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.
Exploring the On-Chain Effects of Ethereum Treasuries
Supply Dynamics, Ecosystem & On-Chain Impact of ETH Treasury Companies
Taking Stock of Crypto Exchanges Pursuing an IPO
A look at crypto exchanges preparing to go public
The Flows Behind the Crypto Market’s Rise to $4T
The factors fueling crypto’s recent climb toward $4T
Canton Network Overview
An overview of Canton Network’s architecture, its native token Canton Coin, and how it aligns participant incentives
Analyst Spotlight Circle (USDC) Overview
A deep dive into Circle’s USDC and the factors driving its adoption
State of the Network’s Q2 Wrap Up
A data-driven overview of developments shaping crypto markets in Q2-2025 by the Coin Metrics team
Inside dYdX: On-Chain Perpetual Futures
Examining DYDX tokenomics, market listings and exchange dynamics
Circle Goes Public: CRCL Valuation & the Economics of USDC
Inside Circle’s IPO, USDC economics, and long-term revenue outlook
Breaking Down the Rise in Transaction Activity on Avalanche
A closer look at the factors behind Avalanche’s recent activity growth
Analyst Spotlight Tether (USDT) Overview
In this issue of Coin Metrics’ State of the Network, we release our overview report on Tether (USDT), diving into its adoption,
Tokenized Bitcoin: Extending Bitcoin’s Utility
In this issue of Coin Metrics’ State of the Network, we explore the growing ecosystem of tokenized Bitcoin, focusing on Wrapped
The After-Effects of Ethereum’s Pectra Upgrade
In this issue of Coin Metrics’ State of the Network, we analyze the early impacts of Pectra, focusing on how raising
