ICON in Numbers #34 (week 17/18–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-17 & 18, 2021.

ICON Network for week-17 & 18, 2021

Total supply, circulation, staked and voted ICX increased this term. This led to a decrease in the staking reward by 1.02% 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 by more than 18%, which is driven by the launch of Balanced.

Biweekly Vote Change

This term’s analysis showed a large increasein the overall votes (+4.44%). The main reason for the increase was Balanced. Since its launch, many ICONists started unstaking, but after the unstaking period, they took part in the first DeFi platform on the ICON network. There has been a lot of positive feedback around the platform and the team behind it. The performance has also been astounding and it has been by far the most successful dApp that ICON network has ever seen. Congratulations to the teams involved!

In terms of votes gained, the P-Reps involved in Balanced (ICON DAO, MouseBelt, iBriz, PARROT9 and ICX_Station) gained a large amount of votes.This is because ICX staked through Balanced is currently being delegated to these P-Reps.In terms of votes lost, we noticed large votes being unstaked from ICON Asset Management and Spartan Node, similar to last term.

It was interesting to see Symmetry SLC unstaking their self-staking votes worth more than 3 million ICX. Their strategy must have changed and the funds must be shifting to Balanced for higher profit. This seems to be the trend amongst self-staking nodes such as Bara-Node, ICON Slovenia and ICONOscope. As the node rewards have been decreasing substantially since the beginning, running a node is no longer an attractive investment, especially when there is an alternative — Balanced. This is particularly true for those who are not interested in contributing to the ICON network because they are not likely to be funded through CPS. This phenomenon may be an unintended side-effect of Balanced, but it may be helping the network by flushing out P-Reps that are not necessarily beneficial to the ecosystem.

Link to higher resolution image

Biweekly Voter Change

There was a decrease in voters by 148 (-0.78%) this term. ICONbet Community was leading this term (+993), followed by ICON 4 ALL (+501) and Sesameseed (+318). Majority of the vote change seen here seems to be the result of ICONFi.

Link to higher resolution image

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. Similar to last term, there is not much that can be said about the votes and voters gained because of the effect that Balanced has on voting. However, Atomic Wallet has been gaining voters consistently.

Link to higher resolution image (left / right)

Number of Wallets by Vote Size

Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (97.09%), with the largest proportions seen in the 1–500 ICX range (38.51%). Top 5% (voters with more than 100K votes) account for 66.72% of the total votes. We had 99 less wallets in the Top 5% than the previous term (-92 in 100K-1M, -7 in 1M +). This is, again, as a result of Balanced launch.

*Note that the total votes here are excluding those using Balanced.

Link to higher resolution image

Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (55.39% of total ICX voted), which increased by 0.16% since the last term. There was not much shift in vote spreading.

*Note that the total votes here are excluding those using Balanced.

Link to higher resolution image

There were 21.55 M votes in the ’11 + P-Rep’ category, which decreased by ~3.67 M votes since the previous term. Majority of this was from the 11–19 bracket, which is likely to be those that unstaked to explore Balanced platform. The highest number of P-Reps voted remained at 100. ICONFi has been very effective in spreading votes, where more than 12 M votes are allocated in the 50–59 P-Rep bracket.

Link to higher resolution image

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 63 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 (~9 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 66% this term. The oddity in the vote stagnancy is also because of Balanced. The platform is indeed shaking things in the entire ICON Ecosystem.

*Note that the total votes here are excluding those using Balanced.

Link to higher resolution image

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:

  • Geometry Labs — 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)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store