Validators and Voting

This last graph shows these top 10 validators and their votes cast. The reason the graph only has 7 validators is due to the fact that the others have not cast any votes.

Introduction

Delegated LUNA was calculated using terra.staking by adding delegate/redelegate actions and subtracting undelegated action amounts for each validator.

Top 10 Validators

Looking at the graph below, Orion.Money has the greatest percentage of delegated LUNA at 22%, followed by Terran One and Mosaic. These top 10 validators hold about 97.60% of the delegated LUNA. This distribution is crazy low, which could pertain to the fact that users don't want to validate their own LUNA but could also be because only these top validators have earned the trust of the community.

I would say that the delegations are very concentrated and not well distributed at all. From the first graph, we can see the number of delegators for each validator address. Already in the top 10, there is a large drop-off between different validators. Looking specifically at Orion.Money and GalaxyDigital, the first has roughly 14K delegators while the subsequent only has 335. However, GalaxyDigital still holds just under 10% of all staked LUNA! If we think about the delegated LUNA per delegator, delegators with GalaxyDigital are staking much more LUNA than delegators with Orion.Money.