Circle’s Silver Lining: Unpacking USDC’s Supply Drop in an Era of Rising Rates
In this issue of State of the Network, we set out to analyze USDC's supply loss and its impact on Circle. We segment the current USDC supply into various categories to pinpoint where the attrition is most pronounced. The pressing question [...]
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Examining The First Week of Libra Testnet Data
Testnet Libra is a stripped-down version of what mainnet will probably look like. For example, the smart contract capabilities aren’t available yet. Users can request new coins to be issued to them at no cost, and can transact with them. [...]
Tether’s Lead Grows as Facebook Looms
The stablecoin wars are upon us. There are now at least seven stablecoins with at least $25 million USD in daily transfer value, with new coins being announced at an increasingly rapid pace. None loom larger than Facebook’s new cryptocurrency, [...]
Comparing exchange volume to on-chain deposits
In pursuit of our objective to characterize the economic nature of all major public blockchains, we have sought to understand the centrality of exchanges. Some serve as de-facto banks while others allow traders to get exposure to the long tail of [...]
Thoughts on Supply Distribution
Today, 96% of all of the 26 million Ether addresses with a balance hold one or fewer units of ETH. It wasn’t always this way. At the time of the crowdsale, 85% of ETH addresses held between 100 and 10,000 [...]
Research Highlight: Ripple
As part of Coin Metrics standard due diligence process when adding new assets/nodes to our Pro data services, we noticed an abnormality with Ripple’s escrow system reporting of XRP. Key findings from our research include the following: Two quarterly market [...]