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Display the progress of FLOW toward decentralization by answering these questions:
- How much total $FLOW is staked?
- How much $FLOW is staked/unstaked per day?
- How many unique stakers there are?
- What is the amount of $FLOW staked vs. $FLOW circulating?
Introduction
What is FLOW?
Flow is a layer-1 blockchain that allows developers to easily build decentralized applications for the next generation of games, finance, and assets. Even though it’s a far more recent project than other big names, like Ethereum and Solana, Flow has built a strong community in a short time. In addition to being home to over a thousand active projects, Flow also has its own ecosystem token. The FLOW token was launched in 2020, It can be used to pay for transaction fees on the blockchain and in purchases in any dapp built there. (Source)
Methodology
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In this dashboard, the decentralization of the Flow network has been analyzed in 3 Sections:
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- Overall FLOW Network Status
- Staking Charts and analysis
- MasterNodes Charts and analysis
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This dashboard uses the Flow database and the following tables to extract information:
- flow.core.ez_staking_actions
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The Max time frame provided in this dashboard:
- From December 2020 until today
Insights
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More than 1.95 billion $Flow tokens have been staked on the Flow network since the birth of the project, While the total Flow circulating supply is 1.036 billion I should remind you that this 1.95 billion $Flow is not the net staked amount. 1.284 billion of these $Flow tokens have been unstaked and that leaves us only 0.699 billion $Flow tokens as the “Net staked amount”
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Measuring the staked amount vs the circulating supply of the tokens in a proof of stake network is a good metric to assess how secure a proof of stake network is. The bigger this number is the better is the network in terms of being an ideal proof of stake model. For the Flow network, we have 0.699 billion $Flow tokens as the net staked amount right now in the network and the circulating supply is 1.036 billion $Flow tokens which results in 67.5% for $FLOW staked vs. $FLOW circulating ratio. To gain a better perspective we can compare the Flow network staking ratio to other networks' ratios. For example, Tezos have almost 74% staking ratio, Cardano has 71.5% and Ethereum has around 13% staking ratio which shows that the Flow network ratio is acceptable in the current state of crypto projects
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Flow network has 423 Maternodes right now. This number can change any day. Total stakers are 38.1k unique users and these stakers have made more than 582k transactions for delegating purposes
Insights
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61.3% of All $FLOW stakers are users with less than 100 $FLOW tokens in their stake balance. 31.7% of stakers have staked between 100-1000 $FLOW and less than 7.6% of stakers are staking more than 10,000 $FLOW. This data shows that most stakers in the Flow network are small players with small amounts of money
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Net $Flow staked right now is around 699 million $Flow tokens. This number has come from “Cumulative Staked - Cumulative Unstaked “ Over time and it is around 700 million (more or less) since September 2021. before this period, this metric was around 940 million $Flow tokens (more or less) for the most time except for most of February and March 2021 when this number collapsed to around 300 million $Flow net staked which has increased again to +900 million $Flow levels in the coming weeks
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The number of stakers in the Flow network is in an uptrend since the birth of the network. It's good to mention that on some days there are huge stakers in the network, while on some days there are huge Unstakers, On some days we have huge stakers and unstakers both, and on some days both stakers and unstakers are low in numbers. But the general pattern for stakers number is a few days of a low number of stakers and then a sharp increase in the number of stakers in one of the coming days.
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38.1k stakers have staked their $Flow so far. There are between 20 - 100 daily new stakers on most days and at the highest record we have seen 1353 new stakers on May 11, 2022
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There are more than 10x transactions related to Staking compared to unstaking. So far we have recorded more than 398k staking transactions compared to only 34k unstaking transactions in the network. Just like the number of stakers metrics we have days that Unstakers are bigger in number than Stakers but in general, we have way more stakers in the network. The highest record of stakers in the network was Jun 30, 2022, which we had around 10k Stakers in a single day compared to only 73 Unstakers on the same day
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Cumulative $Flow staked and unstaked is another interesting metric. As you can on the chart in the first months of the lunch ( Around December 2020 until the first days of February 2021) we have more than 100x Staked flow compared to unstaked amount of $Flow. On Feb 3, 2021, we have seen a huge amount of $Flow ( around 637 million $Flow tokens) have been Unstaked. On March 16 the same huge increase happened but for stakers. On this day, around 636 million $Flow has been staked. Another huge amount of unstake took place on Aug 31 and more than 210 million $Flow have been unstaked on that day. In the daily staked Flow chart we can see on some days Staked $Flow is much bigger and on Some days vice versa.
Insights
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Master node “ 2cfab7e9163475282f67186b06ce6eea7fa0687d25dd9c7a84532f2016bc2e5e ‘‘has more than 90.2% of the Flow stakers and 84.1% of Staking transactions are related to it. In terms of decentralization, we don't wanna give this much power to one master node so the Flow network is not very decentralized based on the power distribution into different master nodes
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less than 10% of stakers in the Flow network have chosen the other 422 Maternodes in the network.
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From a total of 423 active mater nodes in the Flow network history, 270 of them has been activated on December 30, 2020, and 42 of them has been activated on Oct 6, 2021. These are the most active days on the network in terms of Masternode activation While most days there is no new active node in the network
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From a total of 423 active master nodes in the history of the Flow network, on the most active month, we had a maximum of 417 active nodes simultaneously in the network which was in Feb 2021. on May 2021 we have seen a huge decline in the number of active nodes. In that month only 121 master nodes were active simultaneously. Since then the monthly number of active master nodes were always above 240 and on the highest monthly number we have seen 297 active master nodes on March 2022 and right now we have 246 active nodes in November 2022.