MAP Rewarder: MAPR Payouts to Delegators and Price Increase for Token-Holders for 30 Sep 2019 (17.0% APR)
This week's distributed profits are 0.326%, equivalent to 17.0% APR.
Total rewards to delegators and token-holders, including bonuses, are 0.339%, or 17.7% APR.
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.
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 26.8% [1a], 15.3% [1b], 14.7% [1c]
Value of Steem rewards payouts = APR 13.4% [2], 7.6% [2b], 7.3% [2c]
Distributed MAPR payouts = 0.326% (APR 17.0%) [3]
Total MAPR payouts = 0.339% (APR 17.7%) [4]
MAPR BUY Price: 1.03655 STEEM [5]
MAPR SELL Price: 1.04691 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] Total payouts for the week, including bonus upvotes, free full upvote, free SBI and this week's distribution.
[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 [2].
Our payout [3] is now significantly higher than most users can achieve [2b, 2c]
and
higher than most users can even generate with a full vote [1b, 1c].
Profits will be paid today in the new MAPR tokens.
MAPR News
I am pleased to see our returns edging upwards again. It really needs to be stressed that in this new environment, our income is significantly higher than most users can generate by their own SP; these are the figures [1b,c] and [2a,b,c].
We have all had to adjust our expectations downwards - well, most of us - and getting back up to the 20% APR may well be a challenge, but the differential between what MAPR is achieving compared to the norm remains robust and positive.
This is also a period of experimentation, with new ventures and new types of tokens coming onto the scene. We are therefore broadening our holdings to take advantage of these. Those with pioneering ideas may have the advantage of being first to market, but sometimes it also comes with the disadvantage that the program is new and not well understood. In many markets, new entrants in an established niche do much better precisely because that sector has already been well-defined and they can optimise their program to meet the needs of an existing user base.
In conclusion, MAPR's returns may be lower than pre-HF21, but they have actually increased when compared to what most individuals may be able to achieve alone. I mean, just compare our own 17% APR [3] with an author rewards of 7.3% [2c]. Even if one adds in curation rewards, the total returns on a 1,000 SP account may be about 10-11% APR, and that's assuming a fully self-voting strategy. Curation rewards alone are difficult to estimate as they also depend on timing, but will be in the same region of about 7% APR.
See you next week!
Next rewards distribution will be on Monday 7 October.
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