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RE: Steem Total Value Powered Up - $38 million - July 24, 2022
The flat curve in VESTED STEEM in recent weeks and the near constant value of powered-up STEEM of around 40% of STEEM's market cap lead me to conclude the following:
Only 40 % of the rewards are powered up on average. What happens to the rest? Do the other 60% go on the exchange? Since only STEEMs have been printed for some time now, this should be a direct result, shouldn't it?
Would that mean that the clubs miss their mark?
Based on watching the first and last graphs alongside the ones you mention, my take is that BAU is somewhere between flat and slowly increasing. From there, when powerdowns rise, the percentage declines, and when big outside powerups happen, the percentage rises.
IMO, the bottom line to explain the long flat curve is that the big powerdowns have outweighed big powerups for about the last quarter.
I could be wrong, but I don't think the curve tells us much about the clubs. I think the daily rewards are too small (as a percentage) to show up here.