Hive Powered Up Is Stagnant In 2023 | What Is Causing This? | Data On Hive Powered Up, Share, Top Users
It seems that there has been a few big accounts powering down on Hive, causing the overall Hive Power in the system to remain at the same levels even though with the continuous new HP being rewarded daily.
Let’s take a look at the data.
Background generated with Midjurney
We will be looking at:
- Hive Powered Up By Date
- Hive Powered Up By Month
- Hive Power Supply
- Hive Power Share
- Top Accounts That Powered up
- Top Accounts That Powered Down
The period that we will be looking here is 2022 - 2023.
Hive Power Added/Removed In 2022 - 2023
Here is the chart for the net HIVE power added or removed in 2022 – 2023.
These are daily net columns that sum up the HIVE power added or removed for the day. Positive column means that there is more HIVE power added on that they, and negative more powering down.
We can notice that in 2023 there are occasional spike on the downtrend, more than usually. This is because of one or two big players powering down.
Note that the HIVE power from rewards/inflation is also included, as all the new HIVE is entering circulation as HP.
On a monthly basis we have this:
After a full 2022 with positive HP added, we can see that in the first months of 2023 HP is negative, meaning more HP powered down, then powered up.
The record high is May 2022 with more than 4M HP added, while the record low is March 2023, with net -500k HP. May just started, but it seems a bit more positive after
Bear in mind that around 2M HP per month is entering in circulation from inflation.
The yearly chart looks like this:
2017 has been the one year with more HIVE powered down. A net 15M HIVE powered down in 2017. 2022 has been a record high year for HP added with 17.5M HP. 2023 is 30% in, and it has a low amount in HP added for now.
HIVE Power Cumulative Supply
When we plot the cumulative HIVE power in the period, against the total supply we get this.
The red is HP, the middle one is HIVE in the DHF. The light is liquid HIVE.
We can notice that in the last two years there is an uptrend in the amount of HIVE Power.
The HIVE in the DHF was previously powered up, but then it was transferred in the DHF and is now slowly converted to HBD over a period of five years.
We can notice the ups and downs in March 2020 when the hostile takeover happened.
Overall, the HIVE Power has been growing slowly in the whole period, but the liquid HIVE has even more aggressive expansion up until 2021.
Hive Power in 2022 - 2023
When we zoom in on Hive Power only, we get this.
We can see the change in the trend here. After a slow growth up to January 2023, we can notice a slow decline in the HP in the last few months.
2023 started with 166.2M HP and now we are at 166.8M HP. A very small increase of 0.6M HP. As comparison in 2022, there was 17.5M HP added or on average on monthly basis 1.5M HP.
Liquid HIVE
The share of liquid HIVE in 2022 looks like this.
A steady uptrend here as well with some spikes on the downside. This happens usually when there are conversions to HBD.
We can see the drop in February 2023, this is due to conversions of HIVE to HBD, but then an increase again in March 2023.
At the beginning of 2023 there is 173.5M liquid HIVE and now there is 179.3M. An increase of 5.8M HIVE. For comparison in 2022, there was an increase of 25M liquid HIVE, or around 2.1M per month.
The conversions now play a more important role in the amount of liquid HIVE than the HP itself.
Liquid VS HIVE Power
Here is the chart in percentage points.
The chart is zoomed in around the 50% to better represent the trends.
We can clearly see the downtrend for the HP share in 2023 here. At the top in February 2023, the HP share was around 50%, and has dropped to 48.2% in the last two months.
In the last year the share of the HP was almost constant around the 49%.
HIVE Supply Share
When we plot the current supply on a pie, we get this.
- 42% Hive Power
- 45% Liquid HIVE
- 13% HIVE in the DHF
Having in mind that the HIVE in the DHF is locked we can say that a cumulative 55% of the HIVE supply is powered up / locked.
Top Accounts That Powered Up In 2023
Who is powering up the most?
Here is the chart for 2023.
The @threespeakvoter account is on the top with more than 500k HP powered up in 2023, followed by @alpha-homer and @arpolkin.
Top Accounts That Powered Down
Who is powering down the most?
The @mottler account is dominant here and has powered down a massive 2.5M HP. This is an old account from the very beginning of the chain back in 2016 and it was idle for most of the time since then, not even using the HP for curation. That has changed in the last period and the account is now fully powered down.
On the second spot is another big account @encrypt3dbr0k3r that has powered down 1M HP in 2023.
All the best
@dalz
These are interesting stats.
I am quite young on the Hive blockchain so I cannot really know potential correlation between Power-Ups / Downs to events on the chain.
What I think is that now we are negative again because in February and March there has been some recovery in the market and Hive as well, gained traction, touching a local max in the area above 0.60$.
I think that some of the Power-Downs were meant to take advantages of the price to liquidate some.
I bought some hundreds of Hive when Hive touched the minimum in the area of 0.28$ and I am using them in the Power Up days and I do not have plans to power down until at least the next year. But I am a very small fish here, if compared to bigger :D
Thanks for the detailed information Dalz. What will happen to the DHF? It will convert completly to HBD?
Sr. I don't think it will converted completely to HBD
OK, good to know.
The HIVE in the DHF?
yes you wrote that it is converting to HBD over a period of 5 years. Is that hard-coded or something?
Yes it is hard-coded, and it will all be converted in HBD in a few years
Thanks! Appreciate your work.
@dalz thanks for sharing this useful and really detailed or interesting information or statistics it help alot to understand what's happened in 2022 or 2023 with Hive power and hive coin supply
who is @mottler??
Old whale, in the top 5 holders, that was idle until now :)
That is how much I know
It's our fault: https://www.proofofbrain.blog/hive-150329/@leprechaun/pob-journey-100-000-pob-powered-up
I suspect that part of this reduction in powering up relates to the relative attractiveness of HBD savings. HBD savings with the current interest rate appears to be simultaneously lower risk and higher return than Hive Power, especially if you expect the current bear market to continue for a long while.
Also I'm on the list of top power ups, but in fact I have net powered down in the period. I am always powering down and powering back up as a matter of flexibility.
I suspect this as well and I think he might be somewhat related to that lazy-panda account... but cant really tell though
20% does have the nasty side effect of misaligning incentives. More pay for less say. Paid more to be away.
Nice presentation of the data. I'm sad to see @encrypt3dbr0k3r leave, I thought they'd stick it out longer. But hey, gotta do what's right for yourself eh? Whales leaving just means someone out there is going to get to buy that liquid Hive!
Thanks for the interesting and detailed stats about Hive power. When all the Hive in the DHF is converted to HBD, will it all be put in savings to earn the APR while also funding proposals that reached the threshold for funding?
Big accounts might be starting their exit liquidity plan for when Hive starts to go up, with a high of $0.51 many thought it could easy go back to $1 and thats a psychological target that whales might use on their favor to liquidate some Hive, rather than whale accounts I think it would be curious to know what mid size accounts are doing, the mass of actual active users, thx for the data ✌️
Thanks for the detailed analysis @dalz, I think people powering down is a thing to worry about, especially when big investors like @mottler are leaving the platform or removing hp from the platform. Hopefully, Hive will regain the trust of lost investors in the coming times.
Probably to an extent, the market bleeding in the Crypto space generally affect it
I never knew hive power down have an effect on the price, it's really nice to know this an thanks for sharing.
Never heard about @mottler earlier, seems to be old school but never used the account. Wouldn't this massive liquidation impact the chain ? Good to see the new addition @alpha-homer, lets see what kind of home he is building.