Ethereum Staking Through the Lens of Lido
In this issue of Coin Metrics’ State of the Network, we dive into Lido—the largest player within the staking economy—and understand the state of its liquid staking token (stETH), governance token (LDO) and underlying node-operator composition. With this analysis, we seek [...]
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The Evolution of Ethereum Tokens
In 2015, Ethereum ushered in a new era for blockchains: the age of the token. Broadly defined, a “token” represents a utility or asset and is typically issued on an existing blockchain. In contrast, a “coin” is a crypto asset [...]
Macroeconomic Indicators for the Crypto-Economy
Just like a nation state’s economy has economic concepts (such as gross domestic product, inflation, and unemployment), a crypto asset can represent a miniature economy that has similar economic concepts. We present our network data using a simple analogy that [...]
The Signal and the Nonce: Hunting for ASICs in Nonce Distributions
The Great ASIC Debate. Since the early days of Bitcoin, the community has argued about whether to fight against increasingly powerful mining hardware. In Bitcoin’s early days, mining was performed by CPUs, which are the standard processing units found in most computers. This [...]
Bitfinex Market Share is Declining
Bitfinex, the controversial Hong Kong based exchange at the heart of ongoing investigations against Tether, has been one of the biggest cryptocurrency exchanges in the world since its launch in 2012. But recently there are signs that its market share may [...]
BTC Is Close to $1B of All-time Fees, But Fee Growth is Slowing
BTC is close to eclipsing $1 billion of cumulative, all-time transaction fees. As of October 13th, there have been $996,458,718 worth of fees paid on the BTC network. Coincidentally, BTC is also close to reaching another milestone: $15 billion worth of [...]
Tezos Market Cap Bounced Back in 2019, But Still Has Little Usage
After a controversial start, Tezos (XTZ) has bounced back in 2019. Since the start of 2019, XTZ’s market cap has grown almost in lock step by BTC’s. As of October 6th, XTZ’s market cap has grown by 119%, while BTC’s has [...]
Large Market Sell-Off + BTC Hash Rate Dip
A double header this week: This week’s issue has two weekly features. The first is about the recent market sell-off, and the second is about the recent BTC hash rate dip. Weekly Feature # 1 Belief in Bull Market Remains [...]
Stellar Airdrops Are Mostly Transferred to Exchanges or Unclaimed
Stellar Airdrops Are Mostly Transferred to Exchanges or Unclaimed On November 6th, 2018, Blockchain.com announced it was creating the “largest crypto giveaway in history” in partnership with the Stellar Development Foundation (SDF). The plan was to distribute $125M of Stellar (XLM) among [...]
ETH is Overtaking BTC in Daily Transaction Fees, Driven by Tether
ETH is on the verge of overtaking BTC in daily transaction fees. As of September 15th, ETH had $182,899 daily transaction fees compared to $185,993 for BTC: ETH has overtaken BTC’s daily transaction fees several times before over the course [...]