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Who owns all the $ANC tokens anyway? Who participates in Governance?
I'm actually pleasantly surprised with the results.
I analysed all ANC held in Terra Wallets and in Anchor Governance Staking.
Note: Today's analysis has 30% margin of error, due to Binance and Astroport.
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I'm actually pleasantly surprised with the results.
I analysed all ANC held in Terra Wallets and in Anchor Governance Staking.
Note: Today's analysis has 30% margin of error, due to Binance and Astroport.
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At first glance, results seem worrisome. 64% of all circulating ANC in is the hands of 112 wallets. But that is not a bad thing if these 112 are a diverse group of investors. We want both OG investors and normal investors in that group...
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Privacy is important for investors and TFL employees. However, TFL sets a terrible example in my opinion when it comes to labeling wallets and letting the community know, at the very least, the purpose of its many wallets. (TFL members please see last tweet, #11)
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So separating normal whales from Original Investors took a lot of time and effort. But after tracing a web of transactions I was able to label 79 wallets that I am confident are either @anchor_protocol investors or team members. 53 of these wallets still hold ANC.
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Look at how beautiful that looks. By total ANC held, normal users are equally represented at the top echelons vs investors. Meanwhile, normal investors dominate OG Investors/Team in all other buckets. Let me explain why this is good...ANC distribution schedule.
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This is an approximated ANC distribution schedule. It is not exact because ANC has actually been released slower than expected: Borrower incentives were UNDER used due to high borrow demand at first, lot of unclaimed airdrops, some investors/team have not claimed. ANC=11mo old
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In simple numbers, only 256M ANC out of the 1,000M have been distributed. ~240M yet to be vested to early investors and team members. ~400M to be distributed to users. ~95M in the community fund.
Insiders currently hold: at least 30% of ANC.
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Insiders currently hold: at least 30% of ANC.
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In my opinion, there are no surprises here. Team/Investors having 30% of the supply at this stage of ANC distribution is expected. What I learned was that these investors are actually teams of >50 entities.
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More importantly, who is participating in Governance? 24% of governance is owned by Original Investors. Yup, you read that right, 75% of governance are normal users (albeit some whales).
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Weaknesses of this analysis: 32M ANC on Binance are a Black Hole. 37M ANC on Astroport LP Staking. LP coin tracking is easy enough but one it is stake (which 99% of it is), I could not figure out how to query that. 30% of circulating supply is unknown to me = margin of error.
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For reference, here are all the raw data and my label assumptions. Have fun beatiful graph makers like @danku_r
drive.google.com
TFL if you are reading this, here is a good example of how to be more transparent, from @harmonyprotocol :
#gid=1137842585" target="_blank" rel="noopener" onclick="event.stopPropagation()">docs.google.com
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drive.google.com
TFL if you are reading this, here is a good example of how to be more transparent, from @harmonyprotocol :
#gid=1137842585" target="_blank" rel="noopener" onclick="event.stopPropagation()">docs.google.com
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@danku_r @harmonyprotocol Oh and @CoinMarketCap wtf are you smoking over there? 1466 holder addresses? Try 71,000...
Weakness 2: I am "guessing" who is an investor by tracking vesting contracts, transactions from TFL wallets, and layered transactions. I could be wrong, but that is why I shared the CSV.
Weakness 3: There could also be MORE Investor wallets. The other 50% of the top 112 could also be Investors, and I just didn't dig deep enough into layers of Transaction histories.
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