One Year Since The Merge
In this issue of the State of the Network, we revisit the predictions we made about Ethereum’s now-defunct mining operations, take a look at critical network data to help us understand how Ethereum’s PoS ecosystem continues to evolve, and consider new directions and [...]
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Mapping Account-based Blockchain Data to Virtual UTXOs
At its core, cryptocurrency utilizes complete transparency to help create trust between anonymous users. In comparison to traditional finance, analyzing on-chain data provides an enormous advantage in metric creation. Some blockchains like Bitcoin use something called an unspent transaction output [...]
Analyzing Recent Data Behind the Bitcoin Technology Stack
Earlier this year at the Bitcoin 2022 conference, Coin Metrics’ Lucas Nuzzi presented the following diagram showing a sample of some of the key projects pushing the Bitcoin ecosystem forward.
Ethereum After EIP-1559
As the upcoming merge with the Beacon Chain approaches, the upgrade to Ethereum’s fee market mechanism brought on by EIP-1559 has had nearly one full year to develop and for participants to habituate to the new conditions. In recognition of [...]
Exploring the Time-Based Patterns of Blockchain Activity
Blockchains are well known for offering a degree of pseudo-anonymity to transactors. But even though individual transactions might not be all that revealing, the collective behavior of blockchain users can be informative in understanding broader usage patterns. One example of this [...]
The Ethereum Crowdsale 8 Years Later
After years of testing, research, and development, excitement is building around the potential timeline for Ethereum’s planned move to proof-of-stake (PoS) through The Merge. The Merge arguably represents the single largest protocol-level change in Ethereum’s history, eliminating mining and introducing a system [...]
Checking in on On-Chain User Activity
Over the last few months the crypto market has been battered by Terra’s implosion and the ongoing fallout. But despite falling prices, how has usage and adoption held up? Have crypto users stuck around, or have they left during the [...]
The State of the Network Q2 2022 Wrap-Up
In this special edition of State of the Network we recap an eventful quarter in the crypto markets with a data-driven look at the biggest storylines of Q2, 2022. Heading into 2022, data on crypto assets’ returns showed that the asset class was [...]
The State of the Network Q2 2022 Mining Data Special
In last week’s State of the Network we noted that the most active Bitcoin miners have likely been moving around their coins amid increased BTC price volatility. This week, we take a closer look at mining data as a hectic quarter in the crypto [...]
Following Flows IV: Pruning Payouts
This week’s State of the Network adds to our “Following Flows” series of research devoted to understanding miners’ blockchain activity. Bitcoin mining has undergone many changes over the years as the rewards for mining have grown. What started out as a [...]