ICON in Numbers #8 (week 33–2020)

Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-33 2020 (8/16–8/22).

Total supply and circulation have increased, while staked and voted ICX have decreased since last week. The staking reward and annual inflation has decreased marginally. A decrease in average transaction was observed (-3.84%), which occurred in parallel with the ICX price increase. Lowest transactions were seen on 21st and 22nd of August, 2020, when ICX price reached as high as $0.80.

Weekly Vote Change

This week’s analysis showed a decrease in the overall votes by 0.38%. The main reasons behind it was NEOPLY and Velic unstaking their self-staking votes (1.7 M and 1 M respectively). In overall vote change, ICON Foundation was leading this week, closely followed by ICON Hyperconnect and Everstake.

Weekly Voter Change

There was an increase in voters by 185 (1.63%) this week. ICON Foundation (+72) was the leader, followed by block42 (+59) and ICON Hyperconnect (+58). The number of first-time voters (new wallets voting) were highest in ICON Foundation (+149). The surge in new voters, with particular interest in voting for ICON Foundation, coincides with positive sentiment towards ICON Network, both on the progress of the project and the price action of ICX.

ICON Foundation, ICON Hyperconnect, Everstake, block42, PARROT9 and ICONbet Community 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 (41.85%). Top 5% (voters with more than 100K votes) account for 65.65% of the total votes. It looks like additional 10 wallets have just joined 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 (42.81% of total ICX voted), which decreased by 0.44% points. Wallets voting for 10 P-Reps has decreased, but only by 0.18% points since the previous week. The changes were relatively minor across the board, which suggests not much has changed in vote spreading this week. The highest number of P-Reps voted was 27, by a single voter. Kudos to you!

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 fell to 64% this week. Multiple factors contributed to the decrease in vote stagnancy, including an increase in new voters, ICX price action that may have led to a number of unstaking (main drivers being NEOPLY and Velic), and actual vote shifting.

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!

P-Rep for ICON Network ($ICX)