TERRA: Who Validates the Validators
Terra is a proof-of-stake blockchain where users can stake or delegate their $LUNA to validators and earn transaction fees. In this dashboard, we will take a look at the examples of good validators.
Usually what I'm looking for in a validator before delegating my $LUNA are;
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Uptime - have they been offline before and for how long and how frequent? If the validator went offline too often, they will get slashed and we as delegators also affected as some rewards will be slashed.
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Outside of top 10 - I want to participate in keeping the Terra Ecosystem decentralized and you can choose validators that are not in the top 10 or 20. In addition, right there is ongoing proposal initiated by Do Kwon himself, which is not to incentivize $ANC weekly airdrop to those delegated to top 10 validators.
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Self delegation - Some VC like Hashed also run validator node and most of it's voting power comes from their own self delegation. This does not sound very decentralized so avoid those with high self delegation.
- Outside of top 10. From graph below, I arranged all validators by its voting power. I labelled top 15 as bad because these top 15 sometimes went into top 10 as well. Rank 16-70 is good validator choice and over 70 is risky because sometimes validator shutting down and u did not realize it.
- Graph below shows the validators that has missed at least 5000 blocks. Missing blocks does not automatically means the validator get slashed. It seems that missing 9500 blocks will gets a validator slashed so for safety sake, I listed all of those who has missed 5000 blocks.
- Self delegation. It is a bit hard to query self validation because most validator on Flipside data does not have delegator address. So, I get this snapshot from Terra Station which shows the ranks of validators by self-delegation. So if you can try to avoid these validators with high self delegation.
Some of the good validators are Smart.Stake, LUNA Station 88 and setten.io. These validators are not in top 10 but not too low in the ranking, do not have many missed blocks and has close to 0% self-delegation. Other than that, these 3 validators offers very low commission (smart.stake - 5%, LUNA Station - 3%, setten.io - 0%).