#### This week's distributed profits are 0.308%, equivalent to 16.1% APR.
#### Total rewards to delegators and token-holders, including bonuses, are 0.316%, or 16.5% APR.

---

Last week I published a very short post with payout information. Nobody complained, or even commented, so here goes again!

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 you get the same amount in STEEM as you would have done under the old system of just paying out STEEM transfers.

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.


<center>https://i.imgur.com/MtKq9KV.jpg</center>

### 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 27.4% [1a], 15.7% [1b], 14.9% [1c]

Value of Steem rewards payouts = APR 13.7% [2a], 7.9% [2b], 7.5% [2c]

**Distributed MAPR payouts = 0.308% (APR 16.1%)** [3]
Total MAPR payouts = 0.316% (APR 16.5%) [4]

MAPR BUY Price: 1.03318 STEEM [5]
MAPR SELL Price: 1.04351 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 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

Steem remains a challenging environment, with many factors now affecting earning potential. This is not just the recent hardfork, although it remains the most important change, but also that the tribe platforms are experimenting with a range of economic systems. In one sense, this is good to see, and the hope is that some combination of on-chain and off-chain token flows will give some of these tribes a measure of stability followed by growth. However, it also means that we are seeing many accounts voting with strategies that have been developed specifically for a particular tribe. But all such votes also register on the underlying Steem blockchain. Hence, we are no longer all playing the same game, but rather a superposition of many games simultaneously. Imagine playing two games of chess t the same time... on the same board. 

For many months, we compared our payouts to other delegation-driven programs, most specifically the so-called bidbots and other services. A look at [isteemd](https://isteemd.com/) will quickly reveal that this source of passive income has almost collapsed. I may feel disappointed at MAPR's 16% APR, but bidbots are currently on 5-6%! This value is actually the kind of returns small Steem accounts are currently able to generate; notice that this is now far lower than the coin-creation rate of about 8.5%.

I shall, obviously be monitoring our returns over the next few weeks to see whether we just have to accept that the new Steem economy is going to remain down at these levels. The real comparison then, is between our earnings and your own potential rewards from your own SP. Although it may complicate the table above, it is important to understand that percentage earnings - not just absolute earnings - are related to SP. The rich *will* get richer and may deliver higher upvotes; you need to use the same tactics to make the best use of your SP - vote higher, vote less.

The conclusion is that 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 16% APR [3] with an author rewards of 7.5% [2c].


See you next week!


<center>https://i.imgur.com/CeL48Qr.jpg</center>


Next rewards distribution will be on Monday 30 September.


---

---

<center>**Building Steem's Fintech**</center>


<center>https://i.imgur.com/nmPqcIV.png


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<center>**Plus Some Serious Funtech**</center>


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