I don't know all of the details of how this works, but here's what I understand is happening:
Normally, when the price of STEEM moves, the payout system will move with it, but always behind. I understand there's a 3.5 day moving average the system follows, so there's a built in lag to all of this (though sometimes it seems like it's faster than that, especially when prices go down), so it's never really immediate, but depending on how fast things are going and which direction, it can feel like it is.
However, since STEEM dropped into the $0.30 USD range and lower, the system hasn't been following it down. Instead, it's been stuck around $0.34 since, and so payouts and VP have been the same for a number of weeks.
If STEEM manages to stay up, and whatever triggered the halt is alleviated (SBD price in relation to STEEM might be involved, too), then we might see an uptick in payouts and VP within the next 2-4 days. If it doesn't, but drops back down, we might not notice anything at all.
I believe such safeguards are in place due to the potential high volatility of the market, and to try to make it reasonably fair for all concerned.
The size of the reward pool also comes into play, as it did shortly after HF 20 when all of our ability to vote went up. If the size of the reward pool shrinks, that will also affect what is happening with payouts and voting power.
So, there's a lot of moving parts, and none of it moves as quickly as the market does.
I don't know all of the details of how this works, but here's what I understand is happening:
Normally, when the price of STEEM moves, the payout system will move with it, but always behind. I understand there's a 3.5 day moving average the system follows, so there's a built in lag to all of this (though sometimes it seems like it's faster than that, especially when prices go down), so it's never really immediate, but depending on how fast things are going and which direction, it can feel like it is.
However, since STEEM dropped into the $0.30 USD range and lower, the system hasn't been following it down. Instead, it's been stuck around $0.34 since, and so payouts and VP have been the same for a number of weeks.
If STEEM manages to stay up, and whatever triggered the halt is alleviated (SBD price in relation to STEEM might be involved, too), then we might see an uptick in payouts and VP within the next 2-4 days. If it doesn't, but drops back down, we might not notice anything at all.
I believe such safeguards are in place due to the potential high volatility of the market, and to try to make it reasonably fair for all concerned.
The size of the reward pool also comes into play, as it did shortly after HF 20 when all of our ability to vote went up. If the size of the reward pool shrinks, that will also affect what is happening with payouts and voting power.
So, there's a lot of moving parts, and none of it moves as quickly as the market does.
View this answer on Musing.io
View this answer on Musing.io