Steem Total Value Powered Up - $67 million - August 6, 2021

in #steem6 months ago (edited)

This is next in my series of posts reviewing the amount and value of powered up STEEM on the Steem blockchain. For previous posts, see the end of this entry.

Noteworthy this week, the number of powered-up STEEM tokens has reached new highs (since April 10) for the last 23 consecutive days. The number, percent, and modeled value have all moved up a bit since last week's post, and the modeled USD value of powered-up STEEM is currently at a value that had not been logged since June 3.


Here are the numbers as of a few minutes ago.

Total value locked in powered-up STEEM (USD): $67,187,341.65
STEEM market cap $198,555,159.12

Locked value in terms of other tokens:

tokenpricelocked_value equivalent
tron0.07934,936,499
steem-dollars7.309,203,745
bitcoin42,650.001,575
ethereum2,898.7223,178
litecoin148.11453,631
steem0.51130,731,204

And here are the charts, based on data collected daily since April 10.

VESTED STEEM

New highs every day since
July 12
July 14 for a current streak of 23 days.

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Value of powered-up STEEM in terms of USD

Moving basically with the larger crypto market, in a generalized up trend.

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Value of powered-up STEEM in terms of tron (TRX)

In terms of TRX, the value of powered-up STEEM broke above 1 billion for a day or two, then settled back into its familiar 800 million to one billion range.

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Value of powered-up STEEM in terms of Steem Dollars

Powered-up STEEM gained slightly this week in terms of SBDs.

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Value of powered-up STEEM as a percentage of Steem's market cap

Now above 1/3 for 13 consecutive days. Will we see 34%?

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Value of powered-up STEEM in terms of bitcoin (BTC)

STEEM had a good week, but so did BTC. In terms of BTC, the modeled value of powered-up STEEM climbed above 1,600, then dropped back to just a bit above last week's value.

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Value of powered-up STEEM in terms of ethereum

ETH gained slightly this week in terms of powered-up STEEM.

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Value of powered-up STEEM in terms of litecoin

Powered-up STEEM was mostly flat, but gained slightly in strength against LTC this week.

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Notes
  • Reference prices for STEEM and other tokens are downloaded from coingecko.com
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I have been noticing that these posts generate a lot of attention and comments lately, and so I'm finally stopping by to see what all the excitement is about. Yes, I know it's important as an individual to Power Up because it allows for better voting value, and you gain interest on staked token, but I never thought about what value all of this Powering Up has globally. Is there a benefit, beyond the individual one?

My opinion is that it's a mix of benefits and drawbacks, depending on whether you're a voter or an author.

I think the main reason people promote powering up is that when more STEEM is powered up, that means the supply of liquid STEEM is lower, which should drive up the price of STEEM on the exchanges.

I don't know if that has been empirically demonstrated, though, and it's a little like playing "musical chairs", because you don't benefit from the higher prices until you power down.

Additionally, I think a couple less favorable side-effects are that when more STEEM is powered up, the interest rate goes down and there is more competition for curation rewards.

On the other hand, for authors, I guess if more people power up more STEEM (and use it for voting), it's probably easier for your content to get found and rewarded.

Personally, I like to keep an eye on it because I think it reflects the confidence that people have in the blockchain.

I don't know if that has been empirically demonstrated, though, and it's a little like playing "musical chairs", because you don't benefit from the higher prices until you power down.

This is the point that I reflect on the most. But it does seem that, for the most part, it is a question of individual benefit that drives the Powering Up. That said, however, the fact that so many people Power Up long-term is something that gives us an advantage over other tokens, because most other PoS token have no other use than to gain interest, but then people get anxious and withdraw the stake because of insecurity, whereas most Steemian stake for the purpose of engaging the platform and therefore don't look at the price as much. Steemit incentivizes long-term holding beyond just APR.

Oh no! I just realized that I didn't upvote your comments in time. Sorry!

I think this is the first time I missed an upvote before payout time, but I knew it would happen eventually. That's one of the biggest challenges of @penny4thoughts for authors. You have to be quick upvoting comments that come in after 4 or 5 days.

No worries, Bro! Yes, it can be a challenge but this is why I try to encourage Authors to use the tag in the first 5; this way, we can always go check to see if we missed some comments before payout. You missed my comment because I think I commented on the 6th day, but I was more interested in the many comments I saw and the subject of global Powering Up.

I like to use the tag to go back to the oldest post and either read the comments or hand out some small votes to further incentivize users to follow and contribute to the project.

Thanks for including me in the other post, I really look forward to the comments, and I may use that post in my next Tino Take.

Where can I find the VESTED STEEM chart?

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As far as I know, that chart is only published here. I download the current value daily and graph it using a spreadsheet.

If you want to get the current number, though, I think you could normally find it on steemdb.io. As shown here.

For some reason, however, I notice that the main page on steemdb.io is showing data from July 31, so I'm not sure how often that gets updated. You could probably also pull it from the other block explorers, but I'm not sure exactly where.


If you have a linux shell, here's a command you can use to get the number straight from the Steem API:

curl -s --data '{"jsonrpc":"2.0", "method":"condenser_api.get_dynamic_global_properties", "params":[], "id":1}' https://api.steemit.com | jq -rS .result.total_vesting_fund_steem | awk '{print $1}'

This session's value seems to be quite lower than in previous months. Steem and SBD, on the other hand, are performing well on the markets with marginal gains in price.

True. We're doing well in comparison to late June, but I was tight on time and didn't publish posts during the weeks when values were at their recent lows. Still, the market value of Steem has been trending up for the last several weeks, and we're seeing higher percentages of staked Steem. It would be nice if that trend continues. ; -)

Probable Steem Total Value Powered Up - $72 million -
will August 13, 2021😊

You could be right. Thanks for the prediction.

This post has been featured in the latest edition of Steem News...

Thank you for featuring this post! In addition to all the great on-chain stuff that you're covering, I'm also fascinated by how Steemit's Alexa rank keeps dropping in the statistics at the end of your Steem News posts. Additionally, when I click through your link to Alexa, it's surprising to me that the US is still 3rd on the list of countries for the web site.

Very informative post. But i want to know whether will steem price go high as it was at 2017-2018...???

Valuable information, it is good to be up to date regarding the value of the Steem ..., thank you.

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Seeing these four months ago the numbers were almost double the amount of powered up that has been registered in recent weeks, the graphs have not varied much this week although outside of steemit in the market the currency is taking off again.

Yeah, the difference in USD value is that the price of STEEM was higher back in April and May. I recorded values from $0.65 to $1.37 in the posts from April 30 through May 21.

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