ICON in Numbers #41 (week 31/32–2021)

Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-31 & 32, 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 ~30% since last term.

Biweekly Vote Change

This term’s analysis showed a large increase in the overall votes (~10M ICX). Some of these increases were attributed to the delegation by ICON Foundation, given to ICON Forge, ReliantNode and Staky.io. Others were because of the Balanced dApp. ICON Forge was leading this term, and they received votes from various places including a potential exchange or an investment firm (unkEx_c from ‘Daily $ICX Exchange Wallet Balance (major/known)’).

Biweekly Voter Change

There was an increase in voters by 74 (+0.37%) this term. ICONbet Community was leading this term (+1068), followed by ICONFi (+544) and HugoByte (+175). 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. ReliantNode, Metanyx, Mineable 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 (97.27%), with the largest proportions seen in the 1–500 ICX range (41.63%). Top 5% (voters with more than 100K votes) account for 67.20% of the total votes. We had 9 more wallets in the Top 5% than the previous term (+10 in 100K-1M, -1 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 (55.86% of total ICX voted), which increased by 0.47% 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 21.85 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 13 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 (~6.6 M votes). Thanks to all ICONists 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 71% this term. Despite the delegation from the ICON Foundation, vote stagnancy did not shift much. 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!

P-Rep for ICON Network ($ICX)