Senior Research Analyst

Nate is a Research Analyst at Coin Metrics. He leads the weekly State of the Network newsletter and authors long-form research reports covering both network and market data. Prior to joining Coin Metrics he worked at Digital Asset Research.

Trading Volume Reflects Geographic Shifts in Global Crypto Activity and Adoption

By |2022-01-19T13:54:02+00:00January 19, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Crypto exchanges play a critical role in facilitating crypto adoption. Exchanges serve as the primary point of access to the crypto-economy, allowing users to exchange fiat currencies for crypto assets and stablecoins. For this reason, crypto exchanges are often referred [...]

Helicopter Tokens: A New Look at the Data Behind Some of the Largest Airdrops on Ethereum

By |2022-01-19T13:56:38+00:00January 11, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Airdrops have become a highly popular mechanism in the crypto ecosystem for allocating crypto assets to users. In general, an “airdrop” refers to the event of distributing new or existing crypto assets (usually tokens) to a predetermined set of eligible [...]

Crypto’s Biggest Storylines Going Into 2022

By |2022-01-07T01:01:56+00:00January 4, 2022|Kyle Waters, Nate Maddrey, State of the Network|

After a transformative 2021 marked by new all-time highs for most of the major cryptoassets and key on-chain metrics, expectations are high for crypto in 2022. In this issue of State of the Network, we analyze some of the most important trends and [...]

Comparing Returns Across the Major ERC-20 Tokens

By |2021-12-10T16:59:27+00:00December 7, 2021|Kyle Waters, Nate Maddrey, State of the Network|

One of the primary use cases of Ethereum and other smart contract platforms is the creation of digital tokens. Tokens today represent assets like sovereign currencies (stablecoins), facilitate protocol governance, and broadly help create new incentive mechanisms. There are 389K [...]

Explaining Some of Crypto’s Biggest Data Anomalies

By |2021-12-06T00:48:01+00:00November 30, 2021|Kyle Waters, Nate Maddrey, State of the Network|

The history of economics and finance is filled with examples of data oddities and irregularities. Numerous economic time series are marked by sudden spikes and abrupt trend reversals. Some better-known examples include fiat currency collapses, financial crises, flash crashes, and [...]

Do Ethereum Gas Fees Vary by Time and Day of Week?

By |2021-11-24T00:11:10+00:00November 24, 2021|Kyle Waters, Nate Maddrey, State of the Network|

With network activity rising and ETH’s price above $4K, twenty-two days into November there has yet to be a day with sub-$30 mean transaction fee on Ethereum. With fees on the rise some users might be wondering if it makes sense to [...]

Smart Contract Platforms Lead the Market to New All-Time Highs

By |2021-11-13T20:31:02+00:00November 9, 2021|Kyle Waters, Nate Maddrey, State of the Network|

The Coin Metrics CMBI10 index hit new all-time highs this past week as bullishness picks up across the market. The CMBI10 index (Coin Metrics Bletchley Indexes) consists of the 10 largest cryptoassets weighted by their free float market-cap.  ETH has led [...]

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