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The Decentralization Index of Blockchain Transactions: the Entropy of Token Transfers on Ethereum

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SoK: Blockchain Decentralization

Read our paper on arXIV:arxiv.org/abs/2205.04256

Supplementary resources, data, and code

DOI

by Luyao Zhang*+, Xinshi Ma+, and Yulin Liu*+

*: joint corresponding authors

+: joint first authors

SoK: Blockchain Decentralization

Folder Contents
Data_Coinmetrics ERC20 Tokens market metrics and data
Data_TokenIndex Decentralization Index (Updated Daily)
Data_EIP1559 EIP1559 adoption data
code Code used to produce analysis in the paper
tutorial Sample calculation of Decentralization Index
conference_invitations
figures

Table of Contents

1.1 Table of Data Files

Name Token File Name
Bitcoin BTC btc.csv
Ethereum ETH eth.csv
Dai DAI dai.csv
Sai SAI sai.csv
Aave AAVE aave_met.csv
Compound COMP comp_met.csv
Maker MKR mkr_met.csv
Uniswap UNI uni_met.csv
Sushiswap SUSHI sushi_met.csv
Balancer BAL bal_met.csv
RenVM REN ren_met.csv
Synthetix SNX snx_met.csv
Nexus Mutual NXM nxm_met.csv

1.2 Data Dictionary

Variable Name Unit Frequency Description
CapMrktCurUSD USD Daily Market capitalization in USD: The sum USD value of the current supply.
PriceUSD USD Daily The fixed closing price of the asset as of 00:00 UTC the following day
VtyDayRet30d Percent per annum Daily The 30 day volatility, measured as the standard deviation of the natural log of daily returns over the past 30 days.
TxTfrValAdjUSD USD Daily The USD value of the sum of native units transferred between distinct addresses that interval removing noise and certain artifacts.
TxTfrCnt Number Daily Daily transaction count

1.3 More about Data Source

Description of other variables can be found in the Coinmetrics Docs

2.1 Table of Data Files: Decentralization Index (Shannon Entropy) of Top DeFi Tokens

Name Token First Observation Date File Name
Aave AAVE 2020-10-02 Aave_ent.csv
Compound COMP 2020-06-14 Comp_ent.csv
Maker MKR 2017-12-15 Maker_ent.csv
Dai DAI 2019-11-18 Dai_ent.csv
Sai SAI 2017-12-18 Sai_ent.csv
Liquity LQTY 2021-04-05 Lqty_ent.csv
Uniswap UNI 2020-09-18 Uni_ent.csv
Sushiswap SUSHI 2020-08-26 Sushi_ent.csv
Balancer BAL 2020-06-20 Bal_ent.csv
Bancor BNT 2017-06-17 Bnt_ent.csv
Convex Curve CVXCRV 2021-05-17 CVXCRV_ent.csv
Convex CVX 2021-05-17 CVX_ent.csv
Fei Protocol TRIBE 2020-3-28 Tribe_ent.csv
RenVM REN 2017-12-31 Ren_ent.csv
Flexa AMP 2019-01-09 Fxc_ent.csv
Tornado Cash TORN 2020-12-18 Torn_ent.csv
Synthetix SNX 2020-05-11 Snx_ent.csv
Nexus Mutual NXM 2019-05-23 Nxm_ent.csv

2.2 Data Dictionary: Decentralization Index of Top DeFi Tokens

Variable Name Unit Frequency Description
val N/A Daily Decentralization Index value of transaction decentralization over the entire day before 00:00 UTC the following day
date N/A Daily The corresponding date index was calculated for

2.3 More about Data Source: Decentralization Index of Top DeFi Tokens

Caculated from Google BigQuery Ethereum dataset token transfers table.

3.1 Data Dictionary

Variable Name Unit Frequency Description
block_number None Per Block Unique identifier for each block in the blockchain. Used to reference and access specific blocks.
all_gpcount Count Per Block Total count of transactions at different gas prices within a specific block or set of blocks.
all_mfcount Count Per Block Total count of maximum fees associated with transactions in a block.
all_prcount Count Per Block Count of transactions given a priority status, possibly due to higher fees or other criteria.
legacy_gpcount Count Per Block Count of transactions using the old gas price system.
timestamp Unix Time Per Block Timestamp indicating when the block was mined, typically recorded in Unix time.
lag_timestamp Unix Time Per Block Timestamp of the previous block, used to calculate time intervals between consecutive blocks.
block_time Seconds Per Block Duration between the current block and the previous block, measured in seconds.

4. Code

Content Section of Paper URL
Decentralization_Classes Section 4: Data and Empirical Analysis https://github.com/SciEcon/SoK_Blockchain_Decentralization/blob/main/code/Decentralization_Classes.ipynb
Top_DeFi_Decentralization_Visualizations Section 4.2: Descriptive Analysis https://github.com/SciEcon/SoK_Blockchain_Decentralization/blob/main/code/Top_DeFi_Decentralization_Visualizations.ipynb
SAI_DAI_Decentralization_Analysis Section 4.3: Predictive Analysis https://github.com/SciEcon/SoK_Blockchain_Decentralization/blob/main/code/Top_DeFi_Decentralization_Visualizations.ipynb
Decentralization Index Daily Update N/A https://github.com/SciEcon/SoK_Blockchain_Decentralization/blob/main/code/daily-query.ipynb
EIP-1559 Analysis Section 4.4: Causal Inference https://github.com/SciEcon/SoK_Blockchain_Decentralization/blob/main/code/EIP1559_Analysis.ipynb