Tracer Voters
Tracer Q2: How many people (addresses) have voting rights in tracer? How much of that has been deposited in major decentralized exchanges(DEX)? what is the breakdown per DEX
Introduction
Tracer is an open-source, smart contract protocol for derivatives. Broadly, it is an array of financial contract generators, known as Factories, governed by a DAO. Factories store contract templates and generate tracers. Tracers are instances of the contracts [Markets] deployed on-chain.
Tracer currently comprises the following Factory: Tracer Perpetual Pools. The addition, maintenance and upgrade of Factories, and control of elected tracers generated by these Factories is the sole responsibility of Tracer DAO. Tracer DAO is the decentralised governing body of the Tracer protocol, whose members constitute holders of the Tracer Token (TCR).
Holders of the TCR token are eligible to vote on governance decisions concerning the Tracer DAO. Governance voters of the Tracer DAO are the focus of this investigation.
Conclusion
If there's anything learned in this analysis, one thing is clear, Tracer governance voters are less interested in depositing TCR tokens in DEXs as liquidity. Less than 1% of total TCR in circulation is available as DEX liquidity.
Moreover, TCR ownership seems to be concentrated at the top, with one wallet controlling 230M+ TCR tokens, about 1/5 of the total supply. This infers that TCR governance decisions may be centralized in the hands of the top 1% as the rest cannot match their voting power vested in the TCR tokens.
Governance Voters' Metrics
Let us begin the investigation by querying the Ethereum blockchain for the total number of Tracer governance voters. To do this, we count the number of wallets with a balance of TCR tokens as at March 01, 2022. This number represents the number of unique users making decisions at Tracer DAO.
There are 954 Tracer DAO governance voters as of March 01, 2022.
Next, let us look at the actual distribution of TCR tokens across two categories; TCR sitting in users' wallets vs TCR deposited in major decentralized exchanges (DEXs). Major DEXs, in this context, refer to Uniswap (v3), Curve, and Sushiswap. These are the top DEXs featured on defipulse.com with listed TCR pools.
The donut chart above shows the proportions of TCR in user wallets vs TCR deposited in the above-defined major DEXs. Of the TCR is circulation, 99.4% is sitting in user wallets while 0.64% is deposited in DEXs.
Now, let's dig further into the TCR deposited on DEXs. By breaking it down exchange-by-exchange, we can know which exchange is more popular among TCR depositors.
The tTCR-TCR pool on Curve records the largest share with 3.4M+ TCR tokens, ahead of the TCR-ETH pool on Uniswap v3 which boasts of 2.9M+ TCR tokens. There is minimal deposit in Sushiswap's TCR-WETH pool with 0.74%.
Going back to the amount of TCR in users' wallets, let us get curious and investigate the amount composition of the total TCR by whales. Whales in this context are the wallets with the largest amount of TCR tokens as of March 01, 2022.
The chart below shows a bar chart of the top 10 TCR whales with their corresponding wallet balance.
The biggest whale, 0x1c315, owns a whooping 230M+ TCR tokens, far larger than all the DEX deposits combined. Even the smallest whale, worth 13.5M TCR, has bigger bags than the DEX deposits.