ICON in Numbers #38 (week 25/26–2021)
Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-25 & 26, 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 decreased by more than 11% since last term.
Biweekly Vote Change
This term’s analysis showed an increase in the overall votes by 1.03%. ICON Asset Management was leading this term, followed by teams involved in the development of Balanced, including ICX_Station, PARROT9, ICON DAO, Geometry Labs, MouseBelt and iBriz — ICONOsphere. These indicate that people are still moving their funds into the Balanced platform. ICON Asset Management has been gaining votes steadily from multiple voters, suggesting strong support from the community.
Biweekly Voter Change
There was an increase in voters by 320 (+1.64%) this term. ICON London was leading this term (+417), followed by ICON Sweden (+192) and RemICX (+179). Majority of the voter change seen here seems to be the result of ICONFi.
Biweekly changes without ICONFi wallets and Balanced votes
In order to capture direct support from the community, we removed potential ICONFi wallets and Balanced votes and recalculated the votes and voters gained. We are starting to see less effects of Balanced on the voting overall. ICON Asset Management, PARROT9, ICON DAO, ReliantNode and Rhizome are gaining larger support from the community. As before, Atomic Wallet has been gaining voters consistently.
Number of Wallets by Vote Size
Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (97.34%), with the largest proportions seen in the 1–500 ICX range (41.60%). Top 5% (voters with more than 100K votes) account for 66.90% of the total votes. We had 10 more wallets in the Top 5% than the previous term (in 100K-1M).
*Note that the total votes here are excluding those using Balanced.
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (56.04% of total ICX voted), which increased by 0.07% since the last term. There was not much shift in vote spreading.
*Note that the total votes here are excluding those using Balanced.
There were 21.26 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 40–59 P-Rep bracket.
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 71 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 was at all-time-high of 76% 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.
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!
