MAP Rewarder: MAPR Payouts to Delegators and Price Increase for Token-Holders for 8 June 2020 (18.5% APR, 20.2% APY)

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

This week's distributed profits are 0.355%, equivalent to 18.5% APR and 20.2% 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.

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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 44.8% [1a], 25.5% [1b], 24.6% [1c]

Value of Steem author rewards payouts = APR 21.6% [2a], 12.3% [2b], 11.9% [2c]

Distributed MAPR payouts = 0.355% (APR 18.5%) [3]
Projected Compounded APY 20.2% [4]
Average APR 16.7% (26-weeks)

MAPR BUY Price: 1.16170 STEEM [5]
MAPR Price increase = +12.9% APR
MAPR SELL Price: 1.1735 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.

MAPR News

This week, I have broken with tradition! The current situation demands it, and I have been thinking of doing this for a few weeks. Luckily, this is a good week for delegators, and most token-holders are also delegators.

I posted a very similar explanation for the new M token, but that is in a different situation so had no tradition to break. In the case of MAPR, I am having to deal with a new round of marking down some token values. We have never held very many third party tokens outside of the MAP FinTech family, but as I see the total fund shrinking I also see that those tokens have gone from about 5% to about 15% of our holdings.

In the past, I have easily been able to amortise any capital losses and they have had only a slight effect on weekly profits and payouts. However, looking forward to the next few weeks, this is no longer possible without distorting our true earnings. As a solution, I am decoupling the distributions to delegators from the capital increase to token-holders.

The aim remains that both types of investors should benefit in proportion to their relative contributions to the profits the fund generates. But, just as in any split-level trust, there are times when the income and capital growth do not align. In theory, it is even possible that the roles are reversed in that there is an increase in capital due to a the price increase in another token. I must admit, this has been rare, but it has happened when we have held trading game tokens such as ADDAX and TULIP.

Dealing with profits is always easy - just spread them around evenly. Dealing with losses is more difficult as balancing them out is not always so equitable. The upshot of these musings is that the token distribution and the token price will henceforth be decoupled and this will be shown as two separate APR values. The aim remains that they should be about the same, but I shall no longer force them to be so.

On a more positive note, this week's distribution is the highest in 11 weeks. This is due to two factors: our current powering down means that each week's rewards are based on the previous week's SP and hence are higher as a percentage of the current SP; and the closing down of SteemAuto has created a sharp drop in overall votes and this has further inflated the reward pool. To those investors who are not liquidating, this should be a good few weeks - with the ever-present caveat of a stable and functioning chain.

I think I've said enough for this week! To those interested in the Steem blockchain numbers published above, please read previous posts for some insights as to their meaning.

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 (again) 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! 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 15 June.

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Building Steem's Fintech

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