State ofcryptoindex

Innovation Indicators (Supply)
Active Developers

The number of developers building publicly in crypto

Interested Developers

The number of developers engaging with crypto-related open source code

Contract Deployers

A proxy for the number of developers deploying code on a public blockchain

Verified Smart Contracts

A proxy for the number of new crypto applications launched

Developer Library Downloads (web3+ethers)

The number of downloads for developer tools that help users interact with crypto

Academic Publications

The relevance of crypto in academic research

Job Search Interest

The worldwide interest in crypto-related jobs

Adoption Indicators (Demand)
Active Addresses

A proxy for the number of unique users across various blockchains


A proxy for the activity happening across various blockchains

Transaction Fees Paid

The amount people are paying to interact with crypto applications

Mobile Wallet Users

The estimated number of active users across popular crypto mobile wallets

DEX Volume

The value of tokens exchanged using decentralized protocols

NFT Buyers

A proxy for the number of people buying NFTs

Stablecoin Volume

The total value of stablecoins transferred on blockchains


The State of Crypto Index is calculated based on the weighted average monthly growth of all included parameters. The index is expressed as a percentage change since January 2016 under certain assumptions.

  • Parameters begin contributing to the index only once they have met or exceeded their Threshold. When a parameter reaches this threshold, it is simply added to the index calculation – there is no rebalancing or normalization.
  • Each month, the qualifying parameters are evaluated based on the percentage change from their first qualifying month. The resulting values are multiplied by the Weights, and then summed across all the parameters to calculate the index value (i.e., the weighted average growth)
Default values
  • The default Weights were set based on estimates of the approximate significance of each underlying parameter to the overall state of the crypto industry.
  • The default Thresholds were set based on these guiding principles:
    1. (1) There should be at least 6 months of data available.
    2. (2) The values should be at a level where the tracked parameter is reasonably relevant within the context of the broader crypto industry.
  • Our default values represent just one view of the state of crypto. You can manipulate the weights and thresholds according to your preferences.

The State of Crypto Index is a tool that will likely evolve over time. We may add new parameters, alter existing ones, update historical data retroactively, and make changes to the methodology, data sources, and/or default values at our discretion.

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