The Ethereum Crowdsale 8 Years Later
After years of testing, research, and development, excitement is building around the potential timeline for Ethereum’s planned move to proof-of-stake (PoS) through The Merge. The Merge arguably represents the single largest protocol-level change in Ethereum’s history, eliminating mining and introducing a system [...]
Checking in on On-Chain User Activity
Over the last few months the crypto market has been battered by Terra’s implosion and the ongoing fallout. But despite falling prices, how has usage and adoption held up? Have crypto users stuck around, or have they left during the [...]
The State of the Network Q2 2022 Wrap-Up
In this special edition of State of the Network we recap an eventful quarter in the crypto markets with a data-driven look at the biggest storylines of Q2, 2022. Heading into 2022, data on crypto assets’ returns showed that the asset class was [...]
The State of the Network Q2 2022 Mining Data Special
In last week’s State of the Network we noted that the most active Bitcoin miners have likely been moving around their coins amid increased BTC price volatility. This week, we take a closer look at mining data as a hectic quarter in the crypto [...]
Following Flows IV: Pruning Payouts
This week’s State of the Network adds to our “Following Flows” series of research devoted to understanding miners’ blockchain activity. Bitcoin mining has undergone many changes over the years as the rewards for mining have grown. What started out as a [...]
Following Celsius’ On-Chain Financial Activity as Withdrawals are Halted
Late Sunday night (ET), the Celsius Network, one of the largest crypto asset lenders, dampened the mood on an already fragile crypto market with news that it was pausing all withdrawals, swaps, and transfers of crypto assets for user accounts on the [...]
Analyzing FTX & Coinbase Spot Volume Trends
May 2022 was a month full of changes in the crypto market. Amid the volatility, crypto exchanges experienced a big uptick in trading volume. In this week’s State of the Network, we take a look at some recent crypto trading [...]
State of the Network at Three Years Old
State of the Network just turned three years old! Bitcoin, Ethereum, and the rest of the crypto ecosystem has grown a lot since our first issue. In a special edition to celebrate 3 years of State of the Network we’ve [...]
Ethereum’s Token Shakeout
Ethereum’s 2014 whitepaper imagined many different future applications for the smart contract platform. But the very first application discussed in the paper has arguably turned out to be the most prominent of all today: token systems. Broadly speaking, tokens are sub-currencies [...]
Surveying Stablecoins in the Wake of the LUNA/UST Collapse
Stablecoins have come under increased scrutiny over the last week following TerraUSD’s (UST) sudden collapse. On May 12th, Tether (USDT) – the largest stablecoin today by total supply – started to dip below its $1 peg, causing some brief panic [...]