MAP Rewarder: MAPR Payouts to Delegators and Price Increase for Token-Holders for 1 June 2020 (16.1% APR, 17.3% APY)

in #crypto4 months ago

Earn significant passive income with STEEM without locking SP by investing in MAPR tokens.

This week's distributed profits are 0.309%, equivalent to 16.1% APR and 17.3% APY.

This is higher than most individuals can earn from vesting their own STEEM.

There is a lot of information to get through today, so please read the News below very carefully.

Remember that MAPR has a unique distribution and pricing system. If you look at the MAPR tokens you, as delegator, have received today, multiply that number by the new official BUY Price and you get the same amount in STEEM as you would have done under the old system of just paying out STEEM transfers.

Token-holders receive no token distribution, unless they are also delegators. Their profit comes in the token price increase.

The added bonus is that if you don't sell this week's tokens, then next week their value will rise to at least the new BUY Price. This is how the token allows compounding of profits, for both delegators and token-holders.

Using the language of investment trusts, delegators hold "income" stakes where the "interest" is paid out in tokens, whereas token-holders have "capital" stakes where the profit is added to the token price.

A reminder that new delegations start to earn 2 days after the day of delegation. This means that the first week's payout will be lower than for a 7-day week. Also, as payouts are done on Mondays, delegating on a Saturday or Sunday will yield no distribution till the following week. This has always been in place and is to avoid people trying to game the distribution. The positive part is that there is no unstaking period for the tokens, merely the standard waiting time for undelegating.

MAPR: The Numbers

All these numbers relate to a 7-day period (Monday to Sunday) and calculated in STEEM per SP.

Value of Steem upvotes = APR 35.2% [1a], 20.1% [1b], 19.4% [1c]

Value of Steem author rewards payouts = APR 16.8% [2a], 9.6% [2b], 9.2% [2c]

Distributed MAPR payouts = 0.309% (APR 16.1%) [3]
Projected Compounded APY 17.3% [4]
Average APR 16.8% (26-weeks)

MAPR BUY Price: 1.15923 STEEM [5]
MAPR SELL Price: 1.17082 STEEM [6]

[1] Theoretical maximum value of Steem upvotes, assuming 10 full upvotes at 100% power for 7 days, averaged over 7 days and expressed as an APR. This calculation was performed for an SP of 1 million STEEM to be as close as possible to linearity. Your own upvote will be somewhere between 50-100% of this value.
The values are now calculated for three levels of voting power: 1 million SP (a); 10,000 SP (b); and 1,000 SP (c).
[2] Theoretical value of Steem upvote author rewards, assuming 50% curation rewards, 50-50 split of post payouts and SBD print rate, averaged over 7 days and expressed as an APR. Your own author rewards will be somewhere between 50-100% of this value.
[3] MAP Rewarder distributed payout sent to delegators this week as tokens and the MAPR price adjusted to reflect this.
[4] Equivalent compounded yield as an APY for this week's distribution in [3]. We now have enough data to give a better historical picture of progress and have including a 26-week average to give a measure of medium-term returns.
[5] Our BUY price is the price you may sell your MAPR tokens such that their value in STEEM is the same as if this week's distribution was done by direct STEEM transfer.
[6] Our SELL price is about 1% above the BUY price.

Our MAPR distribution [3] is much higher than the average blockchain author rewards for most users [2b & 2c].

Profits will be paid today in the new MAPR tokens. The token buy-backs on Steem-Engine may need to wait a few hours for our power-down to take place.


The Steem blockchain continues to behave in an unpredictable manner; in just five days, it's reward pool has shot up from 880k to 950k STEEM. I have never seen this type of behaviour in the 3 years that I have been on the chain. The only similar situation was immediately after HF20, but that was short-lived and the upvote yield then came back down to its customary range of 20-24%.

Our income continues to be better than other sources, especially for those users with modest amounts of SP, but it also continues to be highly variable from week to week.

The maximal upvote continues to rise, yet the author returns have dropped slightly. This one is quite easy to explain as the SBD has been hovering below the $1 mark, hence author rewards are slightly less than half (assuming a 50-50 rewards split).

However, remember that even a self vote, something like [1b] which is a decent amount of 10,000 SP, would yield just 9% to the author. You can also see from our numbers that this is due to almost two halvings: the HF21 reward curve almost halves the vote value compared to linear and then another half is given to curators. So, from what appears to be a huge whale vote, the average minnow is taking home about a quarter of that.

We shall continue to generate yields that are as high as we can given the economic model and in the hope that activity - voting rshares activity - will pick up at some point.

And finally, although our weekly returns are variable, here is a graph of how we have been performing since the MAPR token was launched. (Thanks to @gerber for the discord-bot.)

MAP Rewarder, without the token, has been in operation for over 24 months, so you can extrapolate back from that graph to get an idea of our returns to members. We celebrated 2 years of operations at the start of February.

"This graph is a record of actual transactions on the Steem Engine exchange so it can, in practise, deviate from this apparently-straight line!"

I quote myself as an in-house joke, as recent turbulence is now amply reflected in the above graph. This may well continue for the next 3 weeks while we power down and some investors liquidate. The dips are merely impatient sellers; notice that each week it then rises again. This is all as expected, except I expected it a few weeks back!

Anyway, don't panic - liquidity is coming to the rescue.

See you next week!

Next rewards distribution will be on Monday 7 June.

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