ICON in Numbers #6 (week 31–2020)
Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-31 2020 (8/02–8/08).
Total supply, circulation, staked and voted ICX have all increased since last week. Due to a large increase in staked/voted ICX (by more than 4%), the staking reward has decreased by 0.66%. Inflation decreased marginally. The average number of transactions per day increased substantially by approximately 16% compared to the previous week. Noticeable events that might have an impact in the increase in daily transactions are the promotional events run by ICONbet and FutureICX platforms.
Weekly Vote Change
This week analysis showed a big increase in the overall staked and voted amount (4.16% and 4.4% respectively). The main reason was the incorporation of a new South Korean based P-Rep named NEOPLY that self staked around 9.5M ICX. Overall we can see recurring top voted teams such as ICON Foundation, ICON Hyperconnect, Everstake, etc.
Weekly Voter Change
Overall, there has been a growth in voters by 60 (0.53%) since last week. NEOPLY was the leader with + 28 voter differences. The number of first-time voters (new wallets voting) were highest in ICON Foundation (n=66). NEOPLY, ICON Hyperconnect and block42 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 (95.49%), with the largest proportions seen in the 1000–10,000 ICX range (41.94%). Top 5% (voters with more than 100K votes) account for 67.07% of the total votes. It looks like additional 12 wallets just joined the Top 5% list!
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (41.23% of total ICX voted), which decreased by 1.67% points. Wallets voting for 10 P-Reps has decreased by 0.28% points since the previous 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. Weekly vote stagnancy is still large, floating at 73% this week.
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!
