State of the Network: November

In this report, we analyze the Swarm network’s performance for November 2024. By examining key metrics such as total rewards, win values, average node earnings, and geographic distribution, we gain insights into the network’s trends and dynamics.

Network Total Monthly Rewards

This metric shows the total rewards paid out across the entire network for each month.

November saw a decline in total network rewards to 54,053 xBZZ, representing a significant drop from October. This decline aligns with a broader reduction in win values and earnings across the network.

Monthly Median Win Values

This metric is the median win amount for each win event, providing insight into the typical reward nodes can expect from a single win event.

The median win value for November was 17.44 xBZZ, a significant decrease from October’s 27.70 xBZZ. This indicates lower typical rewards per win event compared to previous months.

Monthly Average Win Values

This metric shows the average win amount for each win event, offering an understanding of how the reward amounts are distributed across the network.

The average win value dropped to 17.13 xBZZ in November, reflecting a significant reduction in the distribution of rewards per win event.

Active Staking Node Monthly Average Earnings

This metric shows the average monthly earnings for an active staking node, with an “active node” defined as a node that has submitted at least one commit transaction during the month.

The average earnings per active staking node fell to 6.90 xBZZ in November, reflecting the impact of reduced total network rewards combined with a slight increase in the number of active staking nodes.

Total Active Staking Nodes by Month

This metric shows the total number of active staking nodes, defined as nodes that have issued at least one commit transaction during the month.

November saw a slight increase in active staking nodes to 7,830, continuing the recovery trend from September’s low participation levels.

Total Reachable Full Nodes Regardless of Active Status

This metric counts the total number of unique full nodes that were reachable at any point in the month, providing a broader picture of network activity beyond just active committers.

The number of reachable full nodes decreased further in November to 14,075, continuing the downward trend seen since August.

Total Winning Nodes by Month

This metric tracks the number of unique staking nodes that won the redistribution game at least once during the month.

The total number of winning nodes remained stable at 2,588 in November, showing no change from October (note that while the number of winning nodes is coincidently the same, the total number of win events and the set of winning nodes both differ from the previous month).

Total Active Staking Nodes by Country

This section breaks down active staking nodes by country, providing insights into the global distribution of the network.

November saw a small to moderate rebalancing of the geographic distribution of nodes, with the general pattern of distribution remaining unchanged. China continued to lead the network with a modest increase in active nodes, growing from 4,819 in October to 5,492. Finland showed stability with a marginal rise in node count, while Germany saw a significant decline, dropping from 621 to 462. The United States has stayed out of the top five countries by node count since September, and in November, it was surpassed by Spain, the Netherlands, grouped in the “Other” category (along with the US itself and other smaller participants in the “Other” category).

Conclusion

November 2024 saw a decline in the Swarm network’s reward levels, with reductions in total rewards and average node earnings continuing a downward trend. Despite these economic pressures, the number of active staking nodes increased slightly to 7,830, reflecting a steady level of participation. This suggests that operators remain engaged with the network, even as reward dynamics shift.