Secret Network Decentralization Ecosystem Update — November 2020 — Secure Secrets’ Report
The launch of the Secret Network has brought a roar of activity to the Secret
Network. The network has become more decentralized since October in a tangible way. In November, there were 49 active validators on the Secret Network, a 23% increase from the previous month. Total number of addresses delegating increased to 1460, an excellent increase from October. November has also seen a drastic increase in total bonded SCRT to 53.553%, an increase of 5.72% from October, which outgrew the bonded rate jump from September to October by almost a full percentage. While there was initial concerns of centralization with those incoming delegators, November continued the trend of decentralization of the network from the previous months — albeit at a slightly slower pace.
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 https://puzzle.report/ (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 November 30th, 2020.
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 (🧩puzzle.report |secretnodes.org | Quiet monkeymind| ChainofSecrets.org |Mario |Cashmaney| Simply Staking| SecretDog | Staked) collectively own 51% of delegation on the Secret Network. This is an increase from October by 1 additional validator to reach greater than 50% — signs of continued progress towards decentralization.
Another exciting set of statistics is the meaningful decentralization through the entire network. Using the 20/80 target is an excellent goal for the start of a network. This goal aims to have the top 20 nodes of the network in control of 80% of the network. October to November saw the completion of this baseline goal — which is cause for celebration. As a whole, the network is being decentralized at a shockingly quick rate — an excellent sign of the health of the ecosystem.
These numbers will continue to be updated every month, tracking the progression towards decentralization or centralization on a month to month basis. Secure Secrets also wants to acknowledge in this report that there is a large amount of SCRT that has not been swapped that will continue to be tracked. This large number of potential SCRT will make a big difference in distribution of the network. 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.
Wondering how these quantitative values effect staking? Check out the tutorial below!
If you would like to contact Secure Secrets, please reach out to Carter Woetzel or Mohammed Patla on Telegram.
Main Secret Network github page: https://github.com/enigmampc/SecretNetwork
Secure Secrets Validator Node Address: secretvaloper1rfnmcuwzf3zn7r025j9zr3ncc7mt9ge56l7se7
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