ICON in Numbers #13 (week 38–2020)

Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-38 2020 (9/20–9/26).

Total supply, circulation, staked and voted ICX have all increased slightly since the previous week. This led to a decrease in staking reward marginally (-0.02 % points). There was a minor decrease in the averaged daily transactions (-3.71%) since the previous week, which may be because of the end of ICONbet’s promotion that had increased transactions the previous week. This week’s averaged daily transactions were similar to the averaged transactions of this month to date (120,639) or the previous month (August 2020: 120,885).

Weekly Vote Change

This week’s analysis showed an increase in the overall votes by 0.41%. ICONbet Community was leading this week, followed by ICON Foundation and ICON Hyperconnect.

ICONbet Community gained the most votes by a few voters who hold a large amount of ICX, totaling close to 4 M votes. ICONbet Community is now in the Top 10 P-Rep ranking. This is a much deserved win as ICONbet dApp is creating the largest amount of transactions on ICON Network by far, on top of being the first DAO with a great community. Congratulations!

The same voters moved their votes from the P-Reps that lost large amounts of votes, which explains their loss.

Weekly Voter Change

There was an increase in voters by 105 (+0.86%) this week. ICON Hyperconnect (+48) was the leader again this week, followed by ICON Foundation (+44) and ICONPLUS (+39). The number of first-time voters (new wallets voting) were highest in ICON Foundation (+60). 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.

If you have noticed, ICON Hyperconnect has been on the Top-10 winning streak for 28 consecutive weeks! We are quite excited to see if the trend will continue, and eventually arises to the top.

ICONbet Community, ICON Foundation, ICON Hyperconnect, ICONPLUS, Icon Pilipinas, NEOPLY and Everstake were in both Top-10 vote and voter increase, which suggests a larger support from the community.

Number of Wallets by Vote Size

Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (95.25%), with the largest proportions seen in the 1000–10,000 ICX range (41.90%). Top 5% (voters with more than 100K votes) account for 65.02% of the total votes. We had 1 more wallet (+2 in 100K-1M range, -1 in 1M+ range) in the Top 5% list than the previous week!

Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (43.32% of total ICX voted), which increased by 1.21% points since the previous week. Wallets voting for 10 P-Reps has decreased slightly by 0.26%. The changes were relatively minor across the board, which suggests not much has changed in vote spreading this week.

There were more than 9M 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.

We observed an overall increase in the number of voters voting for more than 10 P-Reps since the promotion started. There were +15 voters in 11–19 P-Reps voted, +6 in 20–29, +2 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 75% (+1% point) this week. There was no major event that contributed to the change (decrease) in the vote movement, especially with the relatively stable number of new voters and lower price volatility compared to the last few weeks.

‘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!

P-Rep for ICON Network ($ICX)