MAP FinTech - M Token Distribution to Delegators and Price Increase - 13 September 2021

over 2 years ago

Our weekly report for both delegators and token-holders of M.

Delegators have received their token distribution and token-holders see the price rise to increase their value this week.

M News

As promised last week, we have been able to increase our buyback price today by a further 0.1 cents. However, actual income has dropped a little, in line with the Hive blockchain yield.

Worth taking a step back from the weekly cycle to look the braoder view. Since HF25, the Hive blockchain yield, and especially the curation yield, has fallen to around 10%. Two months ago, M was able to yield 13-14% APR, whereas since then we have been around 10-11% APR. That's really just a reflection of the changed economic landscape. The extreme HIVE price volatility has somewhat muddied the waters of what are global chain metrics as the yield is not affected by such prices - but human behaviour is.

So although our weekly yield has fallen in line with the new economics of Hive, note that our token price has risen in those two months from 0.948 to 0.953; this is about 0.5% and equivalent to 3.2% APR. So that buyback price APY listed below is a significant part of the overall M yield; sure, overall less than 2 months ago, but much higher than many other passive sources.

Still thinking about making changes to M - will post this when clear.

One change to our terms. Please see below that the minimum delegation has been increased to 100 HP. Honestly, delegating 10 HP is not of much use to anybody! For the moment, we are allowing existing delegators under 100 HP to continue receiving distributions, but any changes in the amount delegated must then meet the new minimum. We reserve the right not to issue rewards to such accounts if they do not meet the new minimum. Thanks to a few members who I notice have increased their delegations in recent weeks.

We continue to navigate through a volatile period. It remains interesting to see that what may be good for HIVE need not always be so good for the tokens priced in HIVE.

The Numbers

Distribution to delegators = 0.192% = 10.0% APR

Buyback price = 0.9530 HIVE (+0.001) = +5.6% APY

Hive gross actual vote = 20.0% APR (-0.5)
Hive net author rewards = 9.6% APR (-2.8)
Dlease Hive lease max = 10.9% APR (-2.2)

The Hive vote estimates are calculated based on the average weekly prices. The "gross actual vote" is now calculated based on our HP and is the same as the old "gross linear vote", that we have now removed; the "net author rewards" estimates the payouts adjusted for HBD and assuming a "gross actual vote".

Minimum delegation is 100 HP. Changes in delegation, including new ones, start earning rewards after 2 days.
Existing delegators under 100 HP who change their delegation must then conform to the new minimum or forfeit earnings.

The buyback price increase is shown as an APY because members are automatically compounding their tokens, whereas the distribution uses an APR value as that reflects the delegation income. Older-style info can be seen in our last post using the old format. The new format is explained in more detail here.

Have a fine week!

Any questions, please ask in the comments below or in our public chatroom.

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