📜 Introduction

What is Flow ?

• Flow is a decentralized and developer-friendly blockchain. Flow is designed as a foundation for the new generation of games, applications, and digital assets. The Flow project claims to be based on an architecture that attains the required performance for mainstream applications
• Originally conceived by the team behind CryptoKitties, Flow today is a decentralized network supported and built on by a growing community of  brands and Web3 builders

What are we doing here ?

• in this section we are going to analyze the progress toward decentralization at the Flow ecosystem
• Before Deep Dive into the ecosystem we should first get familiar with some Key-Topics

📌Key Topics

• What is Node & Staking ?
  • Node operators are what we call the people who run nodes. In order to connect their software applications as nodes on the network, a node operator must first purchase tokens. Every node operator has to temporarily give (or ‘stake’) a large number of their tokens to the network as a promise that they will not modify their node to do something that is against the rules of the network, like steal funds from users' accounts. This process of temporarily giving up tokens is called staking
  • If a node ever breaks the rules defined by the network, a number of the node operator's staked tokens will be taken from them as a punishment. This process is automatic. Every node knows the rules defined by the network and automatically watches other nodes and reports them if they misbehave. Meanwhile, the network pays the node operator a reward from a mixture of transaction fees and newly minted tokens on a regular basis provided their node does not break the rules
  • If a node operator breaks the rules, they lose the tokens they've staked. If they operate their node with integrity, they get rewarded with more tokens! This is the basic incentive that enables a decentralized proof-of-stake network, like Flow
• How Does Staking Work on Flow ?
  • The Flow protocol maintains a list of node operators. The list contains important information about each node, like their public keys, node address, and what kind of node they are running. (Collection, Consensus, Execution, Verification, or Access)
  • A node operator registers a node by submitting a transaction containing their node information and the FLOW they wish to stake. If they meet the requirements to run a node, then will be accepted to join the network!
  • Once a node is staking and operating properly, it will receive periodic reward payments, assuming it stays online and actively participates in the protocol without committing any actions that would harm the network, which we call slashable offenses. Once nodes have registered, they are required to operate for a protocol-specified timeframe. This timeframe is otherwise known as an Epoch

🤔 Questions?!

In this dashboard, I’m going to perform an analysis of following questions :

• How much $FLOW has been staked since today ?
• How much $FLOW is staked/UnStaked over time?
• How many unique delegators there are , and over time ?
• What are delegators behavior over time ?
• Total Amount of Node Over Time ?
• Development and Deployed contracts over time ?
• How Much amount of $FLOW staked vs $FLOW circulating ?

🔎 Methodology

the main table that I’m going to use is flow.core.ez_staking_actions

By filtering the events on the table we find out the staking actions on the database; There are several type of actions on this table which I have classified them into 3 overall types:

• Stake = DelegatorTokensCommitted & TokensCommitted
• Unstake = DelegatorUnstakedTokensWithdrawn & UnstakedTokensWithdrawn
• Claim Reward = DelegatorRewardTokensWithdrawn & RewardTokensWithdrawn

Also in this article we were just calculate successful transactions

Total Number of Staked token & Delegators

• According to the Metrics There are total 8.54K FLOW stake-related Transactions in 2023
• these transactions are related to (stake + unstack + claim reward) events
• Also these actions done by total number of 7.08K Delegators which show 1.21 transactions per delegator
• as we can see from the metrics 8.37M $Flow has been staked in 2023 but on the other hand the amount of unstaked token make the pure amount to lower volume which 3.52M $Flow
• as we can see from the left metric %0.34 of all circulating flow token has been staked on the ecosystem which could be a positive point for the network in new year ( The total NET staked FLOW is currently 8.37M FLOW ; With considering 1036200000 tokens as circulating supply of FLOW )

