Algorand's second governance period runs through March 31 — here's a breakdown of eligible governors, committed Algos, and period rewards as of Feb. 23.
Changes since last week
Period 2's committed Algo count lost 12 million Algo over the past week. The week's committed Algo loss was large enough to bump Period 2's reward rate up by 0.01 percent, bringing it to 2.36 percent. Incidentally, the 12 million committed Algo loss is near twice the amount lost between Feb. 9 and Feb. 16.
The eligible governor count dropped by 389 — much less than the drop experienced between Feb. 9 and Feb. 16. This week's smaller governor count drop, and larger committed Algo drop, suggests at least one whale exited Period 2's governance period.
Last week's governance eligibility update is available here.
Period-2 vs Period-1
There are currently 62,104 eligible governors who may cast votes on Period 2's xGov proposal, with a total commitment of just under 3 billion Algos.
Period 2's eligible committed Algos at this time remain far larger than Period 1's eligible Algos at the period's close — 75 percent larger, to be exact. The number of eligible governors is similarly skewed to Period 2, which currently has 24 percent more than Period 1 finished with.
Period 2's current eligible committed Algos provide a 2.36 percent reward rate. The 2.36 percent reward rate will almost certainly grow, since there is still plenty of time for governors to move their committed Algos and become ineligible.
Period-2's whales
Period 2's largest current eligible whale controls 4.7 percent of the total committed Algo. Near 50 percent of Period-2's total committed Algo is currently controlled by the 25 largest governor accounts. And the top 100 governor accounts still eligible control 80 percent of the committed Algos.
Interestingly enough, Period 2's top 100 whales are slightly more decentralized than Period 1's.
Final thoughts
I'm a bit surprised the eligible governor count did not drop by more. Algorand's price continues to plummet with the rest of the market. Its intuitive to me that a sharp price correction downwards would encourage more governors to access the value they locked into Period 2's governance. My intuition so far is wrong in this regard.
Conversely, the committed Algo lost this week was relatively high. Perhaps downwards price corrections encourage governors with relatively large committed Algo amounts to access their funds more than their smaller counterparts.
With over a month left until Period 2 ends March 31, I'm hopeful the period reward rate continues its slow climb.
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