Get the best data-driven crypto insights and analysis every week:

Mapping Out The Merge

Understanding Ethereum’s Move to Proof of Stake

By Kyle Waters, Lucas Nuzzi, Matías Andrade, and Nate Maddrey

The Merge—Ethereum’s long-awaited transition to Proof-of-Stake—is fast approaching. The timeline has some uncertainty, but the best estimates suggest we are a little over two weeks out with a tentative date for The Merge of September 15th. Ethereum developers are determined to complete one of the most significant and intricate changes in crypto’s history without disrupting a network that secures and settles billions of dollars worth of value on-chain daily.

At Coin Metrics, many teams are working hard in preparation for The Merge. As part of our support for Ethereum’s major network upgrade, we are excited to be releasing a new data-driven research report explaining the essential features of The Merge and its implications for the future of Ethereum’s security, economics, and more. You can download our report, Mapping Out The Merge, for free below.

Download the full report: Mapping out The Merge

Download Report

To learn more about how Coin Metrics is preparing for The Merge check out our blog post here. We look forward to evaluating Ethereum post-Merge with new metrics and insights. This report marks the beginning of a new coverage universe for us at Coin Metrics. To stay updated with Coin Metrics’ response to The Merge be sure to follow us on social media, and look for future research on State of the Network.

• Coin Metrics Announcements

• Twitter

• LinkedIn

Also, be sure to check out our free charting tool, correlation tool, and mobile apps to access more Ethereum data ahead of The Merge.

Network Data Insights

Summary Metrics

Source: Coin Metrics Network Data Pro

As of August 29, the week-over-week active address count decreased among Bitcoin, Ethereum, and most other assets. After HUSD’s recent de-pegging, Binance USD (BUSD) and Paxos Standard (USDP), two other stablecoins, increased in market cap by 4% and 9%, respectively—perhaps capturing more outstanding market share after HUSD’s dislocations.

Coin Metrics Updates

This week’s updates from the Coin Metrics team:

• For the best in-depth discussion of CM data and research, come check out our research community on the web3 social media platform gm.xyz.

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.

To learn more, acquire our data, or contact Coin Metrics reach out here.

© 2022 Coin Metrics Inc. All rights reserved. Redistribution is not permitted without consent. This newsletter does not constitute investment advice and is for informational purposes only and you should not make an investment decision on the basis of this information. The newsletter is provided “as is” and Coin Metrics will not be liable for any loss or damage resulting from information obtained from the newsletter.