ICON in Numbers #12 (week 37–2020)

Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-37 2020 (9/13–9/19).

ICON Network for week-37, 2020 (9/13–9/19)

Total supply, circulation, staked and voted ICX have all increased since the previous week. This led to a decrease in staking reward by 0.10 % points. There was an increase in the average transaction (+2.15%) since the previous week, which was driven by ICONbet’s promotion that started on the 11th and ended on the 18th September 2020.

Weekly Vote Change

This week’s analysis showed an increase in the overall votes by 0.55%. Transform Group was leading this week, followed by INTERBLOCK and ICONPLUS.

Transform Group received delegations from ICON Foundation and INTERBLOCK gained a large number of votes from a single voter (400K ICX). Blockmove lost the most votes also due to a single voter who had been voting for Blockmove since February 2020, but unstaked approximately 400K ICX this week.

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Weekly Voter Change

There was an increase in voters by 95 (+0.79%) this week. ICON Hyperconnect (+59) was the leader again this week, followed by ICONPLUS (+32) and ICON DAO (+30). The number of first-time voters (new wallets voting) were highest in ICON Foundation (+63). ICON Foundation has been the go-to P-Rep for the first-time voters since October 2019 (since they joined as a P-Rep), and this pattern has not changed.

ICON Hyperconnect, ICONPLUS, ICON DAO, ICONbet Community, iBriz — ICONOsphere, and ICX_Station were in both Top-10 vote and voter increase, which suggests a larger support from the community.

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Number of Wallets by Vote Size

Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (95.23%), with the largest proportions seen in the 1000–10,000 ICX range (41.88%). Top 5% (voters with more than 100K votes) account for 65.35% of the total votes. We had 3 more wallets (in 100K-1M range) in the Top 5% list than the previous week!

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Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (42.11% of total ICX voted), which remained relatively unchanged. Wallets voting for 10 P-Reps has decreased slightly by 0.08%. The changes were relatively minor across the board, which suggests not much has changed in vote spreading this week.

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There were more than 8M votes in the ’11 + P-Rep’ category, which increased by roughly 1M votes since the previous week. We are currently running a promotion to help with vote spreading. Also, this will increase the awareness of the ability to vote for more than 10 P-Reps as ICONists may not be aware of this. Below table shows the summary of the participants in ‘Spread Your Votes!’ campaign. We will be tracking this data each week.

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We observed an overall increase in the number of voters voting for more than 10 P-Reps since the promotion started. There were +20 voters in 11–19 P-Reps voted, +8 in 20–29, +1 in 30–39, and +1 in 100 P-Reps voted. Detailed data of this week’s participants can be found here. We will be monitoring the behaviour of the participants for future development. Thanks to all ICONists / ICONSpartans who are making a difference in the ICON ecosystem!

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 increased to 74% this week. There was no major event that contributed to the change (decrease) in the vote movement, especially with less number of new voters and lower price volatility compared to the previous weeks.

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‘Spread Your Votes!’ lucky draw

Congratulations to the lucky winner!

50 ICX transaction can be found here.

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!

We also utilised https://wheelofnames.com/ for weekly lucky draw

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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