requesting 280,000 LUNA to develop a highly innovative DEX protocol that enables scalable prediction and futures markets. Contro Protocol aims to create new opportunities by providing safe, fair, and accessible betting markets and generating a large amount of fee income, 10% of which will be used to buy LUNA and give back to the community pool.
5. The first Contro Protocol grant proposal is similar to the fourth one. The main difference is that the first one is requesting 280,000 LUNA, half of which will be given to the team upfront and the vesting of the second half is conditioned on the release of the MVP and controlled by a 4 of 5 multisig with 4 independent and

:hourglass_flowing_sand: Dig up and compare the text of 2 governance proposals.

1. Terra Poker Grant Proposal (Prop #3794): Terra Poker is requesting a grant of 300,000 LUNA over three months to help cover costs during an unexpected prolonged bear market. They argue they have a track record of already working and highly used products and making progress to the next big milestone, Tournaments. The funds will be allocated 40% in Operational and Infrastructure and 60% in Wages.
2. ERIS Protocol Revised Grant Proposal (Prop #3796): ERIS Protocol is requesting a grant of 312,500 LUNA ($500,000) to continue building and shipping its product portfolio around a liquid staking and slow burn arbitrage protocol. The grant will be used for audits, $100,000, marketing $35,000, infrastructure $15,000 and salaries $350,000. The funds will be distributed milestone-based, 50% immediately and 50% after milestones completion over 10 months. The milestones are: Milestone 0: With passing of the proposal Milestone 1: Launch of Amp Governance Milestone 2: Launch of Arb Repeater Milestone 3: Integration of Warp Protocol

Both of the proposals are requesting for funding for the development of their respective projects, Terra Poker and ERIS Protocol. Both of them are trying to attract users to the Terra ecosystem and are claiming that they have a track record of already working and highly used products and making progress to the next big milestones. Terra Poker is requesting a grant of 300,000 LUNA to help cover costs during an unexpected prolonged bear market and the funds will be allocated 40% in Operational and Infrastructure and 60% in Wages. ERIS Protocol is requesting a grant of 312,500 LUNA ($500,000) to continue building and shipping its product portfolio around a liquid staking and slow burn arbitrage protocol and the funds will be used for audits, marketing, infrastructure and salaries and will be distributed milestone-based.