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Coinbase Proposes New Metric to Accurately Track Blockchain and Cryptocurrency Adoption

The largest cryptocurrency exchange in the United States, Coinbase, has stated that there is a need to accurately measure the true adoption rate of blockchain technology.

In a new blog post, Coinbase expressed that tracking the adoption of the blockchain ecosystem has become increasingly difficult as more applications are launched. This is because spam and Sybil attacks (an attack involving the forgery of multiple identities in a peer-to-peer network) can distort traditional metrics such as total transaction volume or daily active addresses.

To address these challenges, Coinbase suggests using the h-index, an index originally created to measure the productivity and impact of scientific publications.

Coinbase has adopted the h-index and applied it to blockchain by tracking the number of addresses that receive transactions a certain number of times.

Coinbase has used this new metric to indicate that among all chains compatible with the Ethereum Virtual Machine (EVM), ETH has the highest adoption rate, followed by Base, Arbitrum (ARB), Optimism (OP), Polygon (MATIC), Avalanche (AVAX), and Fantom (FTM).

Sentiment: Positive

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