Jun 8, 2021

5 min read

ICON in Numbers #36 (week 21/22–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-21 & 22, 2021.

ICON Network for week-21 & 22, 2021

Total supply, circulation, staked and voted ICX increased 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 also remained relatively steady.

Biweekly Vote Change

This term’s analysis showed an increase in the overall votes by 0.41%. We saw a large number of votes (12 M+) going into Geometry Labs (former Insights). This was because Geometry Labs had created Balanced’s infrastructure and joined Balanced as a full-time contributor. They now hold worker tokens (BALW) which delegates some of the staked ICX by the Balanced platform. This was a much deserved win as Geometry Labs has contributed so much for the ICON network. Congratulations!

NEOWIZ (former NEOPLY), who came in third, gained more than 660K votes because they added more to their self-delegation stack (720K) after a series of unstaking. No other unusual activity was seen in the votes this term.

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Biweekly Voter Change

There was an increase in voters by 155 (+0.81%) this term. RemICX was leading this term (+856), followed by Mineable (+304) and Atomic Wallet (+193). Majority of the vote change seen here seems to be the result of ICONFi.

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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. 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.

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Number of Wallets by Vote Size

Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (97.33%), with the largest proportions seen in the 1–500 ICX range (41.13%). Top 5% (voters with more than 100K votes) account for 66.47% of the total votes. We had 13 less wallets in the Top 5% than the previous term (in 100K-1M). This is, again, as a result of Balanced launch.

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

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Number of P-Reps Voted per Wallet

Wallets voting for only 1 P-Rep were still the largest (54.88% of total ICX voted), which increased by 0.46% since the last term. There was not much shift in vote spreading.

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

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There were 21.41 M votes in the ’11 + P-Rep’ category, which has not changed much 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 13 M votes are allocated in the 50–59 P-Rep bracket.

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We have observed an overall increase in the number of voters voting for more than 10 P-Reps since the ICONFi was introduced. There were 14 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 (~8 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 stayed at all-time-high of 72% this term. The oddity in the vote stagnancy is because of Balanced. As active voters are taking part in the Balanced platform, we are seeing more stagnant votes when these voters are excluded. The platform is indeed shaking things up in the entire ICON Ecosystem.

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

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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:

  • 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!