State of the Network is an unbiased, weekly report informed by Coin Metrics’ own network (on-chain) and market data and is an essential resource for professionals and enthusiasts seeking to stay up-to-date on the latest trends and most important developments within the digital assets industry.
Talos and FactSet 2025 Digital Assets Report
Structural and Thematic Shifts that Shaped Digital Assets in 2025
Tokenized Equities and the Rise of xStocks on Solana
Exploring the tokenized equities landscape and the adoption of Backed xStocks on Solana
Reaching New Scale: Ethereum Fusaka Upgrade
Breaking down Ethereum’s Fusaka upgrade and its impacts
Crypto Caught in The Crossroads
A risk-off macro regime, softening ETF demand, and a reset in crypto market leverage
Zcash’s Breakout and the Revival of On-Chain Privacy
Breaking down Zcash’s rally, rising shielded usage, and the factors behind its momentum
Making Sense of Bitcoin’s Changing Market Rhythm
Exploring how supply shifts, institutional demand, and dampening volatility are reshaping Bitcoin’s market structure.
Scaling For the Next Wave of Demand: Ethereum, Solana and Beyond
A look at how Ethereum, its Layer-2 ecosystem, and Solana are evolving to meet rising on-chain demand
Ethena and the Mechanics of USDe
Understanding the backing mechanics, usage profile, and risks of Ethena’s synthetic dollar
Canton Analyst Overview
An overview of Canton Network and the token economics of Canton Coin
The Great De-Leveraging: Friday Flash Crash
Unpacking the largest day of liquidations in crypto history and what it revealed about leverage, liquidity, and market structure
Tether’s Next Chapter: Extending Dominance Across Networks and Rails
Tether’s stablecoin market dominance, USDT usage across chains & emerging rails
State of the Network’s Q3 2025 Wrap Up
A look back at Q3 2025 and the major market trends, on-chain activity, and structural developments that shaped digital assets
