Coin Metrics' State of the Network

State of the Network, is an unbiased, weekly view of the crypto ecosystem informed by Coin Metrics’ network (on-chain) and market data.

The Best of State of the Network

Launched in 2019, SOTN has a deep catalog of foundational and unique data-driven crypto research. Check out some of our most popular content from the SOTN library below:

Bitcoin:

• Issue 26: How Many Bitcoins Are Permanently Lost?

• Issue 60: Analyzing the Early Uses of Bitcoin

• Issue 69: Bitcoin: A Novel Economic Institution

• Issue 127: Revisiting the Myth of Bitcoin Ownership Concentration

Ethereum:

• Issue 25: The Evolution of Ethereum Tokens

• Issue 95: The Ethereum Gas Report

• Issue 137: A New Look at the Data Behind the Largest Airdrops on Ethereum

• Issue 153: The BAYC Burn: Breaking Down the Otherside Gas War

• Issue 164: The Ethereum Crowdsale 8 Years Later

Bitcoin Mining:

• Issue 23: The Signal and the Nonce: Hunting for ASICs in Nonce Distributions

• Issue 44: Understanding Miner Economics From First Principles 

• Issue 45: The Signal and the Nonce Redux: From S9s to S17s

• Issue 91: Analyzing Miner to Exchange Flows

• Issue 160: Following Active Miner Flows

Coin Metrics’ Data:

• Issue 57: Introducing Free Float Supply

• Issue 61: Introducing Coin Metrics’ Trusted Volume Framework

• Issue 133: Introducing Coin Metrics’ Bitcoin Wallet Metrics

• Issue 147: A Deep Dive into Coin Metrics’ Transfer Value Heuristics

• Issue 150: Launching DEX Data

DeFi:

• Issue 113: Understanding Total Value Locked (TVL)

• Issue 122: Digging into Uniswap DEX Data 

• Issue 143: Analyzing Wrapped Bitcoin Usage on Ethereum

Stablecoins:

• Issue 59: The Rise of Stablecoins

• Issue 114: Analyzing Tether and USDC Usage Patterns

• Issue 155: Surveying Stablecoins in the Wake of the UST/Luna Collapse

NFTs:

• Issue 121: The Rise of NFTs

• Issue 141: Exploring OpenSea Analytics Using On-Chain Data

Market Data:

• Issue 53: Measuring Bitcoin’s Trading Volume

• Issue 58: When Markets Misalign: Mispricings and Reference Rates

• Issue 124: Are BTC and ETH Spot Markets Maturing? Assessing the Health of Crypto Market Structure Using Order Book Data

• Issue 132: Comparing Returns Across the Major ERC-20 Tokens

General:

• Issue 30: Ranking Crypto Assets by Auditability

• Issue 131: Explaining Some of Crypto’s Biggest Data Anomalies

Special Issues:

• Issue 100: One Hundred Crypto Data Insights

• Issue 157: SOTN at Three Years Old

Yearly Reviews:

• 2019 Year in Review

• 2020 Year in Review

• 2021 Year in Review

• 2022 Year in Review

Quarterly Wrap-Ups:

• Q1 2021

• Q2 2021

• Q3 2021

• Q1 2022

• Q1 2022 Mining Data Special

• Q2 2022

• Q2 2022 Mining Data Special

• Q3 2022

• Q3 2022 Mining Data Special

• Q4 2022 Mining Data Special

• Q1 2023 Mining Data Special

Stay up-to-date

If you'd like to get State of the Network in your inbox, please subscribe here. You can see previous issues of State of the Network here.

Coin Metrics research also includes long-form, special reports on many important topics in the crypto-sphere. Check out some of our deep dives below!

What is MEV anyway?

Mapping Out The Merge

Monitoring DeFi’s Biggest Risk:

On-Chain Transfer Volume Heuristics:

The Rise of Stablecoins:

The Rise of NFTs:

The Bitcoin On-Chain Indicators Primer:

The Crypto Futures Data Primer:

Also check out the Coin Metrics Blog for more in depth research and analysis, as well as our market-data focused newsletter State of the Market, featuring weekly updates on market conditions.

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