Digital assets have matured into a functioning, multi-layered economy that can be measured, analysed, and compared against traditional macroeconomic benchmarks.

In a new report with WisdomTree, we examine the blockchain ecosystem through familiar economic and market-structure concepts, focusing on observable activity:

• Transaction fees as revealed demand for network utility
• Security provisioning through economic commitment via mining (energy) or staking (capital)
• Exchanges and custodians as gateways to traditional capital markets
• Stablecoins as the primary settlement and liquidity layer
• DeFi and tokenization as extensions of on-chain financial activity.

Taken together, these components form a financial system that increasingly mirrors traditional markets in structure and function.

📑 Get the report here