State of the Network Archives

Scaling For the Next Wave of Demand: Ethereum, Solana and Beyond

A look at how Ethereum, its Layer-2 ecosystem, and Solana are evolving to meet rising on-chain demand

November 4, 2025

Ethena and the Mechanics of USDe

Understanding the backing mechanics, usage profile, and risks of Ethena’s synthetic dollar

October 28, 2025

Canton Analyst Overview

An overview of Canton Network and the token economics of Canton Coin

October 21, 2025

The Great De-Leveraging: Friday Flash Crash

Unpacking the largest day of liquidations in crypto history and what it revealed about leverage, liquidity, and market structure

October 14, 2025

Tether’s Next Chapter: Extending Dominance Across Networks and Rails

Tether’s stablecoin market dominance, USDT usage across chains & emerging rails

October 7, 2025

State of the Network’s Q3 2025 Wrap Up

A look back at Q3 2025 and the major market trends, on-chain activity, and structural developments that shaped digital assets

September 30, 2025

Ethereum Update: Can Further Scaling Return Value to Ethereum?

Ethereum surged past $4,500 in August 2025, fueled by Digital Asset Treasuries and stablecoin legislation. This update explores the drivers

September 23, 2025

Shakeup in the Stablecoin Sector

An update on stablecoin competitive dynamics in the wake of the GENIUS Act

September 16, 2025

The Different Flavors of ETH: From Wrapped to Liquid Staked Tokens

A look at landscape of tokenized versions of ETH, focusing on liquid staking tokens, analyzing their pricing mechanics, reward structures,

September 9, 2025

Bitcoin Update: Is Network Activity Keeping Up With Demand?

Coin Metrics follows up on the 2024 Bitcoin Analyst Report, highlighting BTC’s surge past $124k alongside accelerating ETF inflows and

September 2, 2025

Category: State of the Network