ICON in Numbers #31 (week 11/12–2021)
Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-11 & 12, 2021.
Total supply, circulation, staked and voted ICX have all increased this term, which in turn decreased staking reward by 0.79% points. The main driver for the decrease in the reward was Binance node self-delegating additional 20 M votes this term.The inflation has lowered since the reduction in i_rep, and is staying at a relatively stable level. The biweekly-averaged daily transactions have stayed relatively stable (-0.25%).
Biweekly Vote Change
This term’s analysis showed an increase in the overall votes by 5.65%. Binance node was leading this term followed by ICON Asset Management and Plan-P. Binance node gained the most because they self delegated another 20 M ICX to their node, surpassing ICON Foundation, and now is the №1 in the ICON Ecosystem. Plan-P quickly gained more than 2 M votes (1000% increase in 2 weeks) because they are sharing 50% of their node earnings to voters each week. Their node is inactive, there is no record of any contribution to ICON network, and they are not registered to the CPS. Voters should be cautious when they delegate to this P-Rep and consider moving votes to other P-Reps that are positive for the growth of the ICON network. There are P-Reps that provide incentives and contribute to the network, such as ICON Asset Management, Spartan Node, Metanyx, Piconbello, TEMPO, ICONbet Community, and Sesameseed.
Biweekly Voter Change
There was an increase in voters by 241 (+1.38%) this term. ICON Chicago was leading this term (+830), followed by Silicon Valley ICON (+724) and ICON Forge (+650). Not much can be said about the first two P-Reps as no tangible record of their activity could be found anywhere. It is likely that they are regular investors who turned into a P-Rep and the large increase in the number of voters is due to ICONFi. Their nodes must have been turned off previously, but are now turned on and are receiving substantial amounts of voters via ICONFi.
Biweekly changes without ICONFi wallets
In order to capture direct support from the community, we removed potential ICONFi wallets and recalculated the votes and voters gained. We could see ICON Asset Management, Metanyx and Atomic Wallets were getting larger support from the community (omitted binance node and Plan-P).
Number of Wallets by Vote Size
Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (96.54%), with the largest proportions seen in the 1000–10K ICX range (37.94%). Top 5% (voters with more than 100K votes) account for 67.47% 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 +).
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (53.14% of total ICX voted), which increased (+2.44%) since the last term. This was mainly driven by the self-delegating by the Binance node. There was no other meaningful shift in the vote spreading.
There were 27 M votes in the ’11 + P-Rep’ category, which decreased by ~263K 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.
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 (~16 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 50% this term. This was still relatively low when we look back historically, however, the trend seems to be reversing. The vote movement may have been due to Binance node self-delegating 20 M votes, voters trying to maximise returns by voting for P-Reps that offer incentives, and ICONFi that has been actively re-staking each day.
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!
