ICON in Numbers #5 (week 30–2020)
Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-30 2020 (7/26–8/01).
Total supply, circulation, and voted ICX have increased since last week. There was a slight decrease in staked ICX. Both staking reward and inflation increased marginally. Average number of transactions per day decreased by approximately 6% compared to the previous week. One of the reasons for this may be the error in transaction fees which incurred a larger amount of ICX to what was intended. The date coincides with the lowest transactions (26th July, ~10K tx less than the average).
Weekly Vote Change
Overall, there has been a growth in votes, but only by 0.11% since last week. ICONbet Community gained the most votes, followed by Icon Pilipinas and Everstake. ICONbet Community is currently doing a 1-year anniversary promotion, and there has been a positive sentiment towards the team regarding their development and TAP token economics. These may have been some of the contributing factors for their position this week.
Weekly Voter Change
Overall, there has been a growth in voters by 66 (0.59%) since last week. ICON Foundation was the leader with + 21 voter differences, which also gained the highest number of first-time voters (new wallets voting) of 76. ICONbet Community, ICON Foundation, Icon Pilipinas, Everstake, Midos, and iBriz — ICONOsphere were in both Top-10 vote and voter increase, which suggests a larger support from the community.
Number of Wallets by Vote Size
Overall, the majority of the voters fall between 1 ICX and 100,000 ICX (95.54%), with the largest proportions seen in the 1000–10,000 ICX range (42.10%). Top 5% (voters with more than 100K votes) account for 65.68% of the total votes. There was no overall change in the number of voters in the Top 5% list since the previous week.
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (39.56% of total ICX voted), which decreased by 0.27% points. Wallets voting for 10 P-Reps has also decreased by 0.25% points since last week. The changes were relatively minor across the board, which suggests not much has changed in vote spreading this week.
Vote Stagnancy
The following graph was derived by separating the wallets that changed votes (up/down) and those did not each week. 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. The vote stagnancy has reduced slightly (by 3% points) since the ‘V-shaped’ recovery in the previous week. However, it is still at a high percentage. It is our hope that ICONists are becoming more aware of the vote stagnancy issue. We will be monitoring this closely to determine if the voting behaviour changes in the near future.
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:
- Everstake — for their Vote Monitor website (https://iconvotemonitor.com/) to gather the data via webscraping. It is a great data source, please have a look if you haven’t.
- 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!
