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 the vote-yield has held steady but the income yield has dropped a fraction. An even deeper look shows that our income from investments saw an upturn this week and the drop is wholly from on-chain rewards. It's thus good to see this mixed model working as sometimes one can lose on the swings and gain on the roundabouts.

Like many other tokens, we are seeing some profit-taking given the relatively high price of HIVE in USD, but nothing significant. Whatever the market price may be, our net asset-value remains at slightly above the official buy-back price. Whenever such buy-backs have been used up, just use the market or place an order for next week. Those buy-backs do get topped up depending on the power-down schedule, so cannot always take place on a Sunday when the token distribution is done. 

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 0.609, 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 = 42,710
Earning HP = 42,790
Voting HP = 38,680

HP in MPATH = 22,155
Other HIVE = 3,355
Total HIVE = 25,510

MPATH ABV = 0.579 HIVE (+0.002, +19.7% APY)
Sale Price = 0.613 HIVE (spread 0.034 HIVE)

**Estimated Gross Earnings = 7.31 HIVE per 1000 MPATH = 38.0% APR
(7.31 = 1.89 income + 5.42 votes)
Estimated Net Earnings = 4.61 HIVE per 1000 MPATH = 23.9% APR
(4.61 = 1.89 income + 2.72 votes)
Total MPATH Distribution = 81.0 HIVE = 135 MPATH tokens at 0.613 HIVE sale price**

Hive est. APR = 14.6%

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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