ICON in Numbers #9 (week 34–2020)
Welcome to ICON in Numbers, your weekly metrics report analysing the ICON Ecosystem. This week we will be analysing vote status for week-34 2020 (8/23–8/29).
Total supply, circulation, staked and voted ICX have all increased since the previous week. This led to decrease in staking reward by 0.15 % points and inflation increased by 0.17% points. An increase in average transaction was observed (+5.01%) since the previous week, however, it was lower than the average transactions per day for this year (133,822).
Weekly Vote Change
This week’s analysis showed an increase in the overall votes by 1.59%. We had a new P-Rep joining this week, Transform Group, who is a prominent crypto PR firm and has submitted a marketing proposal previously. In overall vote change, ICONation was leading this week, followed by Transform Group and ICON Hyperconnect.
Weekly Voter Change
There was an increase in voters by 244 (2.11%) this week. ICON Foundation (+99) was the leader, followed by ICON Hyperconnect (+56) and RHIZOME (+43). The number of first-time voters (new wallets voting) were highest in ICON Foundation (+115). 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.
ICONation, ICON Hyperconnect, RHIZOME, ICONbet Community, ICX_Station and Transform Group 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 (95.64%), with the largest proportions seen in the 1000–10,000 ICX range (41.98%). Top 5% (voters with more than 100K votes) account for 65.1% of the total votes. We had 6 less wallets in the Top 5% list than the previous week.
Number of P-Reps Voted per Wallet
Wallets voting for only 1 P-Rep were still the largest (42.46% of total ICX voted), which decreased by 0.35% points. Wallets voting for 10 P-Reps has remained relatively the same. 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 49, closely followed by 47. Kudos to both of 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 increased to 71% this week. There were less significant changes in voting in terms of the amount being staked and unstaked compared to the last two weeks, which may explain the increased vote stagnancy. However, the stagnancy is 7% lower than all-time-high of 78%, which may be related to ICX price action and new voters coming into the space.
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!
