Circle’s Silver Lining: Unpacking USDC’s Supply Drop in an Era of Rising Rates
In this issue of State of the Network, we set out to analyze USDC's supply loss and its impact on Circle. We segment the current USDC supply into various categories to pinpoint where the attrition is most pronounced. The pressing question [...]
Recent
Reviewing Ethereum’s Shapella Upgrade
In this week’s State of the Network, we analyze the network impacts and economic ramifications of the Shapella upgrade through the data we have observed in the days after its activation.
The Shanghai Redemption: Ethereum’s Latest Upgrade
In this issue of the State of The Network, we will be covering the Ethereum “Shapella” upgrade, the latest milestone in the ongoing evolution of the Ethereum blockchain.
State of the Network’s Q1 2023 Wrap-Up
In this special edition of State of the Network, we take a data-driven look at the most important events that impacted the digital assets industry from the first quarter of 2023.
State of the Network’s Q1 2023 Mining Data Special
In our 200th issue of State of the Network, we share a special report on Bitcoin Mining Data for Q1 2023. Following one of mining’s roughest years in 2022, miners are proving their resiliency and enjoying a comeback this first [...]
An Introduction to Liquid Staking
In this issue of State of the Network, we discuss the need for liquid staking — which allows users to secure the Ethereum network and participate in on-chain activities while earning staking yields.
FDIC Takeover of Silicon Valley Bank: Assessing the Impact on Stablecoins
Silicon Valley Bank (SIVB) was taken over by the FDIC on Friday morning following a bank run that drained their reserves and threatened the integrity of their depositors’ accounts. Despite the shutdown itself, the uncertainty leading to the FDIC’s action [...]
Decentralized Exchanges Four Months After FTX
Using data from Coin Metrics’ DEX data feed, we examine the underlying activity on Uniswap and Sushiswap to understand usage of this trading infrastructure.
Decoding Crypto Pricing: Insights for Institutional Investors
In this report, we aim to compare and contrast Coin Metrics’ two independent pricing methodologies, elucidate their underlying accounting rationale, and examine their historical performance through real-world case studies.
Dancing with the Regulator: Stablecoin Data in the Wake of New Regulatory Action
In this State of the Network, we examine stablecoin data following the recent regulatory developments surrounding the Binance USD (BUSD) stablecoin.
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 [...]