Steem Total Value Powered Up - $27 million - September 3, 2023

This is next in my series of posts reviewing the amount and value of powered up STEEM on the Steem blockchain. For previous posts, see the end of this entry.

Attention:

Due to ongoing API reliability challenges, the customary @penny4thoughts setting has not been applied to this post.

Noteworthy in the last week

Week over week, the number of powered up STEEM increased by about 190 thousand SP, or 0.11%.
Over the course of the week, we saw five daily increases and five new highs in the number of staked STEEM. The current streak of daily new highs stands at three.
The modeled value of powered-up (staked) STEEM lost ground against all comparison tokens.
Changes ranged from -3.85% against USD to -0.22% against SBD.
Compared to the January 1, 2023 baseline, the modeled value has lost ground against BTC, ETH, and TRX. It has gained ground against LTC, SBD, and USD.
This week's completed powerdowns were reported at 414K, which is a decrease of about 19% from last week's 512K.
We saw 1,856 new accounts created - down from 2,696 last week.
Net migrations of account classifications showed 3 less orcas, 10 fewer minnows, and 13 more redfish.
The long-term decline in the number of minnows continued, with new lows registered on Thursday, Friday, and Saturday.
This week's numbers may be influenced by a widespread disruptive event where the Steemit web site was offline intermittently for more than a day between August 30 and September 1. The web site now seems to have stabilized, but API availability and functionality issues are continuing.

Here are the numbers as-of a few minutes ago

Total value locked in powered-up STEEM (USD): $27,434,783.57
External STEEM market cap (coingecko) $68,453,626.94
Internal STEEM market cap (median_price * current_supply) $68,203,400.00

Locked value in terms of other tokens:

token	price	locked value equivalent	Jan 1, 2023	pct of Jan 1 baseline
tron	$0.08	357,051,727	445,758,870	80.10%
steem-dollars	$2.12	12,940,935	11,564,498	111.90%
bitcoin	$25,844.00	1,061	1,477	71.87%
ethereum	$1,628.23	16,849	20,406	82.57%
litecoin	$63.78	430,147	344,287	124.94%
steem	$0.15	177,391,153	166,882,703	106.30%
USD	$1.00	27,434,784	24,516,738	111.90%

And here are the charts, based on data collected daily since April 10, 2021.

This slide (new after April 16, 2023) takes its data from steemchiller's SDS getVestingStats API call.

Daily Changes

Here is a chart of daily changes in powered-up STEEM from April 11, 2021 to present. The graph also includes a linear trend line and a 28 day moving average..

Here are some descriptive statistics, for numbers geeks.

VESTED STEEM

Today's downloaded value was 177,371,913, which was up by about 190K STEEM, or slightly more than ¹/₁₀% from last week's observed value. The graph appears to have nearly flattened out in recent weeks, but there is a slightly perceptible upslope.

Modeled value of powered-up STEEM in terms of USD

In terms of USD, today's value at download time - about 27 ¹/₂ million - remains higher than the December 30, 2022 low of $23,718,335.58. It declined by about $1.1 million, or almost 4%, during the week.

Modeled value of powered-up STEEM in terms of Tron (TRX)

Powered-up STEEM declined by about 12¹/₂ million against TRX or roughly 3¹/₂%. This value reached a new low of 346,873,290 yesterday (September 2), and bounced back a little bit to 356,305,517 with today's download. This new low isn't all bad news, however, since many authors and voters accumulate TRX rewards along with STEEM POWER.

Modeled value of powered-up STEEM in terms of Steem Dollars

Powered-up STEEM dropped by about 29 thousand SBDs, roughly ¹/₅%, during the last week. The current value remains slightly above the long term mean.

Modeled value of powered-up STEEM as a percentage of Steem's market cap

With today's observed value of 40.09% the graph was basically flat for yet another week. We have now seen 10 days above 40%; 517 consecutive days above 39%; 581 consecutive days above 37%; 708 consecutive days above 35%; and 771 straight days above ¹/₃.

^{*As previously reported, the big drop on December 4, 2022 was due to a correction in the value that Coingecko is getting for its circulating supply. Numbers before December 4, 2022 were based on an artificially low supply measurement.}

Modeled value of powered-up STEEM in terms of bitcoin (BTC)

Powered-up STEEM declined by about 37 BTC, or 3¹/₃%.

Modeled value of powered-up STEEM in terms of Ethereum

Powered-up STEEM decreased by about 500 ETH or 3% in the last seven days. The value stands about 2,800 ETH above its June, 2021 low.

