ICON in Numbers #26 (week 01/02–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-01 & 02, 2021.

ICON Network for week-01 & 02, 2021

Total supply and circulation have increased while staked and voted ICX have decreased. This led to an increase in staking reward by 0.50% 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 (+1.19%).

Biweekly Vote Change

This term’s analysis showed a decrease in the overall votes by 3.54%, which was a substantial amount (11M +). In terms of votes gained by individual P-Rep, (P)eter-Rep was leading this term followed by Metanyx and OZYS node. It was refreshing to see a large shift in votes this term, where (P)eter-Rep gained more than 6M votes without any incentives to ICONists. It is possible that the credibility that (P)eter-Rep has among the ICON community has contributed to this, alongside plans that (P)eter-Rep has for the ICON network. Congratulations!

Metanyx was in 2nd place, which is likely due to the incentives that they provide for ICONists, where $METX tokens are to be given out to the voters of Metanyx. OZYS node was in 3rd place as they received the delegation from the ICON Foundation for the grant they put together. OZYS node has been working to integrate ICON into the Orbit Bridge.

Apart from the vote shift, many of the top P-Reps lost votes as a large number of voters unstaked their ICX. Whales with large votes unstaked from both ICX_Station and ICONbet Community, while NEOPLY unstaked their self-delegating votes.

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Biweekly Voter Change

There was an increase in voters by 55 (+0.41%) this term despite the total votes lost. (P)eter-Rep was leading this week (+251), followed by Atomic Wallet (+157) and ICONbet Community (+92).

Atomic Wallet is bringing new voters to the ICON ecosystem and has been winning the consecutive biweekly winning streak for the first-time voters. Atomic Wallet gained 242 first-time voters, whereas ICON Foundation gained 161.

(P)eter-Rep, Metanyx, Sesameseed, Atomic Wallet, and ICON London 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 (95.7%), with the largest proportions seen in the 1000–10,000 ICX range (41.25%). Top 5% (voters with more than 100K votes) account for 65.28% of the total votes. We had 17 less wallets (-18 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 (44.91% of total ICX voted), which increased slightly by 0.33%. Wallets voting for 10 P-Reps has decreased by 0.50% points. There was some shift in the vote spreading, where reduced % were seen in 5 P-Reps and 9 P-Reps voted while increased % was found in 8 P-Reps voted. Some of these shifts are associated with the delegation change by ICON Foundation.

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There were 16 M + votes in the ’11 + P-Rep’ category, which increased by 750K + 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 28 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 49% this term. It was the first time in more than 10 months that the biweekly actively voting wallets were more than stagnated wallets (red and green lines intersected below). The reasons for these are delegation change by the Foundation, actual change in votes as seen by (P)eter-Rep gaining more than 6M votes, unstaking a large number of votes (11M+ votes) and newcomers into the ICON ecosystem. It is also possible that many have returned from the holidays and they are re-staking their rewards.

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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 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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