ICON in Numbers #19 (week 44–2020)
Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-44, 2020 (11/01–11/07).
Total supply, circulation, staked and voted ICX have all increased, which led to decrease in staking reward by 0.02% points. The inflation remained unchanged. The weekly-averaged daily transactions decreased since the previous week (-12.96%). The reduced transactions this week may be attributed to the end of the halloween promotion run by ICONbet Community team as it had attracted many players in the previous week.
Weekly Vote Change
This week’s analysis showed an increase in the overall votes by 0.15%. ICONbet Community was leading this week, followed by ICON Hyperconnect and Piconbello. ICONbet Community gained the most votes from a couple of voters, one of whom decided to switch votes (400K ICX) from ICON Forge. This explains the biggest loss for the latter team.
Weekly Voter Change
There was a minor increase in voters by 13 (+0.10%) this week. ICON Plus (+22) was leading this week, followed by ICON DAO (+14) and ReliantNode (+8). As before, the number of first-time voters (new wallets voting) were highest in ICON Foundation (+32). ICON Foundation has been the go-to P-Rep for first-time voters in consecutive weeks since October 2019 (since they joined as a P-Rep), and this pattern has not changed.
ICON Plus, ReliantNode and Citadel.one 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 (41.92%). Top 5% (voters with more than 100K votes) account for 64.62% of the total votes. We had 4 more wallets (100K-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 (44.19% of total ICX voted), which remained relatively unchanged to the previous week. Wallets voting for 10 P-Reps has increased by 0.32% points. There was only a small shift among 8–10 P-Reps voted, which suggests not much has changed in vote spreading overall.
There were 10.95 M votes in the ’11 + P-Rep’ category, which decreased by ~341K 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 additional voters in this category since the previous week (see above table). 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 (Weekly)
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 remained at the same level (75%) this week. There was no major event that could contribute to the change in vote stagnancy. It is possible that the lack of price volatility is driving the stagnancy in vote movement, which is in line with the relatively low number of new voters.
‘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:
- Insight — for providing a database that we could use in this report.
- Everstake — for their Vote Monitor website (https://iconvotemonitor.com/) to gather the data via webscraping.
- 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!
