As a conclusion, Terra's network is somewhat concentrated and not very well distributed since the top 15 is able to gain 51% of the total voting power out of a total of 130 validators. In a perfect world, where the voting power is well distributed, each validator should only have about 0.769%. With the top 15 being 51%, averaging at 3.4% per validator, which is 4.4 times higher than the most desirable percentage, Terra's network cannot be said to be well distributed.

The graph below shows the cumulative voting power in % of all the validators. Based on the results, a 51% voting power can be obtained if the top 15 validators team up. While you need the top 76 to team up to get 95% of the total voting power.

The graph below shows the current top 10 validators, based on the graph, the current top 10 possesses 41.9% of the total voting power. Although it's not enough for a 51% attack on the network, it's very close to it, should the top 10 validators team up for an attack on the network.

Since voting power is the number of LUNA delegated to a validator, all calculations are made using voting power of the validators. Only the most recent voting powers are considered since we are concerned about the latest distribution.

Top 10 Validator Voting Power