ICON in Numbers #30 (week 09/10–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-09 & 10, 2021.

ICON Network for week-09 & 10, 2021

Total supply, circulation, staked and voted ICX have all increased this term, which in turn decreased staking reward by 0.21% 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 (+0.91%).

Biweekly Vote Change

This term’s analysis showed an increase in the overall votes by 1.05%. ICON Asset Management was leading again this term followed by TEMPO and Metanyx. TEMPO is a relatively new P-Rep that seeks to create a better future for artists in all industries, initially focussing on the ownership and payment rails for musicians. Check out their medium article and grant proposal for more detail. They are also giving incentives ($CODA) to voters who vote for them, but only if the voters are also voting another team. Welcome to ICON Ecosystem!

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Biweekly Voter Change

There was an increase in voters by 1,155 (+7.08%) this term. (P)eter-Rep was leading this term (+778), followed by ICON Labs (+762) and Spartan Node (+674). Spartan Node gained the most first-time voters (+449), ending the 7 consecutive biweekly streak by Atomic Wallet. 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 (96.56%), with the largest proportions seen in the 1–1000 ICX range (39.60%). Top 5% (voters with more than 100K votes) account for 65.29% of the total votes. We had 3 more wallets in the Top 5% list than the previous term (+2 in 100K — 1M, +1 in 1M +).

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Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (50.70% of total ICX voted), which increased slightly (+0.50%). There was some shift in the vote spreading mainly driven by the delegation change by the ICON Foundation.

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There were 27 M + votes in the ’11 + P-Rep’ category, which decreased by ~1.4M + votes since the previous term. The highest number of P-Reps voted remained at 100. ICONFi has been very effective in spreading votes, where more than 11 M votes are allocated in the 50–59 P-Rep bracket.

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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 111 additional voters in this category since the previous term (see above table). Nonetheless, there are many regular wallet users that are helping with vote spreading (~18 M votes). 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 49% this term. This was still relatively low when we look back historically. The vote movement may have been due to voters trying to maximise returns by voting for P-Reps that offer incentives, change in delegation by ICON Foundation, and ICONFi that has been actively re-staking each day.

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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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