Try Quests to earn cryptoDecentralizing Power: Governance & the Active Set (Part 2)
Introduction
- In This Analysis, You will about the Validators voting power and Nakamoto coefficient changes on the Osmosis chain. We want to know after Props 114, 196 & 337 were all passed in an effort to promote decentralization within the ecosystem. How did the voting power of the top 66% of the active set validators change after these proposals were passed? Also, How did the Nakamoto coefficient change after these events? Also, I analyzed the New and Old Validators activity.
Analyzed by Hess - Reading time Almost 5 Min.
IMPORTANT NOTE:
- Nakamoto Coefficient Is a new Topic for Me. I learned from CryptoGuy and Adriaparcerisas. Those PARTs of analysis credited to those awesome guys.
Proposal 337: Increase the Osmosis Active Validator Set to 150 Validators (from 135)
- With 21K voting power and nearly 20K votes, passed in 6 days. Above 98% voted YES.
- This Proposal had 21.9K voters and 23K vote powers.
Proposal 196: Increase Validator Set Size to 135
- Proposal 196 with 39K voters and Vote power passed. About 97% voted YES.
- This Proposal had 43K voters and 44.5K vote powers.
#114 Increase Max Validator Set Size to 118
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This proposal was a little complicated in Comparision to other proposals. But in the end, with nearly 2.2K vote powers and voters passed. Around 70% voted Yes.
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This Proposal had 3.3 voters and 3.8K vote powers.
What is Nakamoto Coefficient?
The Nakamoto Coefficient ascertains the number of nodes that must be compromised to affect the blockchain and obstruct it from functioning correctly. A higher Nakamoto measure indicates a more decentralized network. This means that the network has a large number of nodes.
NAKAMOTO COEFFICIENT PART IS CREDITED TO ADRIA AND JACKTHEGUY.
Osmosis Validators
- Osmosis had 281 unique validators. The highest number of validators activated Before June 2021. Almost half of the current validators activated that time. After that, The weekly new validators decreased again between January 2022 and May 2022, The total number of new validators increased. Right now, Each week, we have at least one new unique validator on Osmosis.
New Vs. Old Validators
New Definition: I analyzed Validator’s address and Their Activity in Proposals. If They First vote was less than 30 days, I named a new Validator and If the first vote was higher than 30 days, I named an old Validator.
- Based on the number of proposal ids, New validators and old validators had almost similar activities. The highest number of proposals was between March and May. Overall, The total number of proposals that New validators participated in is 308 Proposals and Old validators participated in 318 Proposals.
- The weekly share of validators that participated in Osmosis proposals shows that 80-90% were by old validators. But in total, 51.3% of validators were old and 48.7% of validators were new. Until February 2022, The weekly share of new validators was up to 20% but after that decreased to 6-10% and didn’t change too much until now.
- It seems Validators had fewer activities when they joined to Osmosis chain. Most of the votes were by Osmosis old voters. Since January 2022, the total number of votes by old validators increased to 800 votes per week. Overall, Old validators voted 19.5K and new validators votes 2.6K.
- The average number of votes per old and new validators increased over time. During May, The average weekly vote by new and old voters increased up to 3.8 votes. The average number of votes per new voter is 1.8 and the average number of votes per old voter is 2.2.