ICON in Numbers #27 (week 03/04–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-03 & 04, 2021.

ICON Network for week-03 & 04, 2021

Total supply and circulation have increased while staked and voted ICX have decreased. This led to an increase in staking reward by 0.15% points. The inflation has lowered since the reduction in i_rep, and is staying at a relatively stable level. The biweekly-averaged daily transactions decreased since the previous term (-13.54%).

Biweekly Vote Change

This term’s analysis showed a decrease in the overall votes by 0.65% (-2M +). In terms of votes gained by individual P-Rep, Spartan Node (former Icon-4-Business) was leading this term followed by Metanyx and ICONPLUS. Spartan Node gained more than 3M votes which is mainly because they are offering incentives to the voters where “40% of the monthly P-rep rewards will go to you, the Spartan Node community” according to their medium article. As it is still at the early stage, things are being ironed out, and you can find out more about them in their telegram channel.

Velic lost the most votes because they unstaked 2.3 M votes from their self-staking wallet.

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Biweekly Voter Change

There was an increase in voters by 472 (+3.48%) this term. Atomic Wallet was leading this week (+258), followed by Metanyx (+220) and t (P)eter-Rep (+199).

Atomic Wallet is bringing new voters to the ICON ecosystem and has been winning the consecutive biweekly winning streak for the first-time voters (5 terms). Atomic Wallet gained 332 first-time voters, whereas ICON Foundation gained 296.

Spartan Node, Metanyx, ICONPLUS, ICON Foundation, Atomic Wallet, 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 (95.84%), with the largest proportions seen in the 1000–10,000 ICX range (40.84%). Top 5% (voters with more than 100K votes) account for 65.04% of the total votes. We had the same number of wallets in the Top 5% list as 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 (45.06% of total ICX voted), which increased slightly by 0.15%. Wallets voting for 10 P-Reps has decreased by 0.39% points. Overall, there was not much shift in the vote spreading this term.

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There were 17 M + votes in the ’11 + P-Rep’ category, which increased by 90K + 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 96 additional voters in this category since the previous term (see above table). It is likely that the sudden ‘jump’ in the number of wallets spreading across 70–79 P-Rep range is due to the release of ICONFi app (currently only on iOS App Store) which stated “ICONFi provides a simple ICX staking feature where votes automatically spread out to the top 100 P-Reps outside of the top 22” (Medium article here).

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 ‘bounced’ back to 58% this term. Last term’s vote stagnancy was one of the lowest in a long time, and therefore, it increased by 9 % points. This term’s vote movement may be related to votes moving to incentive providing P-Reps, as well as Velic unstaking a large amount of votes.

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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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