Welcome to the MPATH Weekly Report.

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

Our returns have increased compared to last week, and this has allowed a small increase in distributed tokens. All of this within a backdrop of turbulent crypto prices, with some going up, some going down and some going up and down!

The weekly figures are all below, as always, so I just wanted to say a few words about token prices. As we all know, Hive-based tokens are priced in HIVE, and then those HIVE are priced on external markets in USD. It is as a consequence of this that many token-holders are taking advantage of the relatively high price of HIVE to sell their tokens. There is absolutely nothing that token managers can do about this except plan ahead and inform their own members as to the reasons for any price drop.

MPATH itself has seen only minor disruption (see graph below) and the token price does not influence our income or our rate of distribution or our voting strength! All the price does is reflect our capital growth, so if somebody wishes to sell at 30 cents when our NAV is 50 cents, that is entirely up to them. Maybe in Dollar-terms that 30 cents in HIVE is suddenly worth more. Again, nothing I can do about that, except to highlight that next week our token is still worth 50 cents, probably 52!

The only thing that could potentially impact the MPATH price in a negative way is if all our other holdings collapsed. The DCity SIM price has dropped substantially, and yet we have absorbed that and move forward. I would not gush about a better future, but adjusting to lower returns on some investments is just prudent. Members paying attention will have noticed that I was going to move the MPATH price up in larger steps of 3 mHIVE, but have held off doing so precisely to adjust to some lower incomes. Much of the management work goes unnoticed, so just enjoy the benefits!


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

<center>https://cdn.discordapp.com/attachments/630717193080012801/815250441583460402/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. 

One amusing feature is the spike *down*; someone was in a hurry to sell! None of which makes any difference to our profits or distros, as discussed above.


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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 = 43,330
Earning HP = 43,185
Voting HP = 39,090

HP in MPATH = 22,590
Other HIVE = 3,080
Total HIVE = 25,670

MPATH ABV = 0.573 HIVE (+0.002, +20.0% APY)
Sale Price = 0.610 HIVE

**Estimated Gross Earnings = 7.14 HIVE per 1000 MPATH = 37.1% APR
(7.14 = 1.73 income + 5.41 votes)
Estimated Net Earnings = 4.44 HIVE per 1000 MPATH = 23.1% APR
(4.44 = 1.73 income + 2.71 votes)
Total MPATH Distribution = 75.0 HIVE = 122 MPATH tokens at 0.610 HIVE sale price**

Hive est. APR = 14.5%

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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