Algorand's second governance voting period runs Jan. 31 through Feb. 28 — here's a breakdown of eligible governors, committed Algos, and period rewards as of Feb. 2.
Period-2 vs Period-1
There are currently 63,820 eligible governors who may cast votes on Period-2's xGov proposal, with a total commitment of just over 3 billion Algos.
Period-2's eligible committed Algos at this time remain far larger than Period-1's eligible Algos at the period's close — 76 percent larger, to be exact. The number of eligible governors is similarly skewed to Period-2, which currently has 27 percent more than Period-1 finished with.
Period-2's current eligible committed Algos provide a 2.3 percent reward rate. The 2.3 percent reward rate will almost certainly grow, since there is still plenty of time for governors to move their committed Algos and become ineligible.
Period-2's whales
Period-2's largest current eligible whale controls 4.6 percent of the total committed Algo. Near 50 percent of Period-2's total committed Algo is currently controlled by the 25 largest governor accounts. And the top 100 governor accounts still eligible control almost 80 percent of the committed Algos.
Final thoughts
I find it interesting that Period-2's current eligible Algo count is 76 percent larger than Period-1's, when Period-2's current eligible governor count exceeds Period-1's by only 27 percent. To me this suggests Period-2 attracted more whale participation.
Its unfortunate that most of the committed Algos are controlled by such a minority. I still really enjoy Algorand's governance model, but these numbers really help me contextualize the "decentralization" that gets advertised.
Hopefully I'll provide similar updates every few days or week throughout the second governance period. Let me know if you're interested in seeing any other governance metric and I'll try and include it.
Thanks for reading!
Thumbnail photo by Frederic KoberlUnsplash.
This analysis was completed in Python. View the source code here: https://github.com/simplyrangel/crypto-publish0x under 2022-02-post-0.
