As we approach HF21, with the inevitable disruption to the Steem blockchain economy, I'd like to present the update to a graph I last posted some 6 months ago.
The graph below shows data from the end of July 2018 to the present. The blue line is the earning power in STEEM per active SP, assuming 10 upvotes per day at full power, annualised into an APR (non-compounded annual percentage rate). This is essentially the value of an upvote in STEEM. The red line below it is the author-rewards for the same upvote; it thus subtracts the curation rewards per upvote and calculates the rewards in STEEM assuming 50% SBD and 50% SP. Curation rewards are therefore not always a fixed 25% of an upvote once such rewards are paid out.
The one most obvious thing to notice is the large spike to the left; this took place around the time of HF20. Many users were unable to interact, this increased the reward pool so that those upvotes that did take place were worth more. It then took about 3 weeks for the upvote values to come back to their pre-HF20 equilibrium.
The second thing to notice, subtracting the disruption due to HF20, is how flat and boring the graph is! For a whole year, the Steem economy has been yielding about 21-23% on upvotes and about 15-18% in author rewards. To all those looking to stablecoins as some sort of magic bullet, how much more stable do you want?
I know, I understand, you want stability in an inherently unstable technology - you could invest in SDRs. It must be understood that stability is relative and that so-called stablecoins are merely pegged to some asset that is assumed to be less volatile than cryptos. Stablecoins are for merchants and not for investors.
Anyway, back to STEEM; it really is beyond me why Steemit still shows rewards in (pseudo) US$. It is really psychologically damaging for users to see rewards fluctuating. Imagine if they didn't fluctuate so much? Imagine seeing your rewards shown in a stable STEEM currency. The native currency is STEEM, right? This isn't some third world country where nobody trusts the local currency and hence use dollars to trade?
One of the other platforms should really try this: replace the US$ rewards and show them in STEEM. It also means users don't have to perform any mathematical gymnastics converting rewards into SP - the only calculation "behind the scenes" is the conversion into SBD for those taking earnings 50-50. I think it may also limit users ceasing to post when the market price drops as they can see that it doesn't affect their STEEM earnings.
Time to write about the coming train-wreck that is EIP... but not yet! :-) Just let me remind everyone that @vandeberg has still not posted his third deep dive to explain to us what a wonderful idea 50% curation is. I wonder why.
I shall be updating this graph after HF21 to see what story it tells.
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@rycharde manages the MAP Rewarder high income program and MAPX Token.