MAP Rewarder: MAPR Payouts to Delegators and Price Increase for Token-Holders for 6 July 2020 (20.0% APR)

in Project HOPE4 months ago

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

This week's distributed profits are 0.383%, equivalent to 20.0% APR and 22.0% 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.

One general piece of news is that I shall be posting some of our articles within the Project HOPE community. As a thanks to @crypto.piotr I shall add the @ph-fund account as a beneficiary; I shall do this for 2 months then review it. Things change so rapidly that it is good to make commitments, but is also good to review them periodically. With so few appropriate and active communities left, let's hope this will be of mutual benefit.

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 54.3% [1a], 30.9% [1b], 29.9% [1c]

Value of Steem author rewards payouts = APR 26.6% [2a], 15.1% [2b], 14.6% [2c]

Distributed MAPR payouts = 0.383% (APR 20.0%) [3]
Projected Compounded APY 22.0% [4]
Average APR 17.5% (26-weeks)

MAPR BUY Price: 1.16640 STEEM [5]
MAPR Price increase = +6.3% APR
MAPR SELL Price: 1.177 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.


As I mentioned last week, I have decoupled the distribution to delegators from the token price increase. This will take, I feel, another week, so almost at the end of this process. Then we shall move back to them being about equal.

The reason for this, as also mentioned last week, is to enable another downgrading of the few third party tokens still held within the MAPR fund. The current gross income is decent, so as it is the delegators who help produce such income, I think it justified they receive the bulk of rewards, at least for this week. Token-holders also contribute, but at the moment we are powering down to allow some to liquidate, so that the proportion of SP is swinging back towards being largely owned by delegators. These large power-downs have also now come to an end and we are now back to our standard level needed to satisfy any token sellers.

On a more positive note, this week's distribution is, again, very good; it has dropped slightly to 20.0% APR due to the Steem maximal upvote finally dropping. The number [1a] above has been on a sharp rise in recent weeks and this is the first time since May that we see a small dip down. Looks like this may continue downwards, which is actually good news as it means activity - voting activity - is finally picking up.

To put these numbers in context, please take a look at the above numbers [1b, 2b]; those assume an SP of 10,000 STEEM. So a full vote yields 30.9% and the author rewards would be about 15.1% APR. So this week's income of 20.0% APR is some 30% higher than the author rewards for a 10k SP stake.

This recent market has shown us that income is not just due to the theoretical returns of the Steem blockchain, but is also dependent on the opportunities available. What I mean is, in the extreme case of zero activity, the reward pool would shoot up, giving us huge theoretical income, but without anything to vote on our income would also be zero! We have actually seen that happen, but it was very short-term during HF20.

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 the token price has 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 some 30 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.

As can be seen, the turbulence of the last few weeks has, for now, abated. We shall see going forward - there remain factors outside our control.

Anyway, don't panic! We may need to flatten the curve slightly but, to be honest, this is the least of our worries.

See you next week!

Next rewards distribution will be on Monday 13 July.

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I think you deserve some $trdo

mmm... before anybody mentions it, the beneficiaries hasn't gone through. I know how to set them - possibly changing window it didn't carry the setting. Has now been saved in advanced settings, so will double-check next time. sorry!

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