[Report] Coin Metrics' State of the Network: Issue 192
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What is MEV anyway?
MEV was never an element of the design of Ethereum—instead, it was an emergent phenomenon, and one that surprised everyone in the crypto community. It went from theoretical to operational (and very profitable) after only a couple of years, raising issues around censorship and centralization. This week, Coin Metrics’ research team is releasing a research report on MEV, which is an additional source of income to validators, and a rapidly-growing niche within the Ethereum ecosystem.
At Coin Metrics, we pride ourselves in pioneering new insights and coverage of new trends and issues in the digital asset industry. MEV is a major consideration going forward for the design of the Ethereum protocol, and may prove to be an issue shared by all smart contract platforms. It is thus critical to understand the interests and logic that undergird MEV so that we can appreciate the impact over Ethereum’s security and the economics of validating. You can download our report, What is MEV anyway?—for free—below.
For more custom insights, make sure to explore our on-chain metrics with our free charting tool, formula builder, correlation tool, Python API client, and mobile apps.
Network Data Insights
Summary Metrics
Source: Coin Metrics Network Data Pro
Digital asset markets continued rallying over the week with most major assets in the green. On-chain measures of activity remained near the previous week’s levels with Bitcoin and Ethereum active addresses falling 4% and 3%, respectively.
Meanwhile, as Ethereum core developers continue their progress towards the Shanghai network upgrade, the supply of Lido’s staked ETH (stETH) token surpassed 5M, a new milestone for the liquid staking derivative.
Coin Metrics Updates
This week’s updates from the Coin Metrics team:
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