Original Research

Original research on crypto topics

Diving deep on everything from the foundational to the bleeding edge

Ethereum’s DeFi Evolution: How DeFi Is Fueling Ethereum’s Growth (Full Length)

By |2021-02-05T21:40:03+00:00September 29, 2020|Nate Maddrey, Original Research|

Decentralized finance reached new heights over the last few months as dozens of projects launched and large amounts of capital flowed in. A majority of decentralized finance (DeFi) apps have been built on Ethereum, and DeFi’s explosion has rippled across [...]

Bitcoin As An Investment (ARK Invest + Coin Metrics)

By |2021-02-09T23:21:50+00:00September 17, 2020|Jon Geenty, Kevin Lu, Nate Maddrey, Original Research|

In Part 1 of this research, we described how we believe Bitcoin, a novel economic institution, satisfies the four assurances that maximize the probability of a robust and predictable financial system. In Part 2, we explore bitcoin as an emerging [...]

Measuring Bitcoin’s Decentralization (Full Length)

By |2021-02-05T21:44:29+00:00September 15, 2020|Karim Helmy, Original Research|

Key Takeaways Bitcoin’s decentralization can be quantified in terms of supply dispersion, hashpower distribution, and exchange consolidation, among other metrics. Key metrics like the number of active addresses and the network’s hashrate continue to rise. Bitcoin’s supply is becoming more [...]

Improving your Futures Roll: An Overview of the Basis Trade (Full Length)

By |2021-02-05T22:27:39+00:00September 9, 2020|Jon Geenty, Original Research|

Key Takeaways As futures volume balloons we take a look at the basis trade, which is when traders build a strategy around the difference between the spot price and futures contract price of a commodity. Unsurprisingly, volume shifts from the [...]

The DeFi Fee Explosion: How YAM’s Collapse Drove Ethereum Fees to New Heights (Full Length)

By |2021-02-05T22:07:48+00:00August 18, 2020|Nate Maddrey, Original Research|

On August 12th Ethereum’s total daily transactions fees topped $6.87M, shattering the previous all-time high of $4.55M set in January 2018. The following day, Ethereum had $8.61M worth of fees, once again breaking the daily record.  Blockchain transaction fees are [...]

Introducing the Coin Metrics Quarterly Supply Transparency Report (Full Length)

By |2021-02-05T22:27:08+00:00August 11, 2020|Ben Celermajer, Original Research|

Key Takeaways Coin Metrics will release Quarterly Supply Transparency Reports, with today’s Q2 Supply Transparency Report being the first of its kind. This report hopes to bring insight into the supply dynamics of cryptoassets, specifically focusing on the activities of [...]

Derivatives’ Disparities: Surveying the Bitcoin Perpetual Swap Market (Full Length)

By |2021-02-05T22:31:33+00:00August 4, 2020|Karim Helmy, Original Research|

Key Takeaways The derivatives market is fragmented and contract terms differ dramatically across exchanges. The quality of documentation in the space varies. We analyzed how each exchange structures their perpetual swaps, which are a type of derivative that approximates the [...]

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