Important Update: More Accurate Tracking of Ethereum Tokens
Coin Metrics is committed to building the crypto economy on a foundation of truth, providing data with the highest standards of clarity and precision. Over the years, the world of Ethereum has become more complex, with new features such as the introduction of the consensus layer and ability to transfer and stake your ETH tokens. As the Ethereum ecosystem evolves, so do we. Keeping true to our promise of accurate and authentic data, we’re excited to share that we are updating our method for tracking ETH supply.
Why the Change?
There are many different approaches in the market for how ETH supply is calculated. Previously, our figures tracked all ETH supply ever counted on the execution layer, including tokens sent to the Beacon Chain Deposit Contract. When the Shapella Upgrade took place, it enabled previously locked tokens to be withdrawn causing that portion of supply to be double counted. Although the previous calculation is in line with our metric definition, this update provides increased accuracy of our ETH token supply tracking and eliminates any ‘double counting’ supply that is now locked in the Beacon Chain Deposit Contract.
What We’re Doing
We’ve developed a brand new methodology to ensure you can be confident in the data we provide. We recently wrote about Conducting the ETH Census in our State of the Network #244 issue. Here we explain the ways we have analyzed and as well as who we have collaborated with to create this new approach.
What This Means for You
This update allows us to offer a clearer picture of the Ethereum ecosystem. You’ll have access to more precise data on ETH token supply, helping you make more informed decisions. No changes or actions are needed on your end. All Metrics are being updated under their existing ticker names.
Updates to ETH Metrics
Ethereum Consensus Layer metrics ETH_CL are representations of activity that can only exist on the consensus layer. Coverage for ETH_CL Metrics can be found here.
ETH previously represented ETH tokens on the execution layer this now represents overall ETH tokens across consensus and execution layer for supply metrics. Below are the updates to ETH Metrics.
SplyFF, CapMarkEstUSD have no changes.
SplyExp10yr,SplyExpFut10yrCMBI and CapFutExp10yrUSD will no longer be supported back to The Merge. Since the Ethereum Merge, these metrics were no longer relevant because the issuance amount for Ethereum no longer follows a set rate (e.g.: Bitcoin has a set rate of BTC that are issued every block). This changed as of the merge when Ethereum transitioned from Proof of Work to Proof of Stake. As such, as part of this release, we will be officially deprecating support for these, as they no longer accurately measure economic activity on Ethereum
Updated Issuance Metrics to capture the creation of Ethereum on the Ethereum Consensus Layer
IssContNtv, IssTotNtv
Removal of Beacon Chain Despoit Contract from Supply Metrics. The supply captured in the contract is already counted on the Consensus Layer and should not be counted on the Execution Layer again.
SplyCur, SplyContNtv, SplyContUSD, NDF, SER
Removal of Beacon Chain Deposit Contract Supply from Supply Address Balance metrics. Balances from the Contract will be excluded from all these Address Balance Calculations. Address metrics relate to activity on the execution layer .
SplyAdrBal1in100K, SplyAdrBal1in100M, SplyAdrBal1in10B, SplyAdrBal1in10K, SplyAdrBal1in10M, SplyAdrBal1in1B, SplyAdrBal1in1K, SplyAdrBal1in1M, SplyAdrBalNtv0.001, SplyAdrBalNtv0.01, SplyAdrBalNtv0.1, SplyAdrBalNtv1, SplyAdrBalNtv10, SplyAdrBalNtv100, SplyAdrBalNtv100K, SplyAdrBalNtv10K, SplyAdrBalNtv1K, SplyAdrBalNtv1M, SplyAdrBalUSD1, SplyAdrBalUSD10, SplyAdrBalUSD100, SplyAdrBalUSD100K, SplyAdrBalUSD10K, SplyAdrBalUSD10M, SplyAdrBalUSD1K, SplyAdrBalUSD1M, SplyAdrTop100, SplyAdrTop10Pct, SplyAdrTop1Pct, AdrBal1in100KCnt, AdrBal1in100MCnt, AdrBal1in10BCnt, AdrBal1in10KCnt, AdrBal1in10MCnt, AdrBal1in1BCnt, AdrBal1in1KCnt, AdrBal1in1MCnt,
Removal of Beacon Chain Deposit Contract Supply from Active supply metrics. Balances from the Contract will be excluded from all these Address Balance Calculations. Supply metrics relate to activity of all ETH tokens.
SplyAct10yr, SplyAct180d, SplyAct1d, SplyAct1yr, SplyAct2yr, SplyAct30d, SplyAct3yr, SplyAct4yr, SplyAct5yr, SplyAct7d, SplyAct90d, SplyActEver, SplyActPct1yr
Removal of Beacon Chain Deposit Contract from Count of Addresses in these categories. The Contract has been excluded from the criteria in these metrics.
