Governance Grind

    Introduction

    • In this Analysis, You will Read about Voting Activities on the New Terra chain. As Terra 2.0 has expanded, we’ve seen a number of governance proposals come to light.
    • I Analyzed the voting activity on the most recent five proposals to find a pattern in users voting behavior.

    Also, I compared one of the recent proposals with a top old proposal to find out why one had more votes, and the other hadn’t. I tried to find what is key to a successful proposal.

    Analyzed by Hess - Reading Time Almost 8 Min.

    What is Terra 2?

    • Terra 2.0 (LUNA) is the newest iteration of cryptocurrency on the Terra blockchain. In May 2022, the Terra blockchain experienced a hard fork prompted by founder Do Kwon and voted on by the community

    Source:

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    5 Recent Proposals

    So Far, I have analyzed voting activities on Terra 2 chain. It’s time to examine five recent proposals on the Terra chain.

    • 5 recent proposals on the Terra chain are Proposal 3796, 3794, 3619, 3795, and 3665. I listed these proposals with their number of votes, Voter and Vote options. If you are interested in these proposals, You can see the result of voting in the below table.
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    Compare Proposal 986 ( Top Proposal ) with Proposal 3795 ( Recent Proposal )

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    Why Governance is Important?

    • Governance offers the holders voting rights to the network and the result is a truly community-driven system that encourages active participation. Governance tokens are an incredibly important part of the crypto ecosystem and are set to become more prominent as things evolve and mature.

    Method

    Thanks to Flipside, We have governance_votes table for the Terra chain. All voting activities and proposals are recorded on that table. First, I examined all proposals and voting activities on the Terra chain. Then, with the Max function, I extracted 5 recent proposals.

    final as ( select max(block_timestamp) as date , proposal_id from terra.core.fact_governance_votes group by 2) , proposal as ( select DISTINCT proposal_id from final order by 1 desc limit 5)

    Full Analysis

    Terra Governance Overview

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: 0xhess

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2023/JAN/25

    Voting Activities on Terra

    Before I examine the five recent proposals, I took a quick look at voting activities on Terra since its Launch, which was May 30, 2022.

    • The total weekly number of voters decreased over time, but the average number of votes per user increased slightly. Between June and September, The average number of votes per user was 1.3, and there were 300-600 voters per week. But after September, The average number of votes per user was 1.5-3. On the other hand, The total weekly number of voters decreased to 100-300.
    • The total weekly number of proposals didn’t change too much over time. We can’t say whether more proposals are good or not. But Based on the below chart, The highest number of proposals was active in September and August 2022.

    Top voters and Proposals

    Top Voters: The top user voted more than 150 times. With a huge difference from the top voter, The second top voter voted 58 times. All other top voters had similar activities. 49-50 votes.

    Top Proposals: There is too many difference from the top 30 proposals. Proposal 349, with 797 votes and 736, was the top proposal while Proposal 1502 had only 166 voters and 179 votes. Participation in voting is not good based on unique voters.

    Compare recent Proposals with others

    • The total daily number of voters per 5 recent proposals differed considerably from old proposals. The number of voters per proposal decreased over time. Recently, fewer Terra users have participated in the voting.

    • The average number of voters per old proposal is 69, while the new proposal had below 40 voters. Proposal 3794 had only 12.1 votes.

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    • Like the number of voters, The total daily number of votes for five recent proposals was lower than other proposals. The average number of votes per 5 recent proposals was below 40, while other proposals were above 50.
    • I can’t find anything about voters after New year and why it decreased.
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    • Almost each voter have 1 vote power. So all numbers was similar to number of votes.

    • Between these five recent proposals, Proposal 3796 had the highest number of voter, Vote power and votes. 31% of votes were belong to proposal 3796. The second top Proposal was 3619 with 24% of total voters and votes.

    Old voters had more activities compared to new voters.

    • Based on 5 recent proposals, Proposal 3796 had the highest number of voters. This proposal had 184 old voters and 120 new voters. The second top was 3619 with 172 old voters compared to 63 new voters.

    Proposal 986

    Prop 986: Terra Phoenix Airdrop has passed Governance. The airdrop claim interface (phoenix-airdrop.terra.money) is now live for eligible users to claim their airdrop until 4 Oct 2022.

    Updated 25 Aug 2022 to reflect:

    • resolved issues for Spectrum, Stader and Pylon and inclusion of Orion's allocation on Ethereum and Polygon,
    • the consequent total amount of LUNA requested (+795,454 LUNA), and
    • a new airdrop claim window timeline (4 Sep - 4 Oct 2022).

    Disclaimer – I am employed by Terraform Labs (TFL)

    Purpose

    This proposal aims to request 19,504,909 LUNA from the Community Pool to execute an airdrop to users who either did not receive the correct allocation of LUNA at Genesis due to technical constraints or issues associated with indexing.

    Proposal 3795

    This is the correct proposal live for voting) Terra Poker is the first Texas Hold’em style Poker based Play-to-Earn protocol on the Terra Blockchain. Our mission is to leverage the game of poker to attract users to the Terra Ecosystem for its revival. The underlying proposal highlighted in the forum discussion in summary is: we have demonstrated with a track record of already working and highly used products, and continuously making progress to the next big milestones. The purpose of the fund is to help cover costs in the unexpected prolonged bear market. As one of the most significant contributors to the Ecosystem by all metrics, we are requesting a grant of 300,000 LUNA, vested over 3 months of 100K. The allocation of fund is 40% in Operational and Infrastructure, 60% in Wages

    • The First reason that proposal 986 had more voters compared to Proposal 3795 was That Terra Twitter announced that, and following that, other Twitter retweeted. So more users have seen that proposal. As you can see, about 241 users retweeted Terra's announcement.
    • The second reason is Proposal 986 was more public than proposal 3795. Proposal 3795 aimed at a specific number of users, while Proposal 986 could aim at all Terra Users.
    • The Third Reason is Proposal 986 is understandable for every user, but Proposal 3795 is not understood clearly.
    • For Proposal 3795, it is not important for normal users. But I believe if That proposal was announced like proposal 986, It had more votes.
    • Final Reason: Normal Users don’t like voting. Most users participated in voting for possible AIRDROP. Terra should buy users’ trust and add Voting to Airdrop criteria for their Ecosystem.
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