Coin Metrics' State of the Network: Issue 170
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Mapping Out The Merge
Understanding Ethereum’s Move to Proof of Stake
By Kyle Waters, Lucas Nuzzi, Matías Andrade, and Nate Maddrey
The Merge—Ethereum’s long-awaited transition to Proof-of-Stake—is fast approaching. The timeline has some uncertainty, but the best estimates suggest we are a little over two weeks out with a tentative date for The Merge of September 15th. Ethereum developers are determined to complete one of the most significant and intricate changes in crypto’s history without disrupting a network that secures and settles billions of dollars worth of value on-chain daily.
At Coin Metrics, many teams are working hard in preparation for The Merge. As part of our support for Ethereum’s major network upgrade, we are excited to be releasing a new data-driven research report explaining the essential features of The Merge and its implications for the future of Ethereum’s security, economics, and more. You can download our report, Mapping Out The Merge, for free below.
Download the full report: Mapping out The Merge
To learn more about how Coin Metrics is preparing for The Merge check out our blog post here. We look forward to evaluating Ethereum post-Merge with new metrics and insights. This report marks the beginning of a new coverage universe for us at Coin Metrics. To stay updated with Coin Metrics’ response to The Merge be sure to follow us on social media, and look for future research on State of the Network.
Also, be sure to check out our free charting tool, correlation tool, and mobile apps to access more Ethereum data ahead of The Merge.
Network Data Insights
Summary Metrics
Source: Coin Metrics Network Data Pro
As of August 29, the week-over-week active address count decreased among Bitcoin, Ethereum, and most other assets. After HUSD’s recent de-pegging, Binance USD (BUSD) and Paxos Standard (USDP), two other stablecoins, increased in market cap by 4% and 9%, respectively—perhaps capturing more outstanding market share after HUSD’s dislocations.
Coin Metrics Updates
This week’s updates from the Coin Metrics team:
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