Coin Metrics

Coin Metrics is a crypto financial intelligence company, founded in Boston in 2017, that sells institutional-grade on-chain network data, exchange market data, benchmark indexes and reference rates for more than 200 digital assets, Solana among them. It is not the UK firm of the same name that pitched slot-machine monitoring devices on Dragons' Den. Institutional trading-technology company Talos bought Coin Metrics in July 2025 in a deal reported at over $100 million. Since then coinmetrics.io has redirected to Talos's data pages, but the products keep the Coin Metrics name. As of October 2026 the company still publishes free charts, a free Community API and its weekly State of the Network research.

What does Coin Metrics do?

Coin Metrics runs its own blockchain nodes and exchange connections, then cleans and standardises what it collects so the same metric means the same thing on every chain and venue. Clients query that data through REST and WebSocket APIs, a Python client (coinmetrics-api-client), bulk cloud delivery, or the Studio charting interface.

Its customers are funds, asset managers, exchanges, custodians, ETF and index issuers, and research teams. They use the data for research, trading, risk management, fund valuation and reporting, where a price or on-chain figure has to come with a published methodology. The whole business is a data service. There is no token, and nothing on-chain for users to deposit into.

Coin Metrics products: Network Data Pro, Market Data Feed and Atlas

Network Data Pro is the on-chain analytics product. Coin Metrics calculates its metrics for over 200 assets, covering address activity, transfer volumes, exchange flows, supply, staking, realised capitalisation and fees, normalised across chains. It is still being extended: in June 2026 it gained 13 Bitcoin metrics that break realised capitalisation down by coin age.

Market Data Feed (with the Market Data Pro tier) brings together trades, quotes, order books, candles, contract specifications, open interest, liquidations, funding rates and options greeks from 55+ spot and derivatives exchanges, both centralised and decentralised. In January 2026 it added Hyperliquid, including HIP-3 builder-deployed perpetual markets. The Market Order Books API added granular incremental order-book updates in July 2026.

Atlas is Coin Metrics' blockchain search engine and transaction-level data model. It gives access to individual transactions, blocks, accounts and balance updates through one consistent interface across chains, below the level of the aggregate metrics in Network Data Pro.

Coin Metrics reference rates and CMBI indexes

CM Reference Rates (sold under Talos as "Prices") are independently calculated asset prices built to resist manipulation. They are used for fund NAVs, settlement and valuation, where a single defensible price matters more than the last trade on one exchange.

CMBI (Coin Metrics Bletchley Indexes) is the index family built on those rates. It includes single-asset benchmarks for Bitcoin, Ethereum and Solana (CMBI Solana), multi-asset and total-market indexes, and an Ethereum staking index. Coin Metrics says the CMBI benchmarks adhere to the IOSCO Principles and the UK Benchmarks Regulation. That is the standard ETF sponsors and structured-product issuers look for in an index administrator.

datonomy is Coin Metrics' classification system for digital assets, used to group assets into sectors for portfolio construction and index design. Security Master supplies harmonised reference data (identifiers, classifications and metadata) so that operations teams have one master record per asset.

Coin Metrics Solana data: staking, SPL tokens and xStocks

Solana is one of Coin Metrics' covered networks, and that coverage has widened through 2026:

• Staking and yield. In December 2024 Coin Metrics added 38 Solana staking and yield metrics. They cover total stake split between validators and delegators, active staker counts, how much validator and delegator revenue comes from fees versus other sources, and APR/APY figures comparