Supply Issuance

Contents

Annual Inflation Rate

Definition

The percentage of new native units (continuous) issued on that day, extrapolated to one year (i.e., multiplied by 365), and divided by the current supply on that day. Sometimes referred to as the annual inflation rate.

Details

  • This metric can be seen as the asset’s annualized inflation rate. Note that it only includes the predictable inflation, some other emission schedule could happen that would lead to this metric under-estimating the inflation.

  • Computed as 100 * IssContNtv * 365 / SplyCur

  • A value of 1.0 means that the asset’s supply will increase by 1% per year.

  • This metric extrapolates the issuance rate from the current day’s issuance. It doesn’t take into account changes that will happen after the day of this metric’s computation like ETH unpredictable changes in monetary policy (no forward knowledge).

Chart

Asset-Specific Details

  • For XLM, the inflation process is considered continuous issuance as it is protocol mandated and predictable.

Release History

  • Released in the 1.0 release of NDP

Interpretation

While colloquially referred to as the inflation rate, this should be understood as supply inflation, not the conventional understanding of inflation as a decline in purchasing power driven by new supply. This metric might more appropriately be called the annualized issuance rate. Coins already existing in circulation but held in an encumbered state (like XRP being released from escrow) are not included in the measure as they are already incorporated in supply.

See Also

Availability for Assets

Daily Inflation Rate

Definition

The percentage of new native units (continuous) issued on that day divided by the current supply on that day. Also referred to as the daily inflation rate.

Details

  • This metric can be seen as the asset’s daily inflation rate. Note that it only includes the predictable inflation, some other emission schedule could happen that would lead to this metric under-estimating the inflation.

  • Computed as 100 * IssContNtv / SplyCur

  • Also equivalent to IssContPctAnn / 365

  • A value of 1.0 means that the asset’s monetary policy is a 1% daily inflation.

Chart

Asset-Specific Details

  • For XLM, the inflation process is considered continuous issuance as it is protocol mandated and predictable.

Release History

  • Released in the 1.0 release of NDP

See Also

Availability for Assets

Coinbase Issuance (Continuous Issuance)

Definition

The sum of supply units issued that day. Only those native units that are issued by a protocol-mandated continuous emission schedule are included.

Details

  • Most protocols have a fixed monetary policy that describes how many native units must be issued per block. This metric tracks those policies.

  • It includes founders and community rewards if their amounts are predictable.

  • 1 hour frequency is available for ETH_CL only.

Asset-Specific Details

  • For XLM, the inflation process is considered continuous issuance as it is protocol mandated and predictable.

  • For ETH, prior to the Beacon Chain Launch, this metric captures the rewards issued from mining only. After the beacon chain launch and before the merge, this metric includes both rewards paid out as part of the mining process on the execution layer, as well as rewards paid out in the beacon chain as part of staking. Post merge, this metric captures rewards paid out on the consensus layer (and is equivalent to the value for ETH_CL for this metric).

    • To get the rewards on the ETH Consnsus layer, refer to this metric for the ETH_CL ticker.

  • For SOL, counts all rewards paid as part of Voting or Staking rewards. Does not include Rent or Fee rewards

Release Details

  • Released in the 1.0 release of NDP

Availability for Assets

Total Issuance

Definition

The sum of all new supply units issued that day.

Details

  • In this metric, compared to the continuous one, all sources of issuance are taken into account.

  • This metric is the gross issuance: if in the same day, 100 units are issued and 10 burned, this metric’s value will be 100, not 90 (which would be the net issuance).

  • 1 hour frequency is available for ETH_CL only.

Asset-Specific Details

  • For Ethereum total issuance differs between the eth and eth_cl ticker.

    • The total issuance for the eth ticker is the total amount of ETH tokens issued in the Ethereum network. This is equivalent to rewards issued on the network which are also captured in Coinbase Issuance.

    • The total issuance for the eth_cl ticker represents all new ETH tokens issued on the consensus layer. This is equivalent to rewards issued plus any new deposits made to the consensus layer.

Release History

  • Released in the 1.0 release of NDP

Availability for Assets

Puell Multiple, Coinbase Issuance

Definition

The ratio of the USD value of new issuance during the period to the 365-day moving average of the USD value of new issuance. Only those native units that are issued by a protocol-mandated continuous emission schedule are included (i.e., units manually released from escrow or otherwise disbursed are not included).

Details

  • Computed as IssContUSD/ma365(IssContUSD)

Release History

  • Release Version: NDP-EOD 4.8 (Nov, 2020)

Interpretation

The Puell Multiple provides insight into market cycles from a mining revenue perspective. Because miners are sometimes considered compulsory sellers given their fixed costs (e.g., equipment, electricity), metric provides insight into the supply side of a cryptoasset's economy. The idea being, that periods where the Puell Multiple is extremely low could be buying opportunities for investors, and periods where it is extremely high could indicate a profit-taking/selling opportunities.

See Also

Availability for Assets

Puell Multiple, Total Issuance

Definition

The ratio of the USD value of all new issuance during the period to the 365-day moving average of the USD value of all new issuance.

Details

  • Computed as IssTotUSD/ma365(IssTotUSD)

  • Created by David Puell

Release History

  • Release Version: NDP-EOD 4.8 (Nov, 2020)

Interpretation

The Puell Multiple provides insight into market cycles from a mining revenue perspective. Because miners are sometimes considered compulsory sellers given their fixed costs (e.g., equipment, electricity), this metric provides insight into the supply side of a cryptoasset's economy. The idea being, that periods where the Puell Multiple is extremely low could be buying opportunities for investors, and periods where it is extremely high could indicate a profit-taking/selling opportunities.

See Also

Availability for Assets

Daily Supply Inflation Rates

Definition

The percent one-day change in supply. Also referred to as the daily inflation rate. Also available at a 30, 90, 180 day and 1 year moving average.

Details

Interpretation

The Inflation rate of the asset over the timeframe defined in the metric. For example, Inflation Rate 1-Year Average shows what the daily inflation rate was based on the supply 1y ago and today.

Availability for Assets

Annual Supply Inflation Rates

Definition

The percent change in supply over 1 year. Also referred to as the annual inflation rate. Also available at a 30, 90, 180 day and 1 year moving average.

Details

Availability for Assets

API Endpoints

Supply Issuance metrics can be accessed using these endpoints:

  • timeseries/asset-metrics

and by passing in the metric ID's Iss* in the metrics parameter.

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=IssContNtv&assets=btc&pretty=true&api_key=<your_key>"

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