ICON in Numbers #21 (week 46–2020)
Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-46, 2020 (11/15–11/21).
Total supply, circulation, staked and voted ICX have all increased, which led to a decrease in staking reward by 0.11% points. Voted ICX had the largest increase, mainly due to the delegation from ICON Foundation. The weekly-averaged daily transactions reduced slightly since the previous week (-1.83%).
Weekly Vote Change
This week’s analysis showed an increase in the overall votes by 0.24%. The increase was largely due to the delegation from ICON Foundation for approved grants. The P-Reps who received the delegations were Band Protocol, Sesameseed and Espanicon. As Band Protocol received the most amount (~1.4 M ICX), they were leading this week, followed by Sesameseed and Espanicon. ICON announced a partnership with Band Protocol for oracle solutions a few months ago, and they have just joined as a P-Rep. We are seeing reputable P-Reps joining ICON Ecosystem and the outlook is positive!
Weekly Voter Change
There was an increase in voters by 138 (+1.09%) this week. Atomic Wallet (+52) was leading this week, followed by Band Protocol (+44) and Symmetry SLC (+18). ICX was listed in Atomic Wallet a few months ago, and they just joined as a P-Rep. Staking via Atomic will be available soon.
As before, the number of first-time voters (new wallets voting) were highest in ICON Foundation (+108). 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.
Band Protocol, Atomic Wallet 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 (95.31%), with the largest proportions seen in the 1000–10,000 ICX range (42%). Top 5% (voters with more than 100K votes) account for 65.62% of the total votes. We had 7 less 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 (43.46% of total ICX voted), which reduced slightly (-0.48%) from the previous week. Wallets voting for 10 P-Reps has also decreased slightly by 0.19% points. There was an increase in wallets voting for 9 P-Reps (~8 M) while a decrease was seen in 6 P-Reps (~6.5 M). This was driven by the change in delegation by the ICON Foundation.
There were 11.58 M votes in the ’11 + P-Rep’ category, which increased by ~408 K 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 14 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 70% this week. This lower-than-usual vote stagnancy was mainly due to the delegation by the ICON Foundation. However, it is also worth noting that we had more new voters this week (138 vs 67).
‘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!
