Welcome all to this week's EDSvote update where we look at a range of different things. Please follow the @eddie-earner account to make sure all our reports are going into your feed and you can easily stay updated on your investment.
What is EDSvote?
Eds-vote is an account that people can delegate HIVE POWER to. In return for their delegation, they will receive EDS tokens each Monday.
The delegated HP will be used to curate content on HIVE and provide small upvotes for those that hold over 100 EDS tokens. Delegating HIVE POWER to @eds-vote will not result in an upvote. This is not a delegation to upvote service. It is a way to distribute the remaining reallocated EDS into circulation.
What are EDS tokens?
EDS tokens are HIVE income tokens that are pegged and backed to 1 HIVE each. They pay out weekly dividends every Monday based on 12% of the total powered-up HIVE balance of the @eddie-earner account. This is currently paying out an APY to token holders of roughly 35%.
Update Report
It's been a long time since I last did a @eds-vote update so I thought I would make a post to share a few charts showing how delegations, curation rewards, EDSI mintage are going.
Incoming HP delegations have been growing over time. You can see that clearly in the above chart. We had a large delegation of 100k from week 52 to week 88 but even with that removed, it's easy to see incoming delegations are increasing over time. This is a mix of people increasing their delegations to get more EDSI tokens rewards and new people finding out about EDSI for the first time.
I have an idea of how we could increase this faster but with consistent organic growth, I dont feel the need to pull the trigger. Im happy with little and often growth.
Our curation rewards somewhat mirror our incoming delegations charts because curation APY is not a set percentage. The total amount earned from curation so far is 32,221.98 HP. Around 25,000 of these rewards have already been powered down, transferred to @eddie-earner and re-powered up.
We are currently earning around 400 HP per week which is 21,000 HP per year so it's a nice side hustle for @eddie-earner and proving to great way to issue new EDSI tokens.
Curation APY can go up and down. A year ago it was around 8%, 6 months ago, it was closer to 10%, today its around 9%. Our APY figures show some extremes with our highest on week 19 and lowest APY on week 52. We get these spikes and dips because curation rewards are delayed for 1 week.
On week 52 as an example when we received the 100k delegation, we saw a huge dip to under 5%. This is because when we received the 100k delegation, the incoming delegations grew from 150k to 250k and we had curation rewards (delayed for 1 week) earned from 150k.
When the same 100k undelegated on week 88, we see a spike to over 11%. This is because we had incoming delegations of 250k and curation earnings (delayed by 1 week) from 350k.
Anyways, to date, our avg curation APY is 8.64%. This shows we've wasted almost no voting power with minimum downtime.
Over 16,100 EDSI have been minted from @eds-vote over the past almost 2 years. This makes up roughly 18% of EDSI tokens in circulation. I am pretty happy with this because these numbers are growing. We are currently minting around 200 per week so thats 10,500 over the next year and as more delegations come in, the number will only increase.
One of my main concerns when launching eds-vote was if it would impact the price of EDSI. When offering votes for certain levels of delegation, it does not take a genius to figure out that some people would delegate solely for the vote and sell the EDSI. If you look at incoming delegations on HiveTasks, you'll notice a large number of accounts delegating exactly 1000 or 2500 HP. Many of these accounts will rebalance and skim the HP inflation also.
Anyways, we minting around 200 EDSI per week and the price of EDSI has always remained at or over 1 HIVE so for now so im happy.
Round Up
I'll maybe do another update in 4-6 months time, haha.
The reason for doing the weekly update anymore is simply because im aware from an outsider's POV, eds-vote could be viewed as a delegation to upvote service and posting weekly only brings more attention. Thankfully everything is on the chain and the amount of good players far outweighs the bad players so no action is required to be taken.
Thank you for taking the time to read this update, have a great day.
How does it work?
For full details, please see How EDSvote works and How EDSvote affects the EDS APY long over the next 25 years
Thank you for taking the time to read through this
If you have any questions are would like to leave some feedback, please do so below and I'll get back to you at some point soon.