ICON in Numbers #40 (week 29/30–2021)
Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-29 & 30, 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 ~17% since last term.
Biweekly Vote Change
This term’s analysis showed an increase in the overall votes by 0.59%. Mineable was leading this term, followed by ICONbet Community and Ubik Capital. Mineable gained the most votes by vote-buying. As a result, Mineable gained ranks from Sub P-Rep to Main P-Rep. This strategy made sense from a financial perspective, as they were using the same resources for the node infrastructure as a Sub P-Rep. By giving away 50% of the node earnings (but Mineable wallets also at the top of the list amongst the reward sharing wallets), they would be gaining more by keeping their block-producing rewards, as well as a portion of their regular node rewards. It is unclear what their intentions are as they have been relatively inactive for the last a few years. Some of the votes came from ICON Asset Management and ICON Hyperconnect.
On a positive side, we have a new P-Rep joining this term — ICONFi, who has been contributing immensely for the ICON Network. Welcome!
Biweekly Voter Change
There was an increase in voters by 116 (+0.83%) this term. ICONFi was leading this term (+826), followed by HugoByte (+709) and Icon Pinas (+568). Majority of the voter change seen here seems to be the result of the ICONFi App.
Biweekly changes without ICONFi and Balanced App Users
In order to capture direct support from the community, we removed potential ICONFi and Balanced App users and recalculated the votes and voters gained. We are starting to see less effects of Balanced on the voting overall. Mineable, binance node, Atomic Wallet and ICON Foundation 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 (97.33%), with the largest proportions seen in the 1–500 ICX range (41.53%). Top 5% (voters with more than 100K votes) account for 66.49% of the total votes. We had 1 less wallet in the Top 5% than the previous term (+1 in 100K-1M, -2 in 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 (55.39% of total ICX voted), which decreased by 0.66% since the last term. There was not much vote spreading happening across the board.
*Note that the total votes here are excluding those using Balanced App.
There were 21.59 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 App has been very effective in spreading votes, where more than 14 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 26 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 (~6.5 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 73% this term. The sustained increase in the vote stagnancy shows that active voters are taking part in the Balanced platform, while stagnant votes are not and therefore there are more inactive voters without the Balanced App users.
*Note that the total votes here are excluding those using Balanced App.
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!
