Welcome to the MPATH Weekly Report.

<center>https://i.imgur.com/C0HXJpv.jpg</center>

This has been another decent week, with gross income and token distribution up again from last week.

Over three weeks, our distribution has increased from 79 to 83 to 85 HIVE. Looking at the numbers, the income portion has increased while the vote-yield is largely flat; this can also be seen by the Hive blockchain yield estimate. 

As, needs repeating every week, the real vote yield to members is much higher than this due to the high price of HBD - you can probably add 30-40% on the values below but, I'm not even sure anybody reads these weekly so really don't wish to do the extra calculations! 

As I said last week, we remain well above the average yield for the Hive blockchain. I know the figures below are estimates, but with the high value of HBD, I suspect many members are getting returns closer to our top estimate than the bottom. Even so, yielding 24% APR on a chain worth just over 15% is really quite good.

We continue to make steady progress towards member income that remains as stable as possible within a turbulent market.

I also note we have slowly acquired some *new* members - welcome to you all! It has been slow, with all the buzz about defi, but hopefully people will now have some experience of the pain of so-called "impermanent loss" and may appreciate a system that doesn't have any.

Here is a graph of the MPATH token price. (Thanks to @gerber for the discord-bot.)

<center>https://cdn.discordapp.com/attachments/630717193080012801/840576798139088916/MPATH.png</center>

As you can see, it is a rather jagged affair, mainly because the spread remains wide so those spikes are merely the difference between someone buying tokens and someone selling them. 

MPATH still needs to break through that 60-cents ceiling! We *have had* sales at that price, but the graph illustrates how it remains a "resistance" level of sorts, even though the official sale price is well above that level. Need more members, really.



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And on to my usual closing remarks...

As ever, I give the caveat that individual member returns depend on many things, but these are our baseline figures to see how income changes from week to week. This is also a good time to remind members that such high returns may require adjustments at times so that our Voting Power does not get too low. We have plenty of capacity left, so this is not an issue, as yet, but members with 2000 MPATH tokens are getting votes from about 35k HP, so even if the VP is down to 60% that's still an effective vote from a 21k HP account.

A final reminder that the maximum holding to receive votes is 2000 MPATH, and the maximum to receive reward distributions is 5000 MPATH. You may, of course, own more than this as an investment. We shall increase these if we see the demand to do so, but they are there to attenuate the effects of large accounts and thereby help the smaller accounts. Also worth a [reminder](https://peakd.com/hive-175254/@mpath/announcement-change-to-mpath-minimum-token-requirement) that any accounts below 10 MPATH will receive no benefits.

For full details, please read [How the MPATH Program Works [May 2020]](https://peakd.com/hive-167922/@mpath/how-the-mpath-program-works-may-2020).


Have a good week!


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The MPATH headline figures are:

MPATH tokens active = 42,760
Earning HP = 42,920
Voting HP = 38,800

HP in MPATH = 22,200
Other HIVE = 3,550
Total HIVE = 25,750

MPATH ABV = 0.585 HIVE (+0.001, +9.3% APY)
Sale Price = 0.620 HIVE (spread 0.035 HIVE)

**Estimated Gross Earnings = 7.60 HIVE per 1000 MPATH = 39.5% APR
(7.60 = 1.99 income + 5.61 votes)
Estimated Net Earnings = 4.79 HIVE per 1000 MPATH = 24.9% APR
(4.79 = 1.99 income + 2.80 votes)
Total MPATH Distribution = 85.0 HIVE = 136 MPATH tokens at 0.620 HIVE sale price**

Hive est. APR = 15.1% (+0.1)

Note that "Other HIVE" is the sum of all holdings not powered up as HP: liquid HIVE and HBD plus holdings within Hive-Engine. Also note that such values are volatile, especially any holdings priced in US$, so the above numbers are a snapshot and may have changed when you look at the @MPATH account.

The Asset Backed Value (ABV) is our total holdings calculated in HIVE divided by the number of active MPATH tokens. 

Any questions, please ask in the comments below or in our [public chatroom](https://discord.gg/yWmrVFC).

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