Tracking the Top Saber Lockers
Introduction :
Saber is an automated market maker (AMM) built on Solana that provides cross-chain liquidity for stablecoin pairs such as UST/USDC. Liquidity providers earn yield in the form of the protocol’s native SBR token. Until recently, the core development team set the reward allocations for each liquidity pool. Now that protocol governance is live, these decisions are in the hands of the community - SBR token holders. In order to cast votes for which pool(s) should receive rewards (via the “gauges”), users must lock SBR tokens to receive voting escrowed Saber - veSBR. Locking SBR for longer periods (5yr maximum) grants the token holder more voting power - more say in which liquidity pool gets the most SBR rewards.
Once votes are cast and the next epoch begins, the new rewards distribution is applied to the liquidity pools. 1 epoch = 1 calendar week. As of March 3, 2022, nearly 38% of the total SBR token supply is locked in protocol Governance.
The Question :
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Question 33:
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Create a time series analysis of Saber locked up over time, noting the start of each epoch. List the top 20 wallets that have locked Saber in the month of February. Have these top wallets added to their locked SBR positions to gain even more voting power, or do they lock all their SBR tokens in governance at once? What other activities are these top 20 wallets doing in the month of February (for example what other tokens are they transacting with, what other protocols are they engaging with)?
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more information on the Voting Escrow System
Locked amount over time :
The graph below shows the the amount of locked SBR, assuming that for one SBR locked. As shown in the chart, Locked Amount is shown for each day. Epochs are also shown in different colors.
epochs' start time :
- epoch 1-6 start time is 2022-01-20 , 2022-01-27, 2022-02-03, 2022-02-10, 2022-02-17, 2022-02-24, 2022-03-03 respectively , each epoch means 1 week
The following graph shows the top 20 wallets that have locked Saber in the month of February. As shown , the address '6HFxHT4tFVB19weeMGYQrepa51rzxjydkhWAaomsf6g4' is ranked first with locking almost half the amount of the month . rest can be found below :
The following graph shows the locked amount for each epoch.the epoch 7 is ranked 1st with 71.8M representing 52.3% of all amounts locked through epochs. also, the epoch2 is ranked 2nd with 36.6M , representing 26.7% of all. the epoch6 ranked last with 1.9M total SBR locked.
The following diagram shows the Locked amount for each day of studied time period. the Max amount is related to March 3rd, 2022 with almost half of all amount (67.2M)
the diagram below, represents the other activities which the mentioned top wallets interacted with. we defined the activity as the accounts they interacted with, and found the top 3 account addresses as :
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RDM23yr8pr1kEAmhnFpaabPny6C9UVcEcok3Py5v86X
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SRDmexy38YTqtCmh7xU2eMFkWweYWF1pqdPyatTF1qP
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LocktDzaV1W2Bm9DeZeiyz4J9zs4fRqNiYqQyracRXw
Conclusion :
The governance of pools in Saber has recently turned into a community-based system. This system is more aligned with the idea of decentralization. However, as can be seen from the data, the distribution of votes has been very influenced by the voting behavior of top SBR holders.
A mechanism or some sort of incentives are needed to push the voting behavior of governors towards more equal distribution.
Reference : Flipsidecrypto Docs
Have these top wallets added to their locked SBR positions to gain even more voting power, or do they lock all their SBR tokens in governance at once?
According to following figure, Most of them locked all SBR tokens at once, but some added to their locked SBR positions to gain even more voting power, the second group are :
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'9R52LDEW4iXndDw1WuVKCCEdJ4fD1n43wwUDGgVZbf1Y' --- Locked 1502264.38 SBR in 13 txs
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'6HFxHT4tFVB19weeMGYQrepa51rzxjydkhWAaomsf6g4' --- Locked 20861947.17 SBR in 4 txs
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'55J4kCCGa8D5mcmpTYZi6868a35gN3JhHr1tNWR6Topg' --- Locked 278206.21 SBR in 2 txs