Delegator Churn

In crypto space, especially Terra ecosystem, churn meaning redelegation of staked LUNA from one validator to another. People redelegate when they want to staked their LUNA tokens to other validators.

In next section, we dive deeper to see where most of the redelegation come from and where they went to. No surprise to see Orion.Money as the most redelegated to, followed by Terran One, Mosaic and then Smart Stake. While most redelegated from are from Terran One, hashed and B-Harvest.

We also dive deeper to see where the redelegation goes to. On March 2nd, 12M $LUNA out of 15M LUNA redelegated that day went to 6 of the top 10 validators. We also see most of the 6M $LUNA redelegation on 12th June went to Orion.Money which I believe also on their first day of being validator so they certainly be doing some good job at marketing.

Daily redelegation also spiked on end of June and early July.

First, we will take a look at redelegation volume and how frequent the redelegation transactions occurs. From graph below, we can see that some months have higher redelegation than delegation, this month (August) also included.

For a casual LUNA hodler like me, I tend to redelegate to different validators for either of these reasons;

-They offer very low or even 0% commission so that I can earn more rewards

-I enjoy using their product (eg. flipside because I love doing the bounties or Terra Bites because they have awesome Youtube Channel or Smart Stake because of their awesome analytics)

-To get airdrop. Validators like Orion.Money or Angel validator gives airdrop so who doesn't like free stuff right ?