Breaking Byzantine Fault Tolerance
In this week’s State of the Network, we dive into the method and findings of the paper Breaking BFT: Quantifying the Cost to Attack Bitcoin and Ethereum and review the importance of network security and resistance to attack.
Recent
Evaluating the Market Quality of DeFi Collateral
In this issue of State of the Network, we use a combination of Coin Metrics’ Network Data (DeFi Balance Sheets) and Market Data to assess predominant forms of collateral in DeFi, examining their unique risk characteristics to understand what makes [...]
Exploring Common Ownership Patterns Across Major Stablecoins on Ethereum
In this issue of State of the Network, we explore common ownership patterns across major stablecoins on Ethereum using on-chain data from Coin Metrics’ ATLAS. Using a data visualization called an "UpSet" plot, we answer questions like "How many wallets hold [...]
Beauty in Predictability: Understanding the Bitcoin Halving Cycle
In this issue of State of the Network, we give an overview of the concept of halvings, their implications, and examine some data in the current halving epoch as Bitcoin approaches its 4th halving next spring.
From East to West: the Global Pulse of Stablecoin Transactions
In this report, we share a new data-driven approach to estimate the geographical preference around stablecoins.
DeFi’s Double-Edged Sword (Preview)
In our new special insights report, we zoom into DeFi lending markets to illuminate their unique features and risks, particularly through the lens of recent exploits on Aave and Curve Finance—using a balance sheet-like methodology.
Decoding the Digital Dollar (Preview)
Last week, the U.S. House Committee on Financial Services convened to discuss proposed legislation, including H.R. 4766, or the "Clarity for Payment Stablecoins Act of 2023". The ensuing debate between House members and push for legislation in the US underscores that stablecoins—a once [...]
From Orange Groves to Orange Gold (Preview)
Today we are excited to be releasing a sweeping new report that offers a methodology to translate the existing legal language of securities frameworks into objective, measurable criteria derived from blockchain (“on-chain”) data. Below, we give a high-level introduction to [...]
Currents Shift After SEC v. Ripple Summary Judgment
In a significant development for the digital assets industry as a whole, the U.S. District Court for the Southern District of New York issued a partial summary judgment on July 13th, favoring some of Ripple Labs Inc.’s defense in its protracted enforcement [...]
Spot On: From Trusts to Spot ETFs
We take a data-driven look at the most important events that impacted the digital assets industry from Q2 2023.
Special Insights
Monitoring DeFi Biggest Risk
This report covers one of the biggest risks in DeFi — the rise of a new development paradigm that introduces single points of failure to many DeFi applications. We begin by examining DeFi’s potential to change how financial products are [...]
Mapping out The Merge
After years of research and development, The Merge will transition Ethereum to Proof of Stake fundamentally changing the network’s security and economics, and realizing the most significant upgrade since its 2015 launch.
On-Chain Volume
Public blockchains are settling more value than ever before. But calculating on-chain transfer volume is a non-trivial exercise. Raw data is rife with noise and opportunity for misinterpretation. To create better estimates, Coin Metrics implements a series of rules or [...]