Welcome to the MPATH Weekly Report.

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

This week sees income down a small amount. A look at the numbers shows that this week both the vote-yield and the income yield have dropped a fraction. Note that the Hive blockchain yield has dropped from 14.6% to 14.3%, which is about a 2% fall. 

We have also limited the rise in our buyback price to 0.580. I don't really like being shaken around by external markets, but it is obvious that other tokens on Hive-Engine are suffering from the relatively high price of HIVE, and the drop is then *not* mitigated by a rise because, I suspect, that money is now on another exchange invested in other coins.

Luckily, MPATH token has not suffered very much but we are not totally immune from external markets.

One bright thought is that 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 23% APR on a chain worth just over 14% is really quite good.

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

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

<center>https://cdn.discordapp.com/attachments/630717193080012801/823160576301465600/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. 

Our lowest sale price on market is now 0.610, and well above the original launch price of 0.600 HIVE, but we have as yet to see people buying in at that price as we mainly hug the buyback price.

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 = 42,630
Earning HP = 42,820
Voting HP = 38,710

HP in MPATH = 22,170
Other HIVE = 3,260
Total HIVE = 25,430

MPATH ABV = 0.580 HIVE (+0.001, +9.8% APY)
Sale Price = 0.614 HIVE (spread 0.034 HIVE)

**Estimated Gross Earnings = 7.11 HIVE per 1000 MPATH = 37.0% APR
(7.11 = 1.81 income + 5.30 votes)
Estimated Net Earnings = 4.46 HIVE per 1000 MPATH = 23.2% APR
(4.46 = 1.81 income + 2.65 votes)
Total MPATH Distribution = 77.0 HIVE = 125 MPATH tokens at 0.614 HIVE sale price**

Hive est. APR = 14.3% (-0.3)

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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