Findings

Ever since the launch of the ARB token, there have been many delegates and delegators that participated in Arbitrum DAO's governance. Specifically, more than 300,000 wallets delegated their ARB tokens and almost 170,000 wallets were entrusted as delegates. These delegators delegated a total of 226.4 million ARB tokens which represents about 22% of all claimed airdrops but only a measly 2.3% of the initial circulating supply of ARB tokens.
Looking from the a daily perspective, on March 23 there was a huge activity in the Arbitrum DAO governance. On that day, about 133M ARB tokens were delegated . That day also saw the most number of delegate transactions, new delegators and new delegates being entrusted. The days following March 23, we still see additional tokens being delegated, new users becoming delegators and new wallets being assigned as delegates, but all these experienced a decrease in growth rate.
Looking at how votes are being consolidated, we can see that a lot of the delegates do not hold any votes or are not delegated any tokens at all with about 84k delegates which is almost half of all delegates holding about 0 voting power. We see that the chart of Delegates' Vote Balance Bucket is skewed left which means that majority of delegates hold only a few voting power. There are about 32 delegates which reached at least 1M in voting power where there's 1 delegate amongst them that holds more than 20M voting power. From the Delegates' Vote Balance Distribution pie chart, we can clearly see how some delegates have been delegated a lot of ARB tokens as some represent at least 10% of all the delegated tokens / voting power.
Finally, based on the ARB Delegates Overview table's vote balance column, we can see that only the first 4 delegates met the requirements of being able to propose an Arbitrum Improvement Proposal (AIP) as only the top 4 delegates have enough voting power to do so which is at least 5M vote balance.

Dashboard	Creator	Published	Activity
Voting Power Within the Arbitrum DAO Apr 2, 2023	sintenshin	Apr 2, 2023	0
Arbitrum Overview Feb 17, 2023	sintenshin	Feb 17, 2023	0

sintenshin