Is the XTZ rate 78% or 94%? ATOM was only 4% liquid

Original title: "is XTZ's pledge rate 78% or 94%?

Source: InfStones

01

According to the community discussion, according to the data of Staking Rewards (information service platform in Staking industry),XTZThe lock-up assets of Tezos, the tenth largest by market capitalisation, are worth more than $1.9 billion, meaning94%The XTZ tokens in circulation have been pledged.

In fact, it is not unusual for the lock-up assets to exceed $1.9 billion. Staking has always been a big deal. XTZ's lock-up assets have been rising along with XTZ's market value, and will definitely exceed $2 billion in the future.

What's even more amazing is the 94 percent rate in the news, huh? I was under the impression that Tezos' pledge rate should not be at the level of 70% or 80%?

All the PoS gods were skeptical of this data at the beginning, so they opened the browser of Tezos one after another. When you open it up, the browser shows that Tezos' pledge rate is78.82%Familiar recipe familiar taste Tezos looks like the same Tezos.

& have spent Source: tzstats.com& NBSP; & have spent

But are the Staking Rewards Numbers wrong?

02

If you look at it carefully, it turns out that 94% of the news has a qualifier behind it, 94% of the tokens in circulation, which is actually talking about the collateral rate in circulation.

Since the pledge ratio is a ratio, it must be one number divided by another number, numerator is undoubtedly the pledge of tokens, but the denominator generally has two choices: one is the total supply of tokens, one is the amount of tokens in circulation.

So is the 78.82% shown on Tezos browser the total or current rate?

Unfortunately, you can't tell by just looking at this number, it only has oneStaking thewireI don't know what the Numbers are.

Name is not standard, check the number of tears in two lines.

Fortunately, tzstats.com special comprehensive data, we can easily find we want to pledge amount (Staking Supply), circulation (Circulating Supply), Total Supply (Total Supply).

& have spent Source: tzstats.com& NBSP; & have spent

So if we do a little math, 78.82% is divided by the total supply, what if we divide it by the flux?

657115728/708418067 =92.76%

Less than 94% slightly lower, may be a bit of a drop in these two days, but it shows that the Staking Rewards do not deceive me.

03 & have spent & have spent

The Numbers are right, but this means the results are terrible, the original market has been released XTZ has been close93%All pledged, soXTZ in real circulation is already only 7% of the total. What does that mean? & have spent & have spent

But Tezos is not yet the public chain with the highest collateral rate in circulation.

For a long timeCosmosandTezosThey are the two PoS public chains with the highest quality/loss ratio. Their quality/loss ratio of over 70% is well known in the industry and is the benchmark for comparison among numerous peers.

Here the students began to wonder how much higher the mass ratio of Cosmos circulation could be.

First let's take a look at the amount of ATOM pledged in the official browser mintscan.io:

& have spent Source: mintscan.io  & have spent

The pledge rate shows 72.00%, but the students are obviously experienced after the Tezos case, this is the total pledge rate, not the circulation pledge rate we want! So let's put down some useful data: 183 million pledged. & have spent & have spent

Let's take another look at the circulation of ATOM: CMC; & have spent

Source: coinmarketcap.com& NBSP;& have spent

The amount in circulation is 190.7 million. Has learned the elementary school bead mental arithmetic classmate hurriedly to tell me, Cosmos's circulation pledges rate to have how high?? & have spent & have spent

183 million divided by 197 million =95.96%

Cosmos has a high collateral rate of 96%. So 96% of the circulation is locked, and according to Cosmos's rules, it takes 21 days to release the pledge, and only ATOM is actually "in circulation.4%.

04

By now the answer is very clear, Cosmos, Tezos browser shows the mass rate is the total mass rate, if the flow of the mass rate to calculate, their current mass rate are as high90%The above.

In fact, in my impression, Tezos, Cosmos in six months ago in the circulation of the quality Ratio is only 60%~75%, indeed in the last half year increased a lot, and the browser mark has been "Staking Ratio", also can not be divided by the total or the amount of circulation, so without further study, it is easy to confuse.

So we generally use the total volume of the rate or the flow of the rate? In fact, everyone is usually used in their own, love to use which with which, Staking industry and there is no standard specification. We directly interviewed several people in the group on this issue. From the perspective of the Staking service provider, we are still more inclined to use the circulation pledge rate, the reason is also very clear, very intuitive to know how many tokens are unlocked. A lot of public chain browsers show the rate is also calculated by the flux, such as Wanchain, IoTeX, etc.

So why do the pledges/voter turnout rates shown in public link browsers like EOS, Tezos, Cosmos, etc., prefer to be calculated in total? This is teacher liu's last question.

I thought about it for a while, and I quickly realized what they had in common. In their economic models Inflation is based on fixed values of total supply, such as 1% for EOS, 5% for Tezos and 7% for Cosmos. The most important formula in Staking is (I know the formula to add one, less than half of the readers, but this is directly related to the yield, we must remember!).

Rate of return = rate of inflation/rate of collateral

So if you're going to take the total amount and you're going to take the total amount and you're going to take the total amount and you're going to take the total amount and you're going to take the total amount and you're going to take the yield, that's why.

Original link:https://mp.weixin.qq.com

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