ICON in Numbers #42 (week 33/34–2021)
Welcome to ICON in Numbers, your biweekly metrics report analysing the ICON Ecosystem. We will be analysing vote status for week-33 & 34, 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 5.24% since last term.
Biweekly Vote Change
This term’s analysis showed a large increase in the overall votes (~21 M ICX). This change was mainly driven by the launch of Omm dApp. Omm is a decentralised money market on the ICON network. Omm allows anyone to lend or borrow digital assets and earn interest with direct fiat onboarding and offboarding. More information can be found here.
In terms of the change in votes, ICX_Station was leading this term, followed by iBriz — ICONOsphere and PARROT9. They are initial Omm contributors and therefore gained votes from the dApp users. Congratulations to the successful launch of Omm and all the teams involved!
In terms of votes lost, Stakin lost the most votes because a whale wallet (Bitvavo exchange cold wallet) has shifted ~8 M their votes from Stakin to ICX_Station (~3 M) and Everstake (~5 M).
Biweekly Voter Change
There was a decrease in voters by 85 (-0.42%) this term. ICON 4 ALL was leading this term (+1217), followed by ICON Pinas (+878) and Atomic Wallet (+803). Majority of the voter change seen here seems to be the result of the ICONFi App.
Biweekly changes without ICONFi, Balanced and Omm app users
In order to capture direct support from the community, we removed potential ICONFi, Balanced and Omm app users and recalculated the votes and voters gained. iBriz — ICONOsphere gained larger support from the community. As before, Atomic Wallet has been gaining voters consistently, and has just broken the record for being in the top 10 winners in the last 21 biweeks! There was a fair number of voters who unstaked, most likely to take part in the new DeFi app on ICON network, Omm.
Number of Wallets by Vote Size
Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (97.22%), with the largest proportions seen in the 1–500 ICX range (42.45%). Top 5% (voters with more than 100K votes) account for 67.87% of the total votes. We had 8 less wallets in the Top 5% than the previous term (-7 in 100K-1M, -1 in 1M +).
*Note that the total votes here are excluding those using Balanced and Omm.
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (52.32% of total ICX voted), which decreased by 3.55% since the last term. There was an increase in 3 P-Rep range, and this was due to the whale wallet (bitvavo exchange cold wallet) that added two more P-Reps to their delegation (1 to 3). There was not much vote spreading happening elsewhere.
*Note that the total votes here are excluding those using Balanced and Omm.
There were 21.68 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 17 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 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 64% this term. The change was mainly driven by the whale wallet, and also by the voters who unstaked to take part in the launch of Omm.
*Note that the total votes here are excluding those using Balanced and Omm.
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!
