Best of State of the Network in 2023

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By: The Coin Metrics Research Team

On this particular version of the State of the Network, we replicate on a yr full of riveting information and essential occasions by way of the lens of the analysis group’s favourite points from 2023. In the upcoming yr, our dedication stays steadfast: to ship meticulous, actionable insights that empower your choices in an ever-evolving digital asset world.

This yr was a exceptional second in Bitcoin historical past, seeing a rush of innovation that’s onerous to match in comparison with earlier years. On this problem, we mapped out the information behind inscriptions and ordinals, having a look at how that has effects on the Bitcoin community.

No Extraordinary Quantity

A Declare in the Ether: Monitoring the Hovering Demand for Ethereum Staking

In problem 208, we centered on information in the Ethereum staking ecosystem following the profitable launch of staking withdrawals with the  ‘Shapella’ onerous fork in April. 

Coin Convergence: Piecing Collectively Frequent Possession Patterns Throughout Main Stablecoins

Situation 222 explored the matter of stablecoin co-ownership utilizing information sourced from Coin Metrics’ ATLAS blockchain explorer. We additionally showcased how Coin Metrics’ tackle tags can be utilized to construct wealthy analyses of on-chain information.

From East to West: The International Pulse of Stablecoin Transactions

Situation 220 mapped the world distribution of stablecoin transactions, revealing distinct regional preferences for USDC and Tether, and the impression of main business occasions on the stablecoin market from January 2022 to July 2023.

Zooming Out: A datonomy Replace

On this problem of Coin Metrics’ State of the Network, we leveraged datonomy™—a classification system for digital belongings to zoom out and gauge the ecosystem and its underlying traits from a broader lens.

Navigating the Liquidity Panorama: Insights into Digital Asset Markets

In problem 230, we examined traits in buying and selling quantity and market information, utilizing Coin Metrics’ datonomy™ to glean insights into market situations by particular digital asset sectors, whereas additionally specializing in each centralized exchanges and decentralized exchanges (DEXs).

Maker’s Dai Dilemma

In problem 205, we honed in on MakerDAO’s Dai—the largest crypto-backed stablecoin by market capitalization. We walked by way of how Dai is issued, explored its provide traits and evaluated how the stablecoin is getting used immediately.

A Glimpse into Coinbase by way of Coin Metrics’ Knowledge

Situation 225 centered on Coinbase’s place as the lead US alternate by way of the lens of Coin Metrics’ market information. We additionally explored Coinbase’s efforts to diversify its income streams with numerous on-chain efforts like staking by way of the cbETH liquid staking token, and Base, the Ethereum layer-2 blockchain.

Analysis the Market High quality of DeFi Collateral

On this problem of State of the Network, we used a mix of Coin Metrics’ Network Knowledge (DeFi Balance Sheets) and Market Data to evaluate predominant varieties of collateral in DeFi, inspecting their distinctive danger traits to know what makes collateral roughly fascinating.

State of the Network’s This fall 2023 Mining Knowledge Particular

This problem of State of the Network centered on Bitcoin mining, spotlighting information throughout the mining ecosystem and in explicit combining public mining firm disclosures with Coin Metrics’ Mine-Match expertise, evaluating the effectivity of main operators’ ASIC fleets towards the common network-wide effectivity.

This week’s updates from the Coin Metrics group:

  • Coin Metrics’ Parker Merritt appeared on The Mining Pod final week to speak about the prime highlights in Bitcoin mining from 2023 and a few ideas on the mining business forward in the new yr.

  • Final week, we launched our data-driven evaluation of occasions in the digital belongings business over the previous yr. Take a look at our 2023 12 months in Evaluate right here.

  • Comply with Coin Metrics’ State of the Market e-newsletter which contextualizes the week’s crypto market actions with concise commentary from the Coin Metrics group, wealthy visuals, and well timed information.

As all the time, in case you have any suggestions or requests please let us know here.

Coin Metrics’ State of the Network, is an unbiased, weekly view of the crypto market knowledgeable by our personal community (on-chain) and market information.

If you would like to get State of the Network in your inbox, please subscribe right here. You possibly can see earlier points of State of the Network right here.

© 2023  Coin Metrics Inc. All rights reserved. Redistribution just isn’t permitted with out consent. This text doesn’t represent funding recommendation and is for informational functions solely and you shouldn’t make an funding determination on the foundation of this info. The e-newsletter is supplied “as is” and Coin Metrics is not going to be accountable for any loss or harm ensuing from info obtained from the e-newsletter.

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