MAP Rewarder: MAPR Payouts to Delegators and Price Increase for Token-Holders for 23 Mar 2020 (20.0% APR, 22.0% APY)

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.

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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 22.0% [1a], 12.6% [1b], 12.2% [1c]

Value of Steem author rewards payouts = APR 10.5% [2a], 6.0% [2b], 5.8% [2c]

Distributed MAPR payouts = 0.383% (APR 20.0%) [3]
Projected Compounded APY 22.0% [4]

MAPR BUY Price: 1.12744 STEEM [5]
MAPR SELL Price: 1.13871 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].
[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 [2a, b & c]

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

Many decisions have had to be made after the Hive hardfork. Much of it is good news for MAPR token-holders, but please read everything below so you understand what will be happening in the near future.

The general aim is that the current MAP Rewarder fund and MAPR token shall remain on the Steem blockchain and Steem-Engine. A new MAPR-Hive fund and token will be created on Hive as soon as a "Hive-Engine" is operational.

The Hive airdrop means that the MAPR-Hive fund has over 17,000 HIVE sitting in our account! This is about 90% of our funds and is a result of my policy to limit the amount of holdings on Steem-Engine. That fund on Hive will be used to start a new MAPR-Hive. We do not have a date for this yet as it wholly depends on the development of "Hive-Engine".

I have taken a snapshot of all MAPR token-holders today, after the profit distribution, and will airdrop these tokens once the new Hive-based MAPR has been set up. This snapshot will not change, therefore you are free to buy and sell existing MAPR tokens on the current market. Note that MAPR-Hive will be launched at a new price once we calculate its ABV; the two funds will then be independent and will have slightly different names to avoid confusion.

To satisfy potential token sellers, I have initiated a larger MAPR power-down than usual. However, as you all know, this is a slow weekly process, but does mean there will be more tokens for sale next week. If you wish to sell, you can always put in an open sell order and see if it gets filled before next week.

I am very pleased to see that few delegators have left, indeed we have actually seen a slight increase in SP during the past few days. Please remember that your delegations still exist on Hive, so please check them. Although the MAPR-Hive fund has not as yet been optimised, it is still earning, so those delegations mean we will start with a larger fund once it is launched. It too is powering down just in case token-holders wish to liquidate on Hive once it starts.

This week's amazingly high APR is due to a couple of large undelegations. Remember that earnings go through a 7-day cycle, so this week's rewards come from the previous week's activities. I suspect this will be a one-off and we shall go back to maybe 15-17% APR. With power-downs and sales, this figure may be lower than recent averages. However, I expect it to remain significantly higher than user's APR on their own accounts. Although the blockchain earnings appear flat compared to last week, recent days have seen a sharp drop to below 10% for whale-author returns [2a], so we would still be over 50% higher than this.

I shall continue to keep members informed. Even if you have sold your MAPR holdings, please keep up to date as you may well find you have some new MAPR-Hive tokens coming soon!

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 some 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. This can happen if there are large buyers or sellers that can use up all the tokens at a particular price-point. At the moment, we are largely seeing buy-and-hold trades and the market behaves more like a shop than an exchange. So this is just a reminder that it is a marketplace and you can leave open orders to either buy below our own current price, or sell slightly above it.

See you next week!

Next rewards distribution will be on Monday 30 March.

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