Secret Network Decentralization Ecosystem Update — March 2021 — Secure Secrets’ Report
The launch of Secret Swap has brought a roar of activity to the Secret
Network. The delegated to supply ratio increased by 6.10% with total active delegators increasing by 46.53% (7892 active delegators in March).
March saw a slight increase in centralization from February(which saw the biggest increase of decentralization after a trend towards centralization) — returning to a potentially worrying trend.
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 March 30th, 2021.
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 6/34 active validators collectively own 51% of delegation on the Secret Network. This is a decrease from February by 2 validators to reach greater than 50% — not a good trend in terms of centralization.
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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Main Secret Network github page: https://github.com/enigmampc/SecretNetwork
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