Our weekly report for both delegators and token-holders of M.
Delegators have received their token distribution and token-holders see the price rise a significant amount.
M News
This week we see a slight increase in distributions. As mentioned last week, large new delegations take a couple of weeks to fully manifest in the income, so I hope to see a further uptick next week.
Our income and capital holdings are steady, even if some tokens continue to be volatile. Hence we can continue to increase our own M token price. A reminder that the value of the tokens earnt is both their quantity and their value.
I notice there is a small backlog of sales at the current official buyback price. This is, after all, a market and not a shop, and I have increased our power-downs so as to purchase those tokens - just be patient. At least we haven't dropped down 50% of our value!!
One game-theoretic part of the token that, I suspect, few consider is that the weekly income is divided between the delegators and the token-holders. This was designed to allow the delegators to automatically compound their returns. However, it also means that if nobody ever sells their M tokens, then that capital continues to increase, thereby decreasing the proportion going to delegators. It is thus up to each individual to periodically sell their tokens, thereby increasing the proportion going to them as delegators.
The other option is that I will make the buyback price increments much smaller to offset this effect. Just to add that we have plenty of capital to pay out all tokens, but I can see the trend.
Worth remembering that our yields are actual payouts, whereas the estimates for the chain's vote-yields are gross values that are then split between author and curator. So even if the numbers look equal, our payout is double what you would get from an average 50% curation yield.
One change to our terms. Please see below that the minimum delegation has been increased to 100 HP. Honestly, delegating 10 HP is not of much use to anybody! For the moment, we are allowing existing delegators under 100 HP to continue receiving distributions, but any changes in the amount delegated must then meet the new minimum. We reserve the right not to issue rewards to such accounts if they do not meet the new minimum.
We continue to navigate through a volatile period. It remains interesting to see that what may be good for HIVE need not always be so good for the tokens priced in HIVE.
The Numbers
Distribution to delegators = 0.271% = 14.1% APR
Buyback price = 0.944 HIVE (+0.001) = +5.7% APY
Hive gross actual vote = 15.6% APR (-0.1)
Hive gross linear vote = 24.0% APR (-0.0)
The Hive vote estimates are calculated based on the average weekly prices. The "gross actual vote" is calculated based on our HP; the "gross linear vote" is calculated based on a stake of 1 million HIVE and hence approximates to the reward curve's linear asymptote.
Note that these gross votes are then split between author and curator so that, on average, an individual will get half of these values.
Minimum delegation is 100 HP. Changes in delegation, including new ones, start earning rewards after 2 days.
Existing delegators under 100 HP who change their delegation must then conform to the new minimum or forfeit earnings.
The buyback price increase is shown as an APY because members are automatically compounding their tokens, whereas the distribution uses an APR value as that reflects the delegation income. Older-style info can be seen in our last post using the old format. The new format is explained in more detail here.
Have a fine week!
Any questions, please ask in the comments below or in our public chatroom.
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