Coin Metrics' State of the Network

Coin Metrics' State of the Network focuses on the analysis and insights into blockchain technology, cryptocurrency markets, and the decentralized finance (DeFi) ecosystem. It covers topics like hash functions, mining, market dynamics, stablecoins, regulatory developments, and the impact of technological upgrades on digital asset valuations and adoption.

Blockchain Technology Cryptocurrency Markets Decentralized Finance (DeFi) Market Analysis Regulatory Landscape Mining and Energy Consumption Stablecoins Exchange-Traded Funds (ETFs) Digital Asset Valuation Technological Upgrades and Adoption

The hottest Substack posts of Coin Metrics' State of the Network

And their main takeaways

Tether (USDT) Analyst Report

0 implied HN points • 10 Jun 25
🔮 Crypto Blockchain Stablecoins Market Analysis Digital Assets Investment Trends
  1. USDT is great for fast and cheap cross-border payments, making it useful for people in countries where getting US dollars is tough.
  2. It's easily available on many platforms, helping it become popular quickly as people use it more for trading and blockchain activities.
  3. Institutions like USDT too because it's stable and makes transactions simpler, showing that it's not just for everyday users.

Tokenized Bitcoin: Extending Bitcoin’s Utility

0 implied HN points • 03 Jun 25
🔮 Crypto Bitcoin Blockchain DeFi Tokens Market Trends
  1. Tokenized Bitcoin like WBTC and cbBTC makes Bitcoin useful across different blockchain networks. This helps people use Bitcoin in various ways, not just as a store of value.
  2. WBTC is the biggest wrapped Bitcoin option, but cbBTC is quickly gaining popularity, especially on platforms like Base and Solana. Together, they have significant activity in decentralized finance (DeFi).
  3. These tokenized Bitcoins allow users to engage in trading and lending without selling their actual Bitcoin. They open up new financial opportunities while also involving some risks related to how they are managed.

The After-Effects of Ethereum’s Pectra Upgrade

0 implied HN points • 27 May 25
🔮 Crypto Blockchain Ethereum Staking Layer 2 DeFi
  1. The Pectra upgrade for Ethereum increased the maximum balance a validator can hold, allowing for better rewards and encouraging the consolidation of multiple validators into one.
  2. The upgrade also doubled the available blob space, which improves how Layer-2 solutions can operate, making transactions cheaper and faster for users.
  3. Early results show that more blobs are being used, and transaction counts have significantly increased, but there's still potential for even more growth in usage.

Introducing Exchange Flow Metrics

0 implied HN points • 22 Oct 24
🔮 Crypto Data Analysis Market Trends Trading Strategies Investor behavior
  1. New metrics help track Bitcoin and Ethereum flows to and from exchanges. This data can show how much people are buying or selling and help understand the market.
  2. There has been an increase in miners sending Bitcoin to exchanges recently. This could be due to them wanting to secure profits before changes in Bitcoin rewards.
  3. Crypto.com is gaining a larger share of the Bitcoin market lately. By looking at trading volumes and flow data, we can tell if market activity is genuine or just fake trades.

An Overview of the Flow Blockchain

0 implied HN points • 15 Oct 24
🔮 Crypto Blockchain Smart Contracts Digital Assets DeFi Tokenomics
  1. Flow is a Layer-1 blockchain built for quick, consumer-friendly apps. It uses a unique system to help scale and manage tasks efficiently.
  2. The recent Crescendo upgrade allows Flow to work with Ethereum's smart contracts, letting developers use tools from both ecosystems.
  3. Flow is popular for digital collectibles like NBA Top Shot and has low transaction fees, making it great for fast and affordable transactions.
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State of the Network’s Q3 2024 Mining Data Special

0 implied HN points • 08 Oct 24
🔮 Crypto Mining Market Trends Business Models Revenue streams
  1. Bitcoin mining revenues dropped to $2.5 billion in Q3 2024, down from $3.7 billion, mainly because of the halving event in April 2024.
  2. Transaction fees have been low, making miners look for new ways to earn money, like renting out space for AI or tokenizing whiskey barrels.
  3. There are still many empty blocks being mined, especially by certain pools, which raises questions about how miners are optimizing their processes.

Best of State of the Network in 2024

0 implied HN points • 31 Dec 24
🔮 Crypto Bitcoin Ethereum Mining DeFi Stablecoins Derivatives
  1. Bitcoin saw significant changes this year, especially with the launch of spot bitcoin ETFs and a major halving event, which affected miner revenues and the overall ecosystem.
  2. Ethereum is evolving with its modular structure, increasing staking opportunities, and upgrades like Dencun, making transactions more scalable and efficient.
  3. The stablecoin market grew tremendously, with new players entering the space, while decentralized exchanges became essential for trading and providing liquidity in the crypto landscape.

Polymarket and the Power of Collective Intelligence

0 implied HN points • 29 Oct 24
🔮 Crypto Blockchain Prediction Markets Digital Assets Market Analysis
  1. Prediction markets can give real-time insights into how likely certain events are to happen, rather than just relying on static polls. This makes them more dynamic and informative.
  2. Polymarket is a popular prediction market built on the Polygon blockchain, where users can bet on future events. It has a large investment of over $200 million locked in and is a major player in the Polygon ecosystem.
  3. The markets for the 2024 U.S. presidential election on Polymarket are very active and show how political events can affect the cryptocurrency market, especially with fluctuations in Bitcoin prices.