AdrBalCnt, AdrBalNtv0.001Cnt, AdrBalNtv0.01Cnt, AdrBalNtv0.1Cnt, AdrBalNtv100Cnt, AdrBalNtv100KCnt, AdrBalNtv10Cnt, AdrBalNtv10KCnt, AdrBalNtv1Cnt, AdrBalNtv1KCnt, AdrBalNtv1MCnt, AdrBalUSD100Cnt, AdrBalUSD100KCnt, AdrBalUSD10Cnt, AdrBalUSD10KCnt, AdrBalUSD10MCnt, AdrBalUSD1Cnt, AdrBalUSD1KCnt, AdrBalUSD1MCnt, AdrNewBalCnt, AdrNewCnt, AdrAct30dCnt, AdrAct7dCnt, AdrActCnt (EOD), AdrActCnt (realtime), AdrActRecCnt (EOD), AdrActRecCnt (realtime)
Removal of Beacon Chain Deposit Contract from Flow metrics. Since this supply has moved to the Consensus Layer it should not be counted in the Beacon Chain Deposit Contract.
FlowMinerIn1HopAllBFXNtv, FlowMinerIn1HopAllBFXUSD, FlowMinerIn1HopAllBNBNtv, FlowMinerIn1HopAllBNBUSD, FlowMinerIn1HopAllBSPNtv, FlowMinerIn1HopAllBSPUSD, FlowMinerIn1HopAllBTXNtv, FlowMinerIn1HopAllBTXUSD, FlowMinerIn1HopAllExNtv, FlowMinerIn1HopAllExUSD, FlowMinerIn1HopAllGEMNtv, FlowMinerIn1HopAllGEMUSD, FlowMinerIn1HopAllKRKNtv, FlowMinerIn1HopAllKRKUSD, FlowMinerIn1HopAllNtv, FlowMinerIn1HopAllPOLNtv, FlowMinerIn1HopAllPOLUSD, FlowMinerIn1HopAllUSD, FlowMinerNet1HopAllNtv, FlowMinerNet1HopAllUSD, FlowMinerOut1HopAllBFXNtv, FlowMinerOut1HopAllBFXUSD, FlowMinerOut1HopAllBNBNtv, FlowMinerOut1HopAllBSPNtv, FlowMinerOut1HopAllBSPUSD, FlowMinerOut1HopAllBTXNtv, FlowMinerOut1HopAllBTXUSD, FlowMinerOut1HopAllExNtv, FlowMinerOut1HopAllExUSD, FlowMinerOut1HopAllGEMNtv, FlowMinerOut1HopAllGEMUSD, FlowMinerOut1HopAllKRKNtv, FlowMinerOut1HopAllKRKUSD, FlowMinerOut1HopAllNtv, FlowMinerOut1HopAllPOLNtv, FlowMinerOut1HopAllPOLUSD, FlowMinerOut1HopAllUSD, SplyMiner1HopAllNtv, SplyMiner1HopAllUSD, SplyMiner1HopAllNtv, SplyMiner1HopAllUSD
Removal of Beacon Chain Deposit Contract from market capitalization metrics. This market cap is captured on the Consensus Layer and is locked up in the contract. Counting the supply in the Beacon Chain Deposit Contract double counts the funds on the Consensus Layer.
CapAct1yrUSD, CapMVRVCur, CapRealUSD, CapMVRVFF, CapMrktCurUSD
Removal of Beacon Chain Deposit Contract from Transaction Contract Count and Velocity metrics. Given the unique nature of the Beacon Chain Deposit Contract and how it is handled for all other metrics, we are excluding it from these metrics.
TxContCallCnt, TxContCallSuccCnt, TxContCnt, TxContCreatCnt, TxTfrValContCallNtv, TxTfrValContCallUSD, VelAct1yr, VelActAdj1yr, VelCur1yr, VelCurAdj1yr
Removal of the Beacon Chain Deposit Contract from Economic metrics in order to create parity between metric categories and due to input metrics excluding the contract.
NVTAdj, NVTAdj90, NVTAdjFF, NVTAdjFF90, RVTAdj, RVTAdj90, MOMR, RCTC
This is now available for Historical End of Day Data. Historical Hourly and Block By Block data will be available by 2024-03-28 03:00 UTC. Coin Metrics will have a copy of all old metrics, which will be backed-up for 1 year. Please reach out if you are in need of a copy of any of the previous data.
How can you stay updated?
At Coin Metrics we are constantly innovating and releasing new data and insights. In addition to Email and Slack, you can keep updated through the following channels:
