ICON in Numbers #32 (week 13/14–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-13 & 14, 2021.

ICON Network for week-13 & 14, 2021

Total supply and circulation increased while staked and voted ICX decreased this term. This led to a slight increase in the staking reward by 0.19% 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 decreased slightly (-4.02%).

Biweekly Vote Change

This term’s analysis showed a decrease in the overall votes by 1.16%. One of the reasons for the decrease was NEOPLY unstaking 2 M self-delegating votes. NEOPLY joined ICON network with 9.5 M self-staking votes, but only has 4.3 M left (less than 50% of the initial self votes). As the price of ICX increases, many seem to be unstaking to take profit.

In terms of votes gained, ICON Asset Management was leading this week, followed by ICXburners and binance node. ICXburners is a new P-Rep that is trying to “fight inflation one vote at a time” where more than 97% of their node earnings will be burned. There is some dispute whether the resources are being misplaced or not (here), and it remains to be seen what kind of impact it will have for the ICON Ecosystem.

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Biweekly Voter Change

There was an increase in voters by 1,121(+6.33%) this term. Geometry Labs was leading this term (+981), followed by ICXburners (+907) and Atomic Wallet (+877). Geometry Labs is a blockchain focused startup made up of members who had been formerly working with Insight.

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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, Atomic Wallet, Spartan Node, binance node, ICXburners and ICON DAO were getting 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 (96.65%), with the largest proportions seen in the 1000–10K ICX range (36.31%). Top 5% (voters with more than 100K votes) account for 67.42% of the total votes. We had the same amount of wallets in the Top 5% list to 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 (53.96% of total ICX voted), which increased slightly (+0.82%) since the last term. The vote spreading remained relatively unchanged.

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There were 25.7 M votes in the ’11 + P-Rep’ category, which decreased by ~1.3M votes since the previous term. Majority of this was from the 11–19 bracket, which is likely to be those that are unstaking to take profits. 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 79 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 (~14 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 63% this term. The amount of biweekly stagnant votes were at its all time high. The sudden drop in the vote stagnancy may be due to binance node that is self-delegating and has the largest stake in the ICON Ecosystem. Despite the fact that we had more than 1K new voters this term, the amount of ICX that is flowing in does not appear to be enough to cause a significant change in the vote stagnancy.

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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!


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)