Amount of staked/UnStaked Token & Delegators over time

• According to the Net Staked Graph we can realize that the highest Stake volume has been achieved in Second week of December 2022 with 7.6M $Flow Token
• Moreover we can see in the first week of new year the ecosystem experience the second spike with 3.2 Million $Flow which is significant amount compare to past weeks
• Also the cumulative chart prove that the amount of Net staked token On November reached to the highest amount which 30M $Flow but by starting the new year the trend has been recovered and going to be more stable which decreased 10 Million; So its prove that new year make more staking action and help to recovering the ecosystem health
• If we take look on new daily delegators chart we can see a huge amount of new delegators at the October and by starting the new month an deacrising rate in new delegators were clearly visible which drop down daily delegators from 50 to 15
• On the other hand we can see the chart has been recovered from December and this trend ongoing since new year
• Also the highest number of new delegators has been achieved OCT-25th 2022; we can’t see any special event on this day so it could be happened by whales
• If we compare number of new delegators between 2022 vs 2023 we reach that average new delegators who coming into ecosystem on Q4-2022 is much more than 2023 ; But it’s clearly obvious by starting the new year the net staked volume has been recovered almost 30% which show more security and decentralization

Delegators Behavior

• According to the weekly charts which are slightly similar we can find out delegators are more interested to stake their token rather unstake it ; Also in case of transactions we can see the similar scenario
• But by starting the new year we can realize that user were more keen to claim their reward or unstake their assets which can be a negative fact for the ecosystem
• As we can see from the metrics the user addresses 0xe72ce32df935b2b4 and 0x0aabe4cf576e08ee have staked the highest FLOW volume (more than 315.60M FLOW for each address)
• These two addresses takes %66.2 of all staked staked token and also %60 of all circulating token on the ecosystem; it can be negative factor for the ecosystem because high percentage amount of the Flow token in control of these two address

Node Stats

• As we can see from Daily New Nodes chart from the first week of November we don’t have any node yet
• Also we can see the weekly active nodes has been dropped significantly on May 2021 from 370 Nodes to 90 Node and recovered a bit in 2022; but we can’t see any significant change during Q4-2022 till 2023
• In October 2021 the number of active nodes has been recovered and till now the ecosystem had stable number of Active node
• By checking the distribution delegators between nodes we realize that 3K delegators delegates their flow token to the 2cfab7e9163475282f67186b06ce6eea7fa0687d25dd9c7a84532f2016bc2e5e node id and taken %76.1 share of popularity between delegators
• Also The node ID 2cfab7e9163475282f67186b06ce6eea7fa0687d25dd9c7a84532f2016bc2e5e has currently the most net staked FLOW

Conclusion

According to the Metrics :

• Since May 2022, The circulating supply of $FLOW is 1,036,200,000 FLOW tokens which %67.4 of these token has been staked till now; which 0.34% of this amount achieved in 2023

• According to the Metrics There are total 8.54K FLOW stake-related Transactions in 2023; Also these actions done by total number of 7.08K Delegators which show 1.21 transactions per delegator

• despite of last months of 2022 In 2023 an average day, There are more number and volume of stakes than unstakes which show more population and health for this blockchain

• The highest number of nodes were active during January till April 2021 but after that there was a decreasing number of Nodes till October 2021, But after October, There was again the increasing trend of active nodes which shows the increasing decentralization of the Flow blockchain

• by comparing number of new delegators between 2022 vs 2023 we reached that average new delegators who coming into ecosystem on Q4-2022 is much more than 2023 ; But on the other hand by starting the new year the net staked volume has been recovered almost 30% which show more security and decentralization

• the user addresses 0xe72ce32df935b2b4 and 0x0aabe4cf576e08ee have staked the highest FLOW volume (more than 315.60M FLOW)

• Also both user addresses 0x0aabe4cf576e08ee and 0xe72ce32df935b2b4 have currently the highest net FLOW staked (both have 31,2500,000 FLOW staked)

• Node address 2cfab7e9163475282f67186b06ce6eea7fa0687d25dd9c7a84532f2016bc2e5e is the most popular node on FLOW that includes almost 77% of all total delegation and delegators activity !

• but the node ID The node ID 2cfab7e9163475282f67186b06ce6eea7fa0687d25dd9c7a84532f2016bc2e5e has currently the most net staked FLOW

• So by Comparing all metrics we realize that the total number of Delegators and also staked amount has been increasing in 2023 and new year help to recover the ecosystem. also active users are more interested to stake their funds than unStake it; all of these conclusion show us the Flow ecosystem are going to more and more decentralized over time

• Hope you Enjoyed 🖤

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