Methodology

We will first look at the voting breakdown by type, either retail or validator, for the last five Terra governance proposals. We will then look at the average percentage of validator vs. retail investor voting power in the last 5 proposals, and across all Terra governance proposals. This data only looks at addresses that voted in favor of the proposals.

Over the last five governance proposals, the voting power of validators has vastly outweighed the power of retail investors, to the point where the retail investor's voting power is negligible. For example, out of the ~50 million LUNA that voted yes for the Perp x Terra proposal, only 87,000 were from retail investors.

Out of the last five governance proposals, over 99% of the yes voting power came from validators. Only .384% of the yes voting power came from retail investors.

Interestingly, taking into account every governance proposal on Terra leads to a quite different proportion of validator vs. retail investor voting power. About 13% of all Terra yes voting power came from retail investors, which is over 30x the average retail investor percent for the last five proposals.

Conclusion

In conclusion, the amount of voting power from retail investors for the last five Terra governance proposals was entirely negligible compared to validators, with only .384% of the yes votes coming from retail investors. Interestingly, the proportion of yes votes from retail investors increases to ~13% when looking across all past Terra governance proposals.