January 16, 2024

State of the Network: December

In this month’s analysis, we turn our attention to the Swarm network’s performance in December, comparing it with previous months to draw insights into evolving trends and developments. Our report delves into key metrics such as total monthly rewards, median and average win values, and the average earnings per active staking node. Notably, we’ll discuss the network’s adaptation to an increasingly competitive staking landscape, highlighting the resilience and efficiency of Swarm’s economic model and pricing mechanism.

Data Considerations

The definitions of active staking nodes has reverted to nodes which have submitted a commit transaction at least within the month. See below for more details.

Network Total Monthly Rewards

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

Month Total Network Rewards (xBZZ)
July 34,839
August 13,5927
September 147,825
October 152,868
November 148,617
December 159,865


In December, a record 159,865 xBZZ in rewards was issued to node operators, representing a moderate increase in network utilisation. This growth in winnings, fuelled by demand for data storage services, demonstrates a continuing trend of growth in network utilisation.

Monthly Median Win Values

This metric is the median win amount for each win event.

Month Median Win Values (xBZZ)
July 9.63
August 43.97
September 44.62
October 46.84
November 46.83
December 48.06


December saw a slight increase in the median win value to 48.06 xBZZ, demonstrating a consistent pattern in average reward size for win events.

Monthly Average Win Values

This metric is the average win amount for each win event.

Month Average Win Values (xBZZ)
July 12.07
August 41.45
September 46.52
October 62.09
November 47.41
December 57.75


The average win value in December climbed to 57.75 xBZZ, reflecting an increase from November.

Total Active Staking Nodes by Month

This metric shows the total nodes actively staking each month, as measured by whether the node has submitted a commit transaction within the month. Due to network churn, and as there may be some neighbourhoods not chosen to issue commit transactions for the given month, this metric may not capture every single node which is operating on the network within the month. It is however a very valuable metric for understanding trends in network dynamics and is a good representation of the actual state of the network.

Month Total Active Staking Nodes
July 2,657
August 4,368
September 4,574
October 10,367
November 18,297
December 12,891


December saw a reduction in the number of active staking nodes to 12,891. See the section on staking nodes by country later in this article for a more detailed breakdown of the global changes in staking nodes.

Active Node Monthly Average Earnings

This metric shows the average monthly earnings for a participating staking node.

Month Avg Total Earnings per Node (xBZZ)
July 13.11
August 31.11
September 32.31
October 14.73
November 8.12
December 12.40


December observed an increase in average earnings per active staking node to 12.40 xBZZ. This rise, amidst a decrease in the total number of nodes, is demonstrative of the network’s economic model adapting in response to an increase in staking competition.

Total Winning Nodes by Month

This metric shows the total number of unique active staking nodes which have won at least once within the month.

Month Total Winning Nodes
July 1,541
August 1,993
September 2,125
October 2,462
November 2,787
December 2,308


While November marked a peak with 2,787 winning nodes, December saw a decrease to 2,308. This is reflective of the decrease in total staking nodes for this month.

Total Active Staking Nodes by Country

This metric shows the total number of active staking nodes across various countries.

China Germany Finland Unknown United States Other
July 1,172 445 630 224 7 179
August 855 1,481 1,611 267 7 147
September 574 2,046 1,607 217 8 123
October 6,242 2,042 1,543 175 282 91
November 14,270 1,976 1,531 113 344 63
December 8,333 2,001 1,919 265 312 61

Total Staking Nodes by Country

In December, there was a notable reshuffling in the distribution of active staking nodes, with a significant reduction in China and smaller adjustments across other regions. This redistribution reflects the network’s dynamic nature and continually evolving global footprint.


Over the last six months, the Swarm network has shown considerable resilience and adaptability. The shifts in total monthly rewards, win values, and the average earnings per node underscore a network that is not only growing but also evolving in its economic dynamics and network utilisation. The changing landscape of active nodes across different countries highlights Swarm’s influence in the decentralized storage space. These developments point towards an active, expanding, and diversifying network.

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