Whales are everywhere in crypto. Early adopters and Users with a already strong financial strong hold make up most of these whales. In Terra, a proof of stake network, Whales play an intergral role in decisions, governance decisions. We will look at the whales on Terra and look at their involvement in Protocol governance of Terra, Anchor and Mirror.

We will define any wallet with a USD balance greater than 1 Million USD as a whale. This would leave us with 208 whales in Terra ecosystem. Which are ..

90 percent of all addresses fall inside the 1 Billion USD range. Most of these are seed investors, who have been vesting their LUNA portfolio.

In order to grab the voting data, we can use terra.gov_vote to obtain native governance votes. In order to track Anchor and Mirror voting, we will need to track cast_vote message being sent to their respective Governance contracts :

• terra1wh39swv7nq36pnefnupttm2nr96kz7jjddyt2x - Mirror
• terra1f32xyep306hhcxxxf7mlyh0ucggc00rm2s9da5 - Anchor

Looking at these wallets, we can obtain their voting frequency...

Of the 208 wallets, only 50 take part actively in voting. This means, almost 75% of the whale wallets are dormant. Distinguishing by protocol, we get ...

This implies, not all the 50 voters take part in all the protocol. The number shrinks even more to only 10-15% of wallets take part in a protocol governance. Looking at these wallets

Most wallets actively take part. Mirror being the protocol with most proposals, we can see Mirror sees the most votes. Anchor sees the least as number of proposals haven't reached triple digits yet.