~54% of circulating supply staked vs. 38.4% at the end of 2019. ~35% of the total supply staked. ~14% annual staking reward
- Another +4% weekly growth in wallets. Balance wallets have increased 3x since September
- Main P-Reps lowered the global commission rate to 19.1% down from ~29% last week. This is great to see and shows strong commitment to long term sustainability
Last week, K-Growth Investment Corporation
, one of Korea’s most prestigious funds, announced that it’s investing in ICONLOOP. But, before we go into the details on the significance of this, I want to first address the question that continues to be brought up, “How does this relate to ICON’s public blockchain?”
We’ve answered this question many times including in our Newsletter #5: The #broof is in the Pudding
(BTW, highly recommended for you to read and share). But, there continues to be confusion in the community. No worries. I’m happy to continue answering as long as it takes.
I see alot of people commenting on the relationship of $icx and @iconloop…
Congrats to the private chain that unfortunately doesn’t use $ICX. When will @minhokim and @RickyLeeDodds be accomplishing similar business growth for the Public Chain?
The ICON Foundation pays ICONLOOP and other companies (incl. P-Reps) to build the core blockchain technology, infrastructure, and tools. ICONLOOP also builds blockchain-based applications on its own including MyID, #broof, and VisitMe with venture capital funding. Both #broof and VisitMe already run on top of ICON’s public blockchain. MyID, which has not launched, plans to be connected to the ICON network in the future.
So, how does VC investment benefit ICON’s public blockchain? The answer is simple. ICONLOOP can continue to build MyID, #broof, and VisitMe that will run on the ICON network creating more users and transactions. In addition, ICONLOOP hopes for these services to be profitable so that it can build more services that utilize ICON’s public blockchain.
This brings me to what I said during my interview with Layla Heilpern from the ICONPLUS P-Rep Team
. We need more companies and teams like ICONLOOP to join our ecosystem. ICON Foundation, ICONLOOP, P-Reps, and our community have to collectively work together to attract more serious and dedicated companies to build on top of the ICON network.
Min Kim, ICON Foundation Council Member