Secret Network Decentralization Ecosystem Update — April 2021 — Secure Secrets’ Report

The launch of Secret Swap has brought a roar of activity to the Secret
Network. Despite this, there has been a decrease in total # of delegators for the first time since the inception of the network. The delegated to supply ratio decreased by ~1% with total active delegators decreasing by 10.40% (7148 active delegators in April).

April saw a strong decrease in centralization from March, an encouraging trend after a couple of months of centralization-increase at the turn of 2021.

We will now begin a quantitative analysis of the Secret Network and the distribution of governance control within the protocol. This is done on a monthly basis on the 30th day of each month using a snapshot of secret nodes explorer (courtesy of Secret Nodes) using the top 50 active validators (in this report, only 49). Linked is the publicly accessible spreadsheet of all calculations used in the below quantitative investigation using a snapshot of April 30th, 2021.

Recently, there have been asks by the community to include the Secret Foundation & Enigma in the decentralization report. Tools are currently being built out by Secure Secrets to accurately track this for the decentralization report, but as of now the report will remain focused on the decentralization of validators in particular.

Quantitative Investigation

An important quantitative value examined each month is the number of validators that are needed to reach a successful vote of > 50%. With the current setup, the top 8/34 active validators collectively own 51% of delegation on the Secret Network. This is a increase from March by 2 validators to reach greater than 50% — an amazing trend in terms of decentralization!

Centralization Chart

April saw a distinct decrease in centralization in the top 5 in a major way — these shifts are quite distinct, and have significantly helped decentralization of the network. Additionally, total active nodes reached 49. Only one away from all 50 available node spots being open!

These numbers will continue to be updated every month, tracking the progression towards decentralization or centralization on a month to month basis. It is our job as members of the Secret Network to continue to quantitatively track the change of distribution of delegation, and to generate discussion as time progresses.

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