We’ve previously discussed
the importance of proxy voting on EOS. Many voters, especially those with relatively small EOS holdings, cannot be expected to actively participate in network governance. Proxies are the parties that participate in governance on behalf of those users and thus play a very important role in the EOS ecosystem.
Here at Aurora EOS
, we monitor the state of proxy voting very closely, as we think that the development of a large and varied ecosystem of proxies is one of the most positive developments for the health of EOS governance. This article will take a look at the current state of proxy voting on EOS along with some visuals, data, and insights. We hope that it serves as a snapshot of the proxy ecosystem at this point in time so that we can monitor, both quantitatively and qualitatively, how the proxy ecosystem develops.
EOS PROXY INFO CONTRACT
Block producer Aloha EOS
created an EOS Proxy Info contract
that allows proxy accounts to publish information about their proxy on-chain
. The options for data include not only information about the proxy and its voting philosophy, but also affiliations, website, and various channels through which the proxy can be contacted. The great thing about having this information on-chain is that it can be queried by any number of services, including block explorers, dedicated vote trackers, and more. The data is stored in the “proxy” table in the regproxyinfo
While anyone can create a proxy account permissionlessly and even anonymously, the proxy info contract is strongly encouraged by the community for anyone creating a public proxy. It signals a proxy’s intent to participate in the EOS community as a public-facing, representative voter. For purposes of this article, we’ll mostly focus on proxy accounts that have registered with this contract.
One important thing to note is that a large number of votes go through proxies due to the use of proxies by exchanges. Many exchanges like Bitfinex and Huobi allow users to vote for BPs from within the exchange but use proxies to actually cast those votes on-chain. As a result, many of the largest proxies on EOS are simply vehicles by which exchanges log their customers’ votes.
Here we’ll focus on non-exchange proxies that have more than 100,000 EOS in voting power behind their account in order to highlight the growth of proxies with significant voting power. We hope to see many more proxies in the future with even more significant voting stake.
In our first article
about proxy voting, we analyzed the different types of proxies that exist (exchange proxies, ideological/independent proxies, dApp and enterprise proxies, and BP proxies) and made some predictions about how those would develop. We’ve already seen exchanges and block producers become active in the proxy scene, but we’re also seeing more proxies run by dApps, enterprises, investors, and even completely independent parties.
One extremely positive development we’ve seen is the emergence of independent, third-party block producer ranking services. One that recently debuted and already has over 100,000 EOS behind its proxy is Mereo
. Mereo describes itself as a block producer ratings platform. Its website maintains a list of EOS block producers along with a detailed description
of its methodologies and in-depth scoring for various categories that define a good BP.
These services are extremely important for the EOS community, as they provide open-source criteria for evaluating block producers. EOS token holders can use these methodologies to cast their own votes, or they can even more easily proxy their vote to one of these watchdog services (for free) and know that the organization is doing detailed diligence on their behalf. We hope to see the reach of Mereo grow, and we hope to see more organizations like Mereo and EOSRatings
In our article we also predicted that dApps and enterprises building on EOS would create proxies to cast votes on behalf of their users. We’re seeing the first example of this with Chintai
, the token leasing platform created by EOS42
. Tokens sent to the Chintai account for leasing will have votes cast by the Chintai Proxy, as mentioned here
. Other dApps like EOSBet
are actively participating in voting with their stake but thus far have not set up proxy accounts for their users. We expect that this will change and that running proxies will become the norm for many dApps in the future.
Finally, we’ve seen two major investor proxies emerge, run by Investing with a Difference
(IWAD) and Mentor Market
. Proxies are a great tool by which investors can increase their own influence within the EOS ecosystem and protect the value of their investment. We haven’t yet seen and major crypto funds or institutions announce proxies, but we do think this is highly probable.
General statistics about proxy voting on EOS:
- 260,581,320 EOS are currently voting.
- 119,431,946 of those EOS have been voted by proxies (~45.8%)
- There are currently 516 proxy accounts on EOS.
- Of those, 94 have registered using the proxy info contract.
Taking into account all proxies, there are:
- 78 proxy accounts with more than 100,000 EOS voting power.
- 51 proxy accounts with more than 500,000 EOS voting power.
- 41 proxy accounts with 1M EOS or more voting power.
- 2 proxy accounts with more than 5M EOS voting power.
Taking into account only registered proxies, there are:
- 23 proxy accounts with more than 100,000 EOS voting power.
- 10 proxy accounts with more than 500,000 EOS voting power.
- 7 proxy accounts with 1M EOS or more voting power.
- 1 proxy account with more than 5M EOS voting power.
Below is a table that lists every registered proxy with more than 100,000 EOS in voting power. There are a few variables to pay attention to here that can tell us different things about the health of the proxy ecosystem. Feel free to play around with the data here