Get the best data-driven crypto insights and analysis every week:
Best of State of the Network in 2023
By: The Coin Metrics Research Team
Introduction
In this special edition of the State of the Network, we reflect on a year full of riveting data and crucial events through the lens of the research team’s favorite issues from 2023. In the upcoming year, our commitment remains steadfast: to deliver meticulous, actionable insights that empower your decisions in an ever-evolving digital asset world.
BITCOIN
This year was a remarkable moment in Bitcoin history, seeing a rush of innovation that is hard to match compared to previous years. In this issue, we mapped out the data behind inscriptions and ordinals, taking a look at how that is affecting the Bitcoin network.
ETHEREUM
A Claim in the Ether: Tracking the Soaring Demand for Ethereum Staking
In issue 208, we focused on data in the Ethereum staking ecosystem following the successful launch of staking withdrawals with the ‘Shapella’ hard fork in April.
STABLECOINS
Coin Convergence: Piecing Together Common Ownership Patterns Across Major Stablecoins
Issue 222 explored the topic of stablecoin co-ownership using data sourced from Coin Metrics’ ATLAS blockchain explorer. We also showcased how Coin Metrics’ address tags can be used to build rich analyses of on-chain data.
ATLAS
From East to West: The Global Pulse of Stablecoin Transactions
Issue 220 mapped the global distribution of stablecoin transactions, revealing distinct regional preferences for USDC and Tether, and the impact of major industry events on the stablecoin market from January 2022 to July 2023.
DATONOMY
Zooming Out: A datonomy Update
In this issue of Coin Metrics’ State of the Network, we leveraged datonomy™—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens.
MARKET DATA
Navigating the Liquidity Landscape: Insights into Digital Asset Markets
In issue 230, we examined trends in trading volume and market data, using Coin Metrics’ datonomy™ to glean insights into market conditions by specific digital asset sectors, while also focusing on both centralized exchanges and decentralized exchanges (DEXs).
NETWORK DATA
In issue 205, we honed in on MakerDAO’s Dai—the largest crypto-backed stablecoin by market capitalization. We walked through how Dai is issued, explored its supply trends and evaluated how the stablecoin is being used today.
EXCHANGES
A Glimpse into Coinbase through Coin Metrics’ Data
Issue 225 focused on Coinbase's position as the lead US exchange through the lens of Coin Metrics' market data. We also explored Coinbase's efforts to diversify its revenue streams with various on-chain efforts like staking through the cbETH liquid staking token, and Base, the Ethereum layer-2 blockchain.
DEFI
Evaluation the Market Quality of DeFi Collateral
In this issue of State of the Network, we used a combination of Coin Metrics’ Network Data (DeFi Balance Sheets) and Market Data to assess predominant forms of collateral in DeFi, examining their unique risk characteristics to understand what makes collateral more or less desirable.
MINING
State of the Network’s Q4 2023 Mining Data Special
This issue of State of the Network focused on Bitcoin mining, spotlighting data across the mining ecosystem and in particular combining public mining company disclosures with Coin Metrics’ Mine-Match technology, comparing the efficiency of major operators’ ASIC fleets against the average network-wide efficiency.
Coin Metrics Updates
This week’s updates from the Coin Metrics team:
Coin Metrics’ Parker Merritt appeared on The Mining Pod last week to talk about the top highlights in Bitcoin mining from 2023 and some thoughts on the mining industry ahead in the new year.
Last week, we released our data-driven review of events in the digital assets industry over the past year. Check out our 2023 Year in Review here.
Follow Coin Metrics’ State of the Market newsletter which contextualizes the week’s crypto market movements with concise commentary from the Coin Metrics team, rich visuals, and timely data.
As always, if you have any feedback or requests please let us know here.
Subscribe and Past Issues
Coin Metrics’ State of the Network, is an unbiased, weekly view of the crypto market informed by our own network (on-chain) and market data.
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.