#8YearGang

Who are the #8YearGang?

#8YearGang is used on Twitter to identify people who have staked their ICP on the NNS for 8 years.  Currently 51.4M ICP are staked in 8 year neurons (10.8% of all minted ICP!) and 96.8% of those ICP are locked.  It’s clear that the #8YearGang is committed to the Internet Computer and has no intentions of pulling out of the NNS.  So who are the members of the #8YearGang?

The majority of the 8-year neuron ICP comes from Genesis accounts (95.3%, 49M ICP).  27.5M ICP in 8-year neurons came from unknown genesis accounts with neuron IDs between 2000 and 2055.  Another 18.9M were seed investors who increased their neurons’ dissolve delays and another 2.5M ICP comes from the genesis accounts owned by the Internet Computer Association.  Early Contributors have increased their dissolve delays to 8 years on only 132k worth of ICP. It’s clear that seed investors are more committed to their investment than early contributors.

A total of 357 of the 8-year neurons are non-genesis, containing an average ICP of 6,777 ICP (2.42M ICP total).  This average is brought up by a few significant-sized neurons (see below).

Given that 96.8% of 8-year neurons are still locked, it’s unlikely that these ICPs are going to dissolve this decade.  From a market perspective, this essentially limits the supply of ICP.  Currently, about 500k ICP is being locked in 8-year neurons every month.  This trend will have a deflationary impact on the supply of ICP and hopefully lead to long-term and sustain price appreciation.

A note about this analysis

This analysis was conducted using data from ic.rocks, which does not include all NNS neurons.  Currently 94.3% of the NNS voting power is visible to ic.rocks due to the fact that there is no neuron index in the NNS canister.  The unknown 5.7% of voting power is not included in this analysis, but we can make some assumptions regarding that missing 5.7%.  These missing neurons are unlikely to be genesis neurons since their IDs are easily found.  If these are in fact non-genesis, then it is likely they behave similar to known non-dissolving neurons.  That behavior is to be locked (96.2% of all ICP in known non-Genesis neurons is currently locked) and set to either 8-year delays (41.5%) or 4-year delays (19.5%).  If this is true, the analysis of this article is understating the #8-year gang by around 6M ICP.