Supply Issuance

Contents

• Annual Inflation Rate

• Daily Inflation Rate

• Coinbase Issuance (Continuous Issuance)

• Total Issuance

• Puell Multiple Total

• Puell Multiple, Coinbase Issuance

• ​Daily Supply Inflation Rates​

• ​Annual Supply Inflation Rates

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.

Name	MetricID	Unit	Interval
Annual Inflation Rate	IssContPctAnn	Dimensionless	1 year

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

Source: CM Network Data Charts

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

• Daily Inflation Rate

Availability for Assets

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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.

Name	MetricID	Unit	Interval
Daily Inflation Rate	IssContPctDay	Dimensionless	1 day

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

Source: CM Network Data 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

• Annual Inflation Rate

Availability for Assets

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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.

Name	MetricID	Unit	Interval
Coinbase Issuance (native units)	IssContNtv	Native units	1 day, 1 hour
Coinbase Issuance (USD)	IssContUSD	USD	1 day

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

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Total Issuance

Definition

The sum of all new supply units issued that day.

Name	MetricID	Unit	Interval
Total Issuance (native units)	IssTotNtv	Native units	1 day, 1 hour
Total Issuance (USD)	IssTotUSD	USD	1 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

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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).

Name	MetricID	Unit	Interval
Puell Multiple, Coinbase Issuance	PuellMulCont	Dimensionless	365 days

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

• Puell Multiple, Revenue

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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.

Name	MetricID	Unit	Interval
Puell Multiple, Total Issuance	PuellMulTot	Dimensionless	365 days

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

• Puell Multiple, Revenue

Availability for Assets

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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.

Name	MetricID	Unit	Interval
Daily Inflation Rate	InfPct	Dimensionless	1d
Inflation Rate 30-Day Average	InfPct30dAvg	Dimensionless	1d
Inflation Rate 90-Day Average	InfPct90dAvg	Dimensionless	1d
Inflation Rate 180-Day Average	InfPct180dAvg	Dimensionless	1d
Inflation Rate 1-Year Average	InfPct1yAvg	Dimensionless	1d

Details

• $InfPct=\frac{SplyCur(n-1)-SplyCur(n)}{SplyCur(n-1)}*100$

• $InfPct[N]Avg=\frac{SplyCur(n-N)-SplyCur(n)}{SplyCur(n-N)}*100$ where N is the days over which to average. This means that for a 30-Day average the formula would be: $InfPct30dAvg=\frac{SplyCur(n-30d)-SplyCur(n)}{SplyCur(n-30d)}*100$

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.

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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.

Name	MetricID	Unit	Interval
Annualized Compounding Inflation Rate	InfPctAnn	Dimensionless	1d
Annualized Compounding Inflation Rate 30-Day Average	InfPctAnn30dAvg	Dimensionless	1d
Annualized Compounding Inflation Rate 90-Day Average	InfPctAnn90dAvg	Dimensionless	1d
Annualized Compounding Inflation Rate 180-Day Average	InfPctAnn180dAvg	Dimensionless	1d
Annualized Compounding Inflation Rate 1-Year Average	InfPctAnn1yAvg	Dimensionless	1d

Details

• $InfPctAnn=((1+\frac{InfPct}{100})^{365}-1)*100$

• $InfPctAnn[N]Avg=(1+\frac{InfPct[N]Avg}{100})^{365}-1$ where N is the days over which to average. This means that for a 30-Day average the formula would be: $InfPctAnn30dAvg=(1+\frac{InfPct30dAvg}{100})^{365}-1$

Availability for Assets

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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.

Asset metrics

Returns requested metrics for specified assets. Results for block by block metrics (1b frequency) are ordered by tuple (asset, height, block_hash), all other metrics are ordered by tuple (asset, time). You can change the sorting using sort query parameter. Supported output formats are json (default) and csv, use format query parameter to override it. To fetch the next page of results use next_page_url JSON response field or x-next-page-url CSV HTTP header if present. If multiple metrics are requested in the same time the strict policy for partially available metrics among requested ones is applied:

GEThttps://api.coinmetrics.io/v4/timeseries/asset-metrics

Authorization

api_key

Query parameters

Response

200400401403414

Time series of metrics for an asset.

Body

application/jsontext/csv

data*any

next_page_tokenNextPageToken (string)

Token of the next page results for a given request.

next_page_urlNextPageUrl (string)

URL of the next page results for a given request.

Response

200400401403

{
  "next_page_token": "text",
  "next_page_url": "text"
}

Shell

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

Python

import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=IssContNtv&assets=btc&pretty=true&api_key=<your_key>').json()
print(response)

Python Client

from coinmetrics.api_client import CoinMetricsClient

api_key = "<API_KEY>"
client = CoinMetricsClient(api_key)

print(
    client.get_asset_metrics(
        metrics="IssContNtv", 
        assets="btc",
    ).to_dataframe()
)