State of the Network2021-05-27T22:19:41-04:00

State of the Network


Reporting on the latest network activity


Exploring OpenSea Analytics Using On-chain Data

By |February 8, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Up until now, the data produced by websites and apps has typically been controlled by companies or organizations. Although some of it is selectively made public through APIs much is hidden away in private servers. Applications built on blockchains flip [...]

Analyzing Recent On-Chain Trends in Stablecoin Activity

By |February 1, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Stablecoins have become one of the most discussed categories within the crypto ecosystem, and for good reason: last year stablecoins settled over $6T and their total supply increased from about 28B to 143B across the major stablecoins that Coin Metrics tracks. They [...]

Crypto Follows Global Markets Lower to Start 2022

By |January 26, 2022|Kyle Waters, Nate Maddrey, State of the Network|

At the beginning of 2021, bitcoin (BTC), ether (ETH), and the broader crypto market were riding high buoyed by institutional adoption and accommodative macroeconomic trends. However, one year later and in a different macro environment, January 2022 has started off [...]

Trading Volume Reflects Geographic Shifts in Global Crypto Activity and Adoption

By |January 19, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Crypto exchanges play a critical role in facilitating crypto adoption. Exchanges serve as the primary point of access to the crypto-economy, allowing users to exchange fiat currencies for crypto assets and stablecoins. For this reason, crypto exchanges are often referred [...]

Helicopter Tokens: A New Look at the Data Behind Some of the Largest Airdrops on Ethereum

By |January 11, 2022|Kyle Waters, Nate Maddrey, State of the Network|

Airdrops have become a highly popular mechanism in the crypto ecosystem for allocating crypto assets to users. In general, an “airdrop” refers to the event of distributing new or existing crypto assets (usually tokens) to a predetermined set of eligible [...]

Crypto’s Biggest Storylines Going Into 2022

By |January 4, 2022|Kyle Waters, Nate Maddrey, State of the Network|

After a transformative 2021 marked by new all-time highs for most of the major cryptoassets and key on-chain metrics, expectations are high for crypto in 2022. In this issue of State of the Network, we analyze some of the most important trends and [...]

Introducing Coin Metrics’ Bitcoin Wallet Metrics

By |December 14, 2021|Antoine Le Calvez, Kyle Waters, State of the Network|

One of Coin Metrics’ goals is to determine the economic significance of public blockchains. We try to achieve this by building metrics that empower people to make informed crypto financial decisions. Among the most interesting features to track for public [...]

Comparing Returns Across the Major ERC-20 Tokens

By |December 7, 2021|Kyle Waters, Nate Maddrey, State of the Network|

One of the primary use cases of Ethereum and other smart contract platforms is the creation of digital tokens. Tokens today represent assets like sovereign currencies (stablecoins), facilitate protocol governance, and broadly help create new incentive mechanisms. There are 389K [...]


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