ICON in Numbers #25 (week 51/52–2020)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-51 & 52, 2020 (12/20/2020–01/02/2021).

ICON Network for week-51 & 52, 2020 (12/20/2020–01/02/2021)

Total supply and circulation have increased while staked and voted ICX have decreased slightly. This led to an increase in staking reward by 0.09% points. The inflation has lowered since the reduction in i_rep, and is staying at a relatively stable level. The biweekly-averaged daily transactions increased since the previous term (+1.99%).

Biweekly Vote Change

This term’s analysis showed a decrease in the overall votes by 0.19%. Sesameseed was leading this term, again followed by ICONbet Community and (P)eter-Rep. Velic lost the most votes as they unstaked 1.65M of their self-staking votes.

It appears that Sesameseed and ICONbet Community gained many votes because they offer incentives to the voters — Seed token from Sesameseed and TAP/COMP token from ICONbet Community. Such an incentive system has shown success in gaining votes and other P-Reps are starting to take advantage of this. As predicted in the last term’s report, Sesameseed is now in the Top 10 spot. Congratulations!

We also have a new P-Rep, (P)eter-Rep, who is an avid supporter of ICON project and a BTC OG. Having him on board brings back memories of DCA-ing ICX (initiated by Peter) in the early days. Welcome!

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Biweekly Voter Change

There was an increase in voters by 187 (+1.40%) this term. Sesameseed was leading this week (+207), followed by Atomic Wallet (+198) and ICONbet Community (+82).

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 256 first-time voters, whereas ICON Foundation gained 138.

Sesameseed, ICONbet Community, (P)eter-Rep, DEMOS, Atomic Wallet, ICONPool and ICON Pinas 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 (95.56%), with the largest proportions seen in the 1000–10,000 ICX range (41.44%). Top 5% (voters with more than 100K votes) account for 65.91% of the total votes. We had 5 more wallets (+4 in 100K-1M, +1 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 (44.55% of total ICX voted), which stayed relatively unchanged. Wallets voting for 10 P-Reps has decreased by 0.63% points. There was some shift in the vote spreading but nothing significant.

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There were 16 M + votes in the ’11 + P-Rep’ category, which increased by 1.1 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 45 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 63% this term. The increase was mainly due to a ‘dip’ in the previous term. Despite the shift in votes this term, it was not enough to keep vote stagnancy at a lower level. It is also possible that lower voting activity occurred because of the holiday season.

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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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