The Hive Power is an essential parameter for the Hive ecosystem. Hive Power holders are the ones that vote for witnesses, DHF proposals, curate posts, and receive curation rewards. It’s the main asset on the chain.
Is the amount of powered up HIVE (staked) increasing or decreasing?
Let’s take a look at the data.
We will be looking at:
- Hive Powered Up by Date
- Hive Powered Up by Month
- Hive Power Supply
- Hive Power Share
- Top Accounts That Powered up
- Top Accounts That Powered Down
Note that in the daily amount of powered up HIVE I have included the HP that is rewarded daily to hive users, as that HP enters in circulation and adds on top of the existing HP.
Daily Hive Power Changes
I have named this section as Hive Power since it can go up or down, but because of the new HP that enters circulation it doesn’t mean that HP is being powered up.
Here is the chart.
This chart dates to 2016 for context.
As we can see there was a lot of powering down back in 2016-2017. This is because the token started with all the HIVE, or STEEM back then, powered up, and there were no liquid tokens to trade on exchanges.
Another spike in the powering downs is at the beginning of 2018, and again in April 2020.
In the last years we can notice that the volatility has dropped a lot and there is more stability around Hive Power.
When we zoom in 2023-2024 we get this:
While we can notice the ups and downs, the volatility is much lower than the previous years, and in the range of -200k to +200k HP daily. In the previous period these numbers were literally in the millions.
On a monthly basis we have this:
The trend here is similar to the daily chart, with a lot of powering down initially, one more volatility in 2020 when the war for the chain was ongoing, and a more stable data since then.
In 2023-2024 we got this:
We can see that January 2023 was positive with 1.5M more HP added, but the next three months were negative with March 2023 with -500k HP. Since May 2023 all the next months are positive, with October 2023 and February 2024 reaching 1M.
Note that on average around 2M HP is added on a monthly level from rewards.
The yearly chart looks like this:
2017 has been the one year with more HIVE powered down. A net 15M HIVE powered down in 2017. 2022 has been a record high year for HP added with 17.5M HP. In 2023 we were around 6M HP and this is relatively low when compared to the previous year, somewhere like 2021.
The light columns are the amount of new HP added in that year, basically showing how much of the rewards stayed powered up in relative terms.
HIVE Power Cumulative Supply
When we plot the cumulative HIVE power in the period, against the total supply we get this.
The bottom strongest white is HP, while the share in the middle is the HIVE that is locked up in the DHF. The top is liquid HIVE.
We can notice that in the last years there has been an uptrend in the amount of HIVE Power.
The HIVE in the DHF was previously powered up, but then it was transferred in the DHF and is now slowly converted to HBD over a period of five years.
We can notice the ups and downs in March 2020 when the hostile takeover happened.
Overall, the HIVE Power has been growing slowly in the whole period, but the liquid HIVE has even more aggressive expansion up until 2021. The other thing that influence the liquid HIVE supply is HBD, and when HIVE to HBD conversions happen that reduces the liquid HIVE. The liquid HIVE is attacked so to speak from two sides, HP and HBD.
Hive Power 2020 - 2024
When we zoom in on Hive Power only, we get this:
A slow increase in the amount of HIVE powered up, from 140M HP in 2020, to 174M HP now.
The chart for the liquid HIVE looks like this:
A steady uptrend here as well with some spikes on the downside. This happens usually when there are conversions to HBD.
We can see the drop back in September 2021, when there were a lot of conversions to HBD. A recent smaller drop in February 2023 as well.
In 2020 there was around 145M liquid HIVE and now we are at 209M.
The conversions now play a more important role in the amount of liquid HIVE than the HP itself.
Hive Power Share [%]
Here is the chart in percentage points.
This is from the start of the Hive fork in March 2020.
We can notice that the HP share has been hovering close to 50% for a long time. Back in 2021 this increased to 52% at one point, after a period of decline. In the last year we are again in a slow declining mode with the share of the HP dropping from 49% at the beginning of 2023 to 45% where it is now.
HIVE Supply Share
When we plot the current supply on a pie, we get this.
- 41% Hive Power
- 49% Liquid HIVE
- 10% HIVE in the DHF
Having in mind that the HIVE in the DHF is locked we can say that a cumulative 51% of the HIVE supply is powered up / locked.
Top Accounts that Powered Up in 2024
Who is powering up the most?
Here is the chart for 2024.
The @dsky account is on the top with close to 700k HP powered up in 2024, followed by @somecallmejake and @spi-store.
Top Accounts that Powered Down
Who is powering down the most?
@elmerlin is on the top here with close to 700k HIVE powered down, followed by the @hbdstabilizer account and then @steemmonsters.
All the best
@dalz
