This paper has analysed the actual performance of the Decred blockchain after four years of operation in the context of the four key groups of participants in the network. It reveals that the chain remains relatively small in size, however those who participate support the project intensely, even through challenging financial conditions.
Final summary insights for consideration of Decred stakeholders:
- Decred settlement and finality guarantees are capable to handling orders of magnitude more network traffic than it presently handles. Sluggish growth metrics are countered by strong demand for DCR tickets. This suggests Decred has slow adoption of new users but strong retention once users enter the network.
- Miners have endured exceptionally challenging financial conditions after ASICs launched at the peak of the 2017 bull market. Block subsidy model and early recovery of the difficulty ribbon suggest strong support below current DCR/USD pricing.
- The stake-diff algorithm change is a pivotal moment in Decred’s history with very positive implications long term. The very clear reduction in miner fee revenue indicates that miners are either strongly aligned with users or, more likely, early DCR coin (and vote) distribution was very wide.
- Stakeholders have bound over $5.6 Billion (1 Million BTC) in DCR tickets, each providing around 10% of the purchase price in vote weight over the Treasury. Evidence suggests that the PoS incentives and desire to accumulate DCR is strong and stakeholders actively defend the security and longevity of the chain.
- Treasury has spent a very modest $7.25 Million to bootstrap Decred from genesis to now and deliver world-class, open source technology. Approximately one third of accumulated DCR has been spent with an acceleration of outflows as a result of price capitulation in early 2019.
In summary, the Decred network continues to display an impressive resiliency to adverse market conditions. This is a credit to the strong-hand and commitment of all participants and elegant design of hybrid PoW/PoS consensus, and the Treasury funding mechanism.
The dedication of stakeholders, miners and contractors is evident in the aggregate network behaviour on-chain. The Decred decision making process is clearly one of long-term, conservative and well considered thinking, with remarkable output and future potential as a result.
Signature
Signed Message (Article Title): IMQtg3wxDHS9hd0BlPynuJiU0OkBqpbf+HSK7ZFYlWijQPXkdteq8YuUqW2izK/K+qF+MoJWQFyd2w/isfmwmKs=
All data sourced from coinmetrics.io Community data and dcrdata via Decred block explorer and analysed by the author’s custom code.
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[10] Decred Block Explorer: Treasury Address Dcur2mcGjmENx4DhNqDctW5wJCVyT3Qeqkx, https://explorer.dcrdata.org/address/Dcur2mcGjmENx4DhNqDctW5wJCVyT3Qeqkx?chart=balance&zoom=ijhhasg0-k6ok9i80&bin=month&txntype=merged_debit
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[16] Decred blog, Iterating Privacy, https://blog.decred.org/2019/08/28/Iterating-Privacy/, 2019
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