ICON in Numbers #14 (week 39–2020)
Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-39 2020 (9/27–9/03).
Total supply, circulation, staked and voted ICX have all increased slightly since the previous week. This led to a decrease in staking reward (-0.1 % points). Not much change was seen in the weekly-averaged daily transactions (+0.54%) since the previous week. This week’s averaged daily transactions were similar to the averaged transactions of September (120,502) or August (120,885), 2020.
Weekly Vote Change
This week’s analysis showed an increase in the overall votes by 0.70%. Overall, this is a positive sign as we have mostly seen an increase in staked and voted ICX. As of today, 60% of total circulation has been staked (4th October 2020).
Midos was leading this week, followed by ICON Foundation and ICONbet Community. Midos gained the most votes by a couple of voters who hold a large amount of ICX, totalling about 800 K votes. The same voters moved their votes from Sharpn which explains their loss.
Weekly Voter Change
There was an increase in voters by 89 (+0.72%) this week. ICON Foundation (+34) was the lead this week, followed by ICONbet Community (+30) and ICON Hyperconnect (+21). As expected, the number of first-time voters (new wallets voting) were highest in ICON Foundation (+50). 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 Foundation, ICONbet Community, ICON Hyperconnect, ICX_Station and ICONPLUS 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 (95.26%), with the largest proportions seen in the 1000–10,000 ICX range (42%). Top 5% (voters with more than 100K votes) account for 65.02% of the total votes. We had 4 more wallets (+3 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 (43.73% of total ICX voted), which increased by 0.41% points since the previous week. Wallets voting for 10 P-Reps has decreased slightly by 0.18%. The changes were relatively minor across the board, which suggests not much has changed in vote spreading this week.
There were 9.78 M votes in the ’11 + P-Rep’ category, which increased by roughly 600K 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 more voters in this category since the previous week (+16 in 11–19, -2 in 30–39, and +1 in 40–49 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 decreased to 73% (-2% point) this week. There was no major event that contributed to the change (increase) in the vote movement, especially with the relatively stable number of new voters and lower price volatility compared to the last month.
‘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!
