State of the Network Foundations: Hashes
In this week’s State of the Network we return with our Foundations series, which presents various “technical” aspects of blockchain technology in an approachable way. In this week’s issue, we turn to the concept of a hash, one of the core cryptographic elements enabling the [...]
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Analyzing The Early Uses of Bitcoin
Since its inception in 2009, Bitcoin triggered many discussions around its raison d’être. Conflicts between different points of view of what Bitcoin is and should be spanned years and tore many communities apart. Hasufly and Nic Carter cataloged the many different [...]
The Rise of Stablecoins
Stablecoin supply has exploded in 2020 but it’s unclear exactly why. After it took 5 years for stablecoin supply to reach 6 billion, it only took another 4 months for it to grow from 6 billion to 12 billion following [...]
When Markets Misalign: Mispricings and Reference Rates
Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader error. These dislocations are aggravated by market inefficiencies that may prevent arbitrage. While market dislocations are particularly common for small exchanges and [...]
Introducing Free Float Supply
Until now, a standardized approach to determining the free float supply (the supply that is available to the market) of cryptoassets has not been established. This has hindered the market from developing a clear understanding of available supply and market [...]
Digital Alchemy: Do Coinbase Listings Turn Altcoins Into Gold?
A Coinbase listing has historically shown, not surprisingly, to have a positive impact on listed assets’ prices immediately following the announcement. The uplift from a listing is more muted than some may perceive, with the average and median uplift ranging [...]
Assessing Crypto’s Recovery Three Months After The March 12th Crash
Bitcoin (BTC) and Ether (ETH) have recovered most of their losses after the March 12th crash, while assets like Bitcoin Cash (BCH) and Litecoin (LTC) have lagged behind. Other assets that have outperformed include Cardano (ADA), Crypto.com Coin (CRO), and [...]
Analyzing Stablecoin Supply and Activity Distribution
The supply and activity distribution of a stablecoin can help us understand how it is used. The ERC-20 variant of Tether shines as being particularly well distributed amongst its holders. Meanwhile, 6 accounts or less own 80+% of the supply [...]
Measuring Bitcoin’s Trading Volume
Current market conditions have led to a resurgence of institutional interest in Bitcoin. In the face of an unparalleled monetary and fiscal policy response from central banks and governments around the world, more institutions are recognizing that such policies significantly [...]
Best of the First Year of State of the Network
In this special edition, we look back at the best issues of the past year to celebrate State of the Network’s one-year anniversary. Over the last 52 issues we have taken a data-driven approach to elucidating the best (and worst) [...]