Terra Governance Grind
Governance in the Terra Blockchain
The Terra protocol is a decentralize public blockchain governed by the approve governance framework by the community members. The governance framework allow terra users and their validators in making changes to the protocol where they can submit their proposal, the proposal is been voted on by everyone in the network and it’s been implemented if passed.
Before a proposal can proceed to the voting stage, it goes through the deposit stage of which a minimum of 512 $luna must be deposited within 7 days from the time of the submission. The deposit is to reduce spams or unneccasry proposal from the community members as anyone can write and submit their proposal.
The asset deposited will be returned if the proposal meets up with the following
- If the minimum deposit of 512 Luna is reached within the 7-day after proposal submission,
- If
Quorum
is met: all casted votes represent more than 30% of all staked Luna, - If the total number of
NoWithVeto
votes is less than 33.4% of the total vote, - If a vote returns a majority of
Yes
orNo
votes.
And the deposit will be burned i.e not refunded if the following happens
- If the minimum deposit of 512 Luna is not reached within the 7-day after proposal submission,
- If
Quorum
is not met: the number of total votes after the one-week voting period is less than 30% of all staked Luna, - And if the number of
NoWithVeto
votes is above 33.4% of the total vote.
There will be 4 voting options
Yes
: in favor.No
: not in favor.NoWithVeto
: not in favor, and the creator should lose their deposit.Abstain
: neither for or against. An abstain vote counts toward meeting quorum but does not count toward thethreshold
.
Methodology
For this dashboard, I will be analysing 5 recent governance proposal that has reached the voting stage in terms of
- Number of Voters and how they voted,
- Daily activities of how they voted,
- Average votes pre proposal,
- Cumulative Vote per proposal,
- Proposal voting result,
- Deep dive to each proposal result.
- The proposal 3796 has the highest average voters and number of votes among the 5 recent selected proposal which is a
communitypolspend
proposal and proposal 3794 has the least average voters and numbers of voters which is a normal text proposal, - The proposal 3619 is the proposal with the highest voted yes and the least voted for
(Abstain, No and NoWithVeto)
which is a software upgrade proposal, - The last day of voting is usually the least day with number of voters
==Breakdown of each proposal with id '3619','3665','3794','3795' and '3796'==
-
There is usually a little spike up in terms of number of voters toward second to the last day of the election process,
-
The first 2 days usually has the highest numbers of votes, and between day 3 and 5 usually has the least votes
SECTION 2
Methodology
Let’s dive in further and measure the trend between two proposal, I will pick a proposal from CommunityPoolSpend and one from the SoftwareUpgarde
-
Proposal 3619
-
Proposal 3796
This two proposal will be compared among one other in-terms of Number of voters, how the voter voted and other metrics to identify any trends and pattern among the voters
Passed proposal vs Rejected proposal
In this section, we want to check if there is any relative trends between all the passed proposal and all the rejected proposal
Daily trends of voters for passed proposal
Daily trends or rejected proposal
Accepted proposal
-
Proposal tends to have high positive voting by users on the first day with zero or no negative vote,
-
Proposal tends to spike up with little negative vote towards the end of the election but the positive vote still surpass it,
-
Day 2 has higher voters and number of votes than day 1
\
Rejected Proposal
-
On the first day of rejected proposal, we are likely to see high negative vote from users,
-
After the second day, the negative votes start evading the positive vote till the last day of the election,
-
The first day has the highest numbers of votes.
\
Conclusion
The first day is enough to predict if a proposal will be rejected or accepted before on users vote on the proposal
- The proposal on SoftwareUpgrade has more vote than the proposal on CommunityPoolSpend.
- The proposal on CommuntyPoolSpend has more
votes with YES
than the proposal on SoftwareUpgrade, - 98% of all the votes for proposal on the CommunityPoolSpend were positive but about 66% votes were positive on the SoftwareUpgrade proposal
- The CommunityPoolSpend proposal seems to drop drastically after the second day while the SoftwareUpgrade tends to vary between the first day to the last day.