Key Stats
- Weekly transaction activity increased 19% vs. December 2019 levels.
- 46.6% of circulating supply staked increased 1.7% from last week and compares to 38.5% at the end of 2019.
- ICON network continues to expand with 121 P-reps, up from 120 from a week ago.
- Main P-reps increased i_rep to 44,218 from 43,232 the previous week.
Dear ICONists,
As you may already know, last week was one of the most important weeks for the ICON project. We finally published the details around
LFT2, our novel Consensus Algorithm, after ~3 years of research along with the audit report
'Analysis of LFT2' from the KAIST University team. I'm incredibly thankful for our amazing team. I'm also incredibly thankful for our community for putting your trust in us.
As the ICON team continues to deliver on the tech roadmap, we have some big challenges ahead of us on governance and IISS 3.0. Yes, our team is aware of the problems with vote stagnancy. And yes, we understand that the resulting unfairness with block rewards can be demotivating for harder working P-Reps who deserve better. I fully agree that it doesn't make sense for lower productive teams to benefit more due to more productive teams efforts, which again, we agree is what's happening.
This week, we're hosting
P-Rep Governance Meeting #3 to continue discussing IISS 3.0, which won't fix everything, but it's a start. Our team is incorporating feedback to revising the proposal. As I mentioned in the first P-Rep Governance Meeting, it's important that we keep moving forward even if you don't agree 100%. The worst and potential devastating action is non-action.
For now, I want to ask all P-Reps community members to be patient as we are still early. The network is still stabilizing. Contribution Proposal System is still being built. So, let's give benefit of the doubt to all P-Reps and allow ample time for them to prove themselves. I promise you that we'll eventually build a fair system for all ICX stakeholders.
Thank you,
Min Kim, ICON Foundation Council Member
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