ICON in Numbers #24 (week 49/50–2020)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-49 & 50, 2020 (12/06–12/19).

ICON Network for week-49 & 50, 2020 (12/06–12/19)

Total supply, circulation, staked and voted ICX have all increased. This led to a decrease in staking reward by 0.19% points. The inflation has decreased, potentially due to the reduction in i_rep. The biweekly-averaged daily transactions reduced since the previous term (-6.99%).

Biweekly Vote Change

This term’s analysis showed an increase in the overall votes by 1.27%. Sesameseed was leading this term, followed by Insight and Piconbello. Both Insight and Piconbello received delegation from the ICON Foundation.

Sesameseed gained more than 4 million votes within one week, which had been unheard of, especially when the team gained more than 170 voters (therefore, not self-staking). A notable event that led to such a sharp increase is the incentive that Sesameseed provides to Sesameseed voters. They have become a main P-Rep, and at the time of writing, they were headed towards the Top 10 spot. Congratulations on achieving such a big milestone!

There has been some heated discussion on whether this is related to vote buying and what the fair practice is. Lack of clarity on the Governance standards may have contributed to the confusion. However, this event has shown us a very interesting aspect of voting behaviour.

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Biweekly Voter Change

There was an increase in voters by 337 (+2.60%) this term. Atomic Wallet (+244) was leading again this term, followed by Sesameseed (+177) and ICONPLUS (+54).

ICX was listed in Atomic Wallet a few months ago, and their presence has been bringing new voters to the ICON ecosystem. Atomic Wallet is continuing to win the consecutive biweek winning streak for the first-time voters! Atomic Wallet gained 261 first-time voters, whereas ICON Foundation gained 136.

Sesameseed, ICON Foundation, Atomic Wallet, ICON Pinas, ICONPLUS and ICONbet Community 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 (95.55%), with the largest proportions seen in the 1000–10,000 ICX range (41.70%). Top 5% (voters with more than 100K votes) account for 65.83% of the total votes. We had 9 more wallets (+7 in 100K-1M, +2 in 1M + range) in the Top 5% list than the previous term!

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Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (44.64% of total ICX voted), which increased (+0.62%) from the previous term. Wallets voting for 10 P-Reps has decreased slightly by 0.11% points. The increase was most prominent in 3 P-Reps and 6 P-Reps, while decrease was seen in 7 P-Reps. This is mainly due to the shift in delegation by the ICON Foundation.

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There were 15 M + votes in the ’11 + P-Rep’ category, which increased by 2.55 M + 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.

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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. This was particularly prominent since the prize amount has increased (Sponsored by ICON Foundation). There were 71 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 decreased to 59% this term. The decrease in the vote stagnancy was attributed to many factors — delegation by ICON Foundation, new voters coming into ICON Ecosystem and Sesameseed attracting voters to shift their votes. While an in-depth analysis is required to confirm which factors drove the change, it is clear that voters will move their votes if it meant extra benefit. Current reward system does not incentivise voters to shift their votes because they get the same reward regardless of who they vote for. However, an added bonus such as Seed is turning out to be an effective way for reducing vote stagnancy.

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‘Spread Your Votes!’ lucky draw

Proposed usage of https://wheelofnames.com/ was not feasible due to a large number of entries that caused a problem with the website. Therefore, the lucky draws were conducted via random sampling in Python.

Please note that we’ve added a ‘disqualification’ rule, as it was pointed out to be unfair and gaming the system.

Here are the winners this term. Congratulations!

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!

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!

P-Rep for ICON Network ($ICX)

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