ICON in Numbers #22 (week 47–2020)

Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-47, 2020 (11/22–11/28).

ICON Network for week-47, 2020 (11/22–11/28)

Total supply and circulation have increased, while staked and voted ICX have decreased. This led to an increase in staking reward by 0.22% points. The weekly-averaged daily transactions reduced since the previous week (-5.66%).

Weekly Vote Change

This week’s analysis showed a decrease in the overall votes by 0.62%. We noticed a surge in unstaking as can be seen by votes and voters lost, particularly from the top P-Reps. This coincides with the spike in ICX price, which suggests that many voters are looking to sell/trade in the coming weeks.

devshack was leading this week, followed by ICON Pinas and ICONPool. Majority of the votes in devshack came from ICONbet Community, which explains their loss.

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Weekly Voter Change

There was an increase in voters by 64 (+0.50%) this week. Atomic Wallet (+137) was leading this week again, followed by ICONPLUS (+18) and Danal (+17). ICX was listed in Atomic Wallet a few months ago, and they just joined as a P-Rep. It appears that their presence brought new voters to the ICON ecosystem. For the first time since October 2019, Atomic Wallet has broken the consecutive-week winning streak by the ICON Foundation for the first-time voters this week! Atomic Wallet gained 131 first-time voters, whereas ICON Foundation gained 84.

devshack, ICONPool, Atomic Wallet and Band Protocol 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 (95.38%), with the largest proportions seen in the 1000–10,000 ICX range (41.84%). Top 5% (voters with more than 100K votes) account for 65.73% of the total votes. We had 9 less wallets (-10 in 100K-1M, +1 in 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 (43.93% of total ICX voted), which increased slightly (+0.46%) from the previous week. Wallets voting for 10 P-Reps has also increased slightly by 0.14% points. 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 11.97 M votes in the ’11 + P-Rep’ category, which increased by ~400 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.

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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 8 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 increased to 74% this week. This was lower than usual which may have been driven by the amount of ICX being unstaked, together with new voters that came on board this week.

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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:

  • 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!

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