Solana Uncovered: An Introduction to the Solana Network
In this issue of Coin Metrics’ State of the Network, we provide a data-driven overview of the Solana blockchain, exploring its architecture, ecosystem, network usage and adoption metrics
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Ethereum’s Dencun Upgrade
In this week’s issue of State of the Network, we delve into the details of the Dencun upgrade. We will explore the nature of the upgrade, the proposed modifications to the Ethereum execution and consensus chains, and the metrics that will help us [...]
Conducting the ETH Census
The Unexpected Challenge of Calculating Ethereum's Total Supply
Tether’s Ascent: Breaking Down the Dominant Stablecoin’s Growth
In this week’s issue of Coin Metrics’ State of the Network, we delve into Tether’s recent all-time highs, exploring its primary avenues of growth, adoption, and the nature of its usage and reserve holdings to gain a holistic understanding of the stablecoin [...]
A Short Guide to Bitcoin On-Chain Data for ETF Newcomers
In this edition of State of the Network, we turn our attention to the cohort of ETF newcomers now taking a closer look at bitcoin. Our focus is to introduce or reacquaint some to the field of on-chain data, underscoring the [...]
Market Structure on the Cusp of Spot Bitcoin ETFs
In this issue of Coin Metrics’ State of the Network, we delve into the digital asset market structure and examine dynamics leading us into this exciting chapter.
State of the Network’s 2024 Crypto Outlook
Digital assets rebounded sharply in 2023 as market conditions improved across the board and institutional interest accelerated alongside the impending launch of a spot Bitcoin ETF. Looking to 2024, there are a number of important developments on the horizon. In [...]
Best of State of the Network in 2023
In this special edition of the State of the Network, we reflect on a year full of riveting data and crucial events through the lens of the research team’s favorite issues from 2023. In the upcoming year, our commitment remains steadfast: to [...]
State of the Network’s 2023 Year in Review
In this special issue of State of the Network, we revisit the major stories that shaped the digital assets industry in 2023 through a data-driven lens.
State of the Network’s Q4 2023 Mining Data Special
This past year has been an eventful one for Bitcoin miners, marked by a major expansion in hashrate across North America and the globe, accompanied with a surge in miner revenues—a welcomed departure from the challenges of 2022. This all [...]
Special Insights
Decoding the Digital Dollar
Stablecoins have quickly grown from a nascent segment of the digital assets ecosystem to a $100 billion+ market. Stablecoins already form the backbone of decentralized finance (DeFi) applications and the broader crypto-economy, but have the potential to be much more [...]
From Orange Groves to Orange Gold
How crypto assets are to be regulated in the United States is a contentious battleground with high stakes implications for the future of the crypto industry. However, participants in the industry contend that the current regulatory framework is ambiguous, unclear, [...]
The Signal & The Nonce
This paper introduces a methodology for determining the market share of every major Bitcoin mining machine, or ASIC, by analyzing nonce patterns and incorporating data sourced from real-world ASICs. Using novel data produced by our analysis, we can generate estimates [...]