ICON in Numbers #10 (week 35–2020)

Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-35 2020 (8/30–9/05).

ICON Network for week-35, 2020 (8/30–9/05)

Total supply, circulation, staked and voted ICX have all increased since the previous week. This led to a decrease in staking reward by 0.44 % points. Only a marginal decrease in the average transaction (-0.42%) was observed since the previous week. This was lower than the average transactions per day for this year to date (133,189).

Weekly Vote Change

This week’s analysis showed an increase in the overall votes by 2.43%. ICONPLUS was leading this week, followed by Stakin and RHIZOME.

Congratulations to ICONPLUS who just joined Top 22! A large proportion of the votes were from a single voter who unstaked all the votes about a month ago, but came to vote for ICONPLUS.

StakingTeam lost the most votes, which was driven by a single voter unstaking the entire amount that was voting only for StakingTeam since June.

Link to higher resolution image

Weekly Voter Change

There was an increase in voters by 161 (+1.36%) this week. ICON Hyperconnect (+49) was the leader, followed by ICONPLUS (+43) and ICON Foundation (+39). Needless to say, the number of first-time voters (new wallets voting) were highest in ICON Foundation (+86). In fact, ICON Foundation has been the go-to P-Rep for the first-time voters since October 2019 (since they joined as a P-Rep).

ICONPLUS, ICON Hyperconnect, ReliantNode, ICON Foundation, ICONation and Mineable were in both Top-10 vote and voter increase, which suggests a larger support from the community.

Link to higher resolution image

Number of Wallets by Vote Size

Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (95.59%), with the largest proportions seen in the 1000–10,000 ICX range (41.82%). Top 5% (voters with more than 100K votes) account for 65.32% of the total votes. We had 14 more (12 in 100K-1M, 2 in 1M +) wallets in the Top 5% list than the previous week!

Link to higher resolution image

Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (42.44% of total ICX voted), which remained relatively unchanged. Wallets voting for 10 P-Reps has decreased slightly by 0.29%. The changes were relatively minor across the board, which suggests not much has changed in vote spreading this week.

We have been observing a slow increase in the number of votes in ‘11 + P-Rep’ category since the update on the network. Just after 4 weeks, we have close to 6M votes in this bucket, which is a very positive sign. There were 107 voters in 11–19 P-Reps voted, 10 voters in 20–29, 1 voter in 30–39, and 2 voters in 40–49. The highest number of P-Reps voted was 49, closely followed by 47 and 34. Thanks to all ICONists / ICONSpartans who are making a difference in the ICON ecosystem!

Link to higher resolution image

Vote Stagnancy

The following graph was derived by separating the wallets that changed votes (up/down) and those did not each week. It was apparent that the number of votes (by wallets) that were not actively participating in voting has been increasing, while the amount of active votes stayed relatively stagnant.

Weekly vote stagnancy decreased slightly to 70% this week. We are starting to see a pattern where ICX price action contributes to a decrease in vote stagnancy. An overall increase in total vote amount in ICON ecosystem, together with increased number of voters suggest the decreased vote stagnancy is, in part, impacted by new-comers to the network.

Link to higher resolution image

Acknowledgement

This was a collaborative work between Transcranial Solutions and Espanicon. The work was inspired by several discussions on vote stagnancy and vote distribution that have arisen in different Telegram channels and the ICON Forum. We would like to thank all the P-Reps and ICONists that constantly shared their opinions and ideas about this subject as it served as an inspiration for us to give a more in-depth look at this topic.

We would like to give a special shoutout and thanks to the following teams:

  • Everstake — for their Vote Monitor website (https://iconvotemonitor.com/) to gather the data via webscraping. It is a great data source, please have a look if you haven’t.
  • ICON Foundation — for the icon community website (https://icon.community/) for higher statistics.
  • ICXComics — for creating our logo!

Resources

The code used for webscraping, data manipulation and calculation, analysis, and visualisation can be found on our GitHub Repository (https://github.com/Transcranial-Solutions/ICONProject/tree/master/data_analysis/03_icon_in_numbers).

Thank you for reading our “ICON in Numbers” weekly report. If you like our work and want to support us, you can do so by voting for our P-Rep teams Transcranial Solutions and Espanicon. Every vote matters to us!

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