The top 3 validators who people redelegate out of, are the top 5 validators by voting power

1. This is in line with Do's tweet on $NEB airdrop distribution, where stakers to top 5 validators by voting power would not get any airdrop
2. As a result, we see people redelegating out of Orion, terran and Mosaic (top few validators by voting power)

We clearly see that Orion.money received a lot of redelegations - most likely from their airdrop announcement to Orion stakers

Conclusion: Airdrop announcements involving staking drives more redelegation - which isn't necessarily a bad thing

1. We see that on average, addresses that redelegate does so 2 times each month
2. The top validator that addresses redelegate to is Orion.money. I believe this stems from the Orion announcement that orion validator stakers will be rewarded extra $Orion.
3. However, the validator with the most amount of redelegation out is also Orion.Money. This is most likely because of Do's announcement on $Neb airdrop which will exclude stakers who delegated to the top 5 validators by voting power. This also resulted in high redelegation out from Terran One and Mosaic who are also in the top 5 validators by voting power
4. In a business setting where high churn is bad for business, in the context of staking, a high 'redelegation churn' is actually a good thing.
5. This is because we see people actively redelegating away from top 5 validators because of (arguably simply incentives such as) airdrop announcements - which will make the validator distribution more decentralized.

For addresses that redelegate, they have redelegated 2 times on average each month

1. In the earlier graph, even though the number of redelegations increased, the number of delegators who redelegated also increased such that the average number of redelegation stays in the range of 1.5 - 2 times since Oct 2020

High number of redelegations from May to July due to airdrop announcements

1. One possible reason why May and June saw high numbers of redelegation is Orion.money's airdrop announcement that extra $ORION will be airdropped to those who staked to orion validator. From this, orion validator quickly took the top 5 spot of validators.
2. Then, we see a spike of redelegation in July most likely because of Do's tweet that $NEB tokens will not be airdropped to those who staked to the top 5 validators - https://twitter.com/stablekwon/status/1409994578053144577

Defining delegator churn

1. Churn in the business context means rate of users who stopped using the product or service completely.
2. However, in the context of staking, I'd argue that we can also interpret churn as the rate of redelegation. I.e. how many users have decided to redelegate their stake out of a validator and decide to go with another competitor (validator).
3. Hence, in this dashboard, I'll look at churn from the angle of redelegation