ICON in Numbers #29 (week 07/08–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-07 & 08, 2021.

ICON Network for week-07 & 08, 2021

Total supply, circulation, staked and voted ICX have all increased this term. As binance node joined the ICON Ecosystem with 30M self-delegating ICX, the staking reward decreased by 1.45% points. The inflation has lowered since the reduction in i_rep, and is staying at a relatively stable level. The biweekly-averaged daily transactions have increased slightly since the previous term (+3.53%).

Biweekly Vote Change

This term’s analysis showed an increase in the overall votes by 12.25% (38.1M), which was one of the largest increases so far. The main reason for this was Binance joining ICON ecosystem as a P-Rep, who self-delegated 30 M ICX.binance node is now in the 2nd place right after ICON Foundation. Welcome and congratulations!

In terms of votes gained by individual P-Rep, binance node was leading followed by Spartan Node and ICON Asset Management. ICON Asset Management is a new P-Rep that provides the opportunity for anyone to build wealth via asset allocation of broadly diversified investment vehicles. See their medium article for more detail. The team offers incentives for voters and plans to help sustain the growth of the ICON network by becoming an ‘angel investor’ for the network. We are looking forward to seeing what they bring to the ecosystem.

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Biweekly Voter Change

There was an increase in voters by 1,405 (+9.42%) this term. ICON Asset Management was leading this term (+1,283), followed by ICON France(+872) and TEMPO (+826). These are P-Reps that recently joined the ICON Ecosystem. If you’d like to find out more about them, check out ICON France and TEMPO.

Atomic Wallet is bringing new voters to the ICON ecosystem and has been winning the consecutive biweekly winning streak for the first-time voters (7 terms). Atomic Wallet gained 894 first-time voters. As you might have already noticed, there is a huge uptick in the number of voters across Sub P-Reps. This is mainly because of ICONFi which will spread votes across non main P-Reps whose nodes are active.

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Number of Wallets by Vote Size

Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (96.37%), with the largest proportions seen in the 1000–10,000 ICX range (38.91%). Top 5% (voters with more than 100K votes) account for 65.99% of the total votes. We had 4 more wallets in the Top 5% list than the previous term (2 in 100K — 1M & 2 in 1M +).

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Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (50.20% of total ICX voted), which increased by a large amount (+4.92%). This is mainly because of binance node that came online with 30M votes self-delegated. Wallets voting for 10 P-Reps has decreased by -1.06% points. Overall, there was some shift in the vote spreading driven by new P-Reps coming on board and ICONFi spreading votes.

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There were 28 M + votes in the ’11 + P-Rep’ category, which increased by ~7M + votes since the previous term. The highest number of P-Reps voted remained at 100. This term would be the last time that we would be running the promotion to help with vote spreading. This is because ICONFi is very effective in spreading votes. Below table shows the summary of the participants in ‘Spread Your Votes!’ campaign. Nonetheless, 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 ICONFi has been introduced. There were 497 additional voters in this category since the previous term (see above table). We are seeing many wallets being delegated between 40–49 and 50–59, which are mainly due to ICONFi.

Detailed data of this term’s participants for the ‘Spread Your Votes’ 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 showed 44% this term. This was one of the lowest percentages we have seen in years. There are many factors that contributed to the decrease in the vote stagnancy — binance node self-delegating 30M ICX, Spartan Node and ICON Asset Management getting more than 10M and 7M votes, respectively, and ICONFi that has been actively re-staking each day.

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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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