Out of 100+ currently available validators, the top 25 delegators had delegated to 70 of them, showing a large spread of validators being delegated to. Among the 70 validators, only 27 have overlapping delegations, however, the number of LUNA being delegated to these validators far outnumbers the number of LUNA delegated to the validators with only 1 delegator, showing signs on concentration of delegation.

The graph below shows the amount of delegated LUNA for validators with only 1 of the top 25 delegators delegated to them. From the graphs, we see that the ratio of non-overlapping to overlapping validators is about 1.5 to 1. However, the total delegated amounts of non-overlapping validators are far less than the ones that the overlapping validators possess. So, in short, although the delegations are still concentrated on a few validators. Despite this, it's also shown that the top 25 delegators do not only delegate to the top validators, such as Staked, B-Harvest, and Orion.Money, many other smaller validators also gets part of the cake.

The graph below shows the total number of LUNA delegated for overlapped delegations by the top 25 delegators. Based on the graph, we see that Staked has the highest amount of delegated LUNA, with B-Harvest as the second highest with half that amount. One would think that staked have the highest number of delegators as well but that is not the case. The number of delegators graph shows that B-Harvest have the most number of delegators, while Staked only have half that amount. Based on this, we can say that the wealthier delegators are delegating to Staked instead of B-Harvest, judging on the average number of delegated LUNA per delegator.

In the Terra ecosystem, users are able to delegate their LUNA to validators to help decentralize and secure the blockchain. With over 100 validators available, does the top 25 delegators delegate to the same validators or are they delegating to the same validators? Let's find out.

Non Overlapping

Overlapping

Conclusion

Introduction