ICON in Numbers #39 (week 27/28–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-27 & 28, 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 increased by ~12% since last term.

Biweekly Vote Change

This term’s analysis showed an increase in the overall votes by 2.53%. iBriz — ICONOsphere was leading this term, followed by HugoByte and ParaState. These P-Reps have received 1M ICX delegation each from the ICON Foundation. On the other hand, OZYS node lost the most votes because their delegation has ended.

Both HugoByte and ParaState are newly-joined P-Reps on ICON Network. HugoByte is a research, development, and deployment lab for AI Products. They create software systems that tackle significant challenges, and aim to solve them with new technology breakthroughs, great user experience design, and an open-source approach to creation.

In partnership with Parastate, a Substrate-focused development team specializing in building complex virtual machine pallets, the ICON Network will achieve both EVM and eWASM compatibility through a customised and novel Substrate based side-chain.

Welcome to ICON Network!

Biweekly Voter Change

There was an increase in voters by 252 (+1.27%) this term. Piconbello was leading this term (+1087), followed by HugoByte (+584) and Staky.io (+120). 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. iBriz — ICONOsphere, RHIZOME, ICONbet Community and Metanyx gained 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 (97.31%), with the largest proportions seen in the 1–500 ICX range (41.69%). Top 5% (voters with more than 100K votes) account for 67.05% 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 (54.73% of total ICX voted), which decreased by 1.31% since the last term. Small shift in vote spreading is likely due to delegation change by the ICON Foundation.

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

There were 21.17 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 85 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 (~7 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 decreased to 70% this term. This is because of the delegation change by the ICON Foundation. 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.

*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!

P-Rep for ICON Network ($ICX)