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Coin Metrics State of the Network

Crypto data for the decentralized economy

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Latest posts

August 19th Market Rally: Crypto Makes a Comeback As Bessent Bails Out Bonds

How the Treasury’s bond intervention sparked crypto's best week in months, and whether the rally has legs

Trade.xyz’s Role in Hyperliquid

How HIP-3 builders expand Hyperliquid perpetual markets and drive revenue to Hyperliquid

Beneath the Trillions: What’s Driving USDC and USDT Transfer Volume?

How DEX liquidity, flashloans, and exchange flows are shaping stablecoin activity

Talos Exchange Scorecard, Plus Digging into the Coldcard Exploit On-Chain

Exchange liquidity and quality across 20+ venues, and analysis of the Coldcard hack

Why is Aave’s USDC Utilization Rate Spiking?

Exploring consistent inconsistencies in a pooled, variable-rate lending environment and its effect on other borrowers

Robinhood Chain and the Race to Build a Financial Super App

An overview of Robinhood’s Layer‑2 chain, its early onchain activity and economics

Is OpenUSD a Threat to the Dominance of Circle and USDC?

Exploring how the Open USD launch affects stablecoin issuer economics, distribution, and network effects

Strategy Selling BTC to Fund Dividends

Examining how preferred share dividends and recent BTC sales impact Strategy's long-term viability

Q2 2026 Market Update: Reversals, Rotations & Rates

A review of digital asset performance, flows and exchange activity shaping Q2 2026

The Spectrum of Tokenized Stock Exposure

Categorizing the main models and approaches to tokenizing stocks

Hyperliquid: Perps, Outcome Markets, and USDC Yield

Examining HyperEVM developments, volume, competitive funding rates, and stablecoin developments