Delegator Churn

    How often do delegators change validators?

    Findings & Conclusion

    Delegator churns are more frequent now compared to Terra's genesis. Similarly, amounts related to delegator churns have also increased significantly. However, average amounts involved in redelegations were much higher at the beginning of Terra's launch than at present. This indicates that accounts with large amounts of LUNA stake (whales) are less involved in redelegation activities in recent times.

    Finally, let's take a look at the average amounts of LUNA involved in redelegation activities month-by-month. We can see a reversed pattern here when you compare to frequencies. The highest average (35.5K LUNA) redelegation amount happened in October 2020, with the lowest (2.1K LUNA) in April 2021.

    Our next graph shows the total amounts of LUNA involved in redelegation activities over the past months. Unlike churn frequencies, churn amounts show a peak/trough pattern, however, amounts peaked at 49.3M LUNA in July 2021 which is consistent with its frequency.

    Let's take a look at our first graph which shows the delegator churn frequency over the past month. The graph pattern shows a consistent increase in frequency, from 122 occurrences in October 2020, to a peak of 7,884 in July 2021.

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    Method

    Our investigations take a look at the frequency, total amounts involved, and average amounts involved in redelegation activities on a month-by-month basis.

    Introduction

    The Terra network allows delegators to change validators they stake with, by redelegation. Through redelegation, staking power is transferred from one validator to another.

    This dashboard takes a dive into redelegation activities on the Terra network, called the delegator churn.