Modeled value of powered-up STEEM in terms of LTC

The weekly change for powered-up STEEM against LTC was a decrease of about 8,900 LTC, or about 2%.

Daily Powerdown Activity

Here is graph with data from steemdb.io to show daily completed and pending powerdown activity. The graph shows 414K in completed powerdowns last week and 523K pending (both measured from Sunday through Saturday[GMT time zone]). This represents a potential increase in powerdowns by about 27% or less. The powerdown value for today (September 3) is filled in with a value from SteemWorld, because SteemDB is not currently giving any value.

The horizontal lines are the average values for completed (blue) and pending (cyan) powerdowns, and the yellow line is a 28 day moving average of completed powerdowns. "Pending" numbers now come from the Steemit API, not from steemdb.io.

Here are some descriptive statistics for the numbers geeks

And with a total of 1,727 pending power downs (down from 1,970 last week), here are the times, dates, and amounts of the top-10

1 2023-09-03T22:40:06 - 134,477,357 VESTS, 76,796 STEEM
2 2023-09-04T00:51:21 - 62,066,131 VESTS, 35,444 STEEM
3 2023-09-09T09:12:15 - 47,578,004 VESTS, 27,170 STEEM
4 2023-09-04T11:02:33 - 32,725,534 VESTS, 18,688 STEEM
5 2023-09-05T00:15:24 - 31,962,321 VESTS, 18,253 STEEM
6 2023-09-07T07:52:18 - 25,586,104 VESTS, 14,611 STEEM
7 2023-09-07T04:57:30 - 24,573,044 VESTS, 14,033 STEEM
8 2023-09-09T06:32:00 - 24,333,889 VESTS, 13,896 STEEM
9 2023-09-06T14:42:39 - 23,584,105 VESTS, 13,468 STEEM
10 2023-09-04T04:29:51 - 22,119,402 VESTS, 12,632 STEEM

Notes

Reference prices for STEEM and other tokens are downloaded from coingecko.com

For links from 2021, 2022 and the first half of 2023, see these posts:

^{Pixabay license, source}

Reminder

Visit the /promoted page and #burnsteem25 to support the inflation-fighters who are helping to enable decentralized regulation of Steem token supply growth.

I hadn't noticed that before. It could be that this has something to do with the recent outage.

Yeah, based on recent github commits, I'm guessing that they're putting some sort of caching into hivemind, and they probably have steemitdev offline to the public while they do their testing. The corresponding web site is offline, too. We'll see.

You could use my server in the meantime: https://api.moecki.online

Thanks. I switched to upvu's API earlier today, and it seems ok for now. It's a number of hours behind, so I don't want to interrupt it, but I'll try https://api.moecki.online if I encounter problems again.

Eventually, I'd like to enable autoswitching, but it's another one of those things that I've never made time for. Autoswitching is supposed to be built into the steem-python library, but from my observations, that seems never to have worked very well.

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shohana1 (77) · last year

$27 million sounds really good. Sorry for the issues you are having using steemit dev API. I wish the problem will be fixed soon. I may contribute on powering up again next few days. Maybe like before, I'll power up weekly like 7th, 14th, 21st and 28th of the following month. Thanks for sharing these data with us. Have a nice day!

$0.09

2 votes

moecki (71) · last year

Due to ongoing API reliability challenges

What problems are you actually talking about? I was already wondering about your post yesterday. Do you mean problems with your scripts?

remlaps (75) · last year (edited)

Yeah, the steemitdev API is totally down, Steemit's primary api is failing frequently, and justyy's load balancer is giving back inconsistent results to repeated identical queries.

steemitdev API is totally down

justyy's load balancer

Do you mean https://steem.senior.workers.dev/?
It seems that the server has a problem.... https://steemit.com/@moecki/s0fffs
You could use my server in the meantime: https://api.moecki.online

is giving back inconsistent results to repeated identical queries.

Hm, this is already very mysterious!

$0.20

3 votes

remlaps (75) · last year

$0.10

1 vote

but from my observations, that seems never to have worked very well.

From my observations too! I have not been able to determine why this does not work.

yas548 (60) · last year

Thanks for the analysis. It is very important for sp blockchain. the more sp the more prestige. i like the amount of sp this week

$0.02

Steem Total Value Powered Up - $27 million - September 3, 2023

Noteworthy in the last week

Here are the numbers as-of a few minutes ago

And here are the charts, based on data collected daily since April 10, 2021.