ICON in Numbers #23 (week 47/48–2020)
Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-47 & 48, 2020 (11/22–12/05).
Total supply and circulation have increased, while staked and voted ICX have decreased. This led to an increase in staking reward by 0.17% points. The inflation has decreased, potentially due to the reduction in i_rep. The biweekly-averaged daily transactions reduced since the previous term (-7.54%).
For this term’s report, there will be some overlaps with previous week’s report. This is because we are now moving to a biweekly report as suggested by the ICON Foundation.
Biweekly Vote Change
This term’s analysis showed a decrease in the overall votes by 0.11%. Stakin was leading this term, followed by devshack and Atomic Wallet. Stakin gained the majority of the votes by a single voter who has been voting for Stakin since September 2019. It is possible that this voter belongs to a self-staking wallet as it accounts for nearly half of the votes that Stakin has.
We also noticed that ‘The Iconist’ unregistered as a P-Rep, and voters should consider moving their votes.
Biweekly Voter Change
There was an increase in voters by 201 (+1.57%) this term. Atomic Wallet (+241) was leading this term, followed by ICONPLUS (+35) and Band Protocol (+26). 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 biweek winning streak by the ICON Foundation for the first-time voters this term! Atomic Wallet gained 244 first-time voters, whereas ICON Foundation gained 160.
Stakin, devshack, Atomic Wallet, Band Protocol, ICONPool, and CCBR_POSTECH 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 (95.51%), with the largest proportions seen in the 1000–10,000 ICX range (41.65%). Top 5% (voters with more than 100K votes) account for 65.62% of the total votes. We had 14 less wallets (-16 in 100K-1M, +2 in 1M + range) in the Top 5% list than the previous term.
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (44.02% of total ICX voted), which increased (+0.57%) from the previous term. Wallets voting for 10 P-Reps has also increased slightly by 0.20% points. The changes were relatively minor across the board, which suggests not much has changed in vote spreading since last term.
There were 12.51 M votes in the ’11 + P-Rep’ category, which increased by ~933 K votes since the previous term. The highest number of P-Reps voted remained at 100. 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 term.
We observed an overall increase in the number of voters voting for more than 10 P-Reps since the promotion started. There were 10 additional voters in this category since the previous term (see above table). Detailed data of this term’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 (Biweekly)
The following graph was derived by separating the wallets that changed votes (up/down) and those did not each biweek. 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.
Biweekly vote stagnancy increased to 62% this term. The increase occurred because there was a delegation shift by the ICON Foundation in the previous term that temporarily resulted in a ‘dip’ in the vote stagnancy. Despite the increase, the stagnation was not as high as before (63~66%), suggesting that there was some movement in votes. An increase in the number of new voters and a fair amount of votes being unstaked may have contributed to this.
‘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!
