Abstract

Cryptoassets and related actors such as crypto exchanges and mining pools are now fully integrated into mainstream economic activity. A necessary corollary is that they have attracted heightened regulatory and investor scrutiny. Although some rules and obligations apply uniformly across all economic actors in a given sector, many others, such as antitrust laws and some financial regulations as well as investor decisions are informed by actors’ relative economic size—meaning that those with larger market shares can become more attractive regulatory or investing targets. It is therefore a foundational issue to properly measure the economic footprint of economic actors in the crypto economy, for otherwise regulatory oversight and investor decisions risk being misled. This has proven a remarkably difficult exercise for multiple reasons including unfamiliarity with the underlying technology and role of involved actors, lack of understanding of the applicable metrics’ economic significance, and the unreliability of self-reported statistics, partly enabled by lack of regulation. Acknowledging the centrality of cryptoasset size in a number of regulatory and policymaking areas and the fact that previous attempts have been incomplete, simplistic, or even plainly wrong, this paper presents the first systematic examination of the economic footprint of cryptoassets and their constituent actors—mining pools and crypto exchanges. We aim to achieve a number of objectives: to introduce, identify, and organize all relevant and meaningful metrics of crypto economic actors market share calculation; to develop associations between metrics, and to explain their meaning, application, and limitations so that it becomes obvious in which context metrics can be useful or not, and what the potential caveats are; and to present rich, curated, and vetted data to illustrate metrics and their use in measuring the shares of crypto economic actors in their respective markets. The result is a comprehensive guidance into the size of the crypto economy.

中文翻译：

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加密经济的规模：计算加密资产，交易所和矿池的市场份额

抽象的

加密资产和相关参与者（例如加密交易所和矿池）现已完全纳入主流经济活动。一个必然的必然结果是，它们吸引了越来越多的监管和投资者审查。尽管某些规则和义务统一适用于给定部门中的所有经济行为体，但许多其他规则和义务（例如反托拉斯法和一些金融法规以及投资者的决定）是由行为者的相对经济规模决定的，这意味着拥有较大市场份额的人可以成为更具吸引力的监管或投资目标。因此，适当地衡量加密货币经济中经济主体的经济足迹是一个基本问题，否则会导致监管监督和投资者决策被误导的风险。事实证明，这是一项非常困难的练习，其原因有很多，其中包括对相关技术的基本技术和参与者的角色不熟悉，对适用指标的经济意义缺乏了解以及自我报告的统计数据不可靠（部分原因是缺乏监管）。承认加密资产规模在许多监管和政策制定领域中的中心地位，以及先前的尝试是不完整，简单或什至显然是错误的事实，本文提出了对加密资产及其构成参与者的经济足迹的首次系统研究-采矿池和加密货币交易所。我们旨在实现以下目标：引入，识别和组织所有有关加密经济参与者市场份额计算的有意义的指标；建立指标之间的关联，并解释其含义，应用和局限性，从而使上下文指标在哪些情况下有用或无效以及潜在的警告事项变得显而易见；并提供丰富，精选和经过审查的数据，以说明指标及其在衡量各自市场中加密货币经济参与者的份额中的用途。结果是对加密经济规模的全面指导。