As a follow-up on our report on Voting Power Centralization in Governance Period 4 we decided to look into known addresses from the governor whale list, as well as their consensus participation status.

In case you missed it and can't be bothered to check, we defined "whale wallets" as single-entity governors that have committed at least 1 million ALGO and are still eligible. We excluded the top governor - Folks Finance - as their vote is decided by Folks protocol users.

Data Sources

We only know of one source that maps addresses to a name or label - AlgoExplorer.io - and their data set is bound to be incomplete.

We figured out that AlgoExplorer.io will gladly tell you their internal address labels if you ask politely (see Appendix B.)

Data Highlights

NO CEX?

We could only identify two known parties in these wallets:

  • Algorand inc (225m)
  • NF Domains treasury (1.3m)

To our surprise, not a single (known) CEX address was in there. Given that many CEX offer "staking" for Algorand, this result likely means that they are participating, just not via their identified hot wallets.

Algorand inc commitment

Aside from NF Domains, the only wallets that were labeled by AlgoExplorer.io were 11 Algorand inc wallets which committed 224,969,952 ALGO, or 5.91% of the total 3.8B commitment.

5 of those 11 wallets are marked as "NotParticipating" status, which we had to look up: it means that an address has permanently opted out of participating in consensus and receiving rewards. (We asked why this option exists on the Algorand forums.)

81% of the total Algorand inc commitment is participating in consensus.

Participation Statistics

To our further surprise, the top wallets have a significant participation percentage among them:

  • 1,435,727,940 whale ALGO participating, out of
  • 3,441,123,684.10 whale ALGO committed total, so
  • 41.72% of whale stake is active in consensus

The identified Algorand inc wallets add up to just 12.69% of the participating stake, with the rest being -as of yet- unidentified.

From a number-of-participating-addresses perspective the numbers are less impressive: 37/212 whale wallets (17.4%), but this doesn't matter as much as the staked ALGO.

Discuss?

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Appendix A - Data

Our spreadsheet is publicly available as a Google Spreadsheet or you can download the Excel file directly.

Note that there are 4 sheets: Raw Data, Known Addresses, Algorand inc and Participating Stats.

Appendix B - Lookup Method

We used a query like this to look up address names and consensus status on AlgoExplorer.io:

curl -s "https://indexer.algoexplorerapi.io/v2/accounts/$addr?include-all=false&apps-local-state-limit=50&assets-limit=50&exclude=created    -apps,created-assets" -H 'User-Agent: Mozilla/5.0' -H 'Accept: application/json, text/plain, */*' -H 'Accept-Language: en-US,en;q=0.5' -H 'Origin: https://algoexplorer.io' -H 'Connection: keep-alive' -H 'Referer: https://algoexplorer.io/' -H 'Sec-Fetch-Dest: empty' -H 'Sec-Fetch-Mode: cors' -H 'Sec-Fetch-Site: cross-site' -H 'TE: trailers' \
| jq -r '[.account["address"], .account["address-name"], .account["address-url"], .account["status"]] | @csv'📋

This request and post-processing will output the address, address name, address URL and consensus participation status for each address queried. We ran each address from the previous report in order to get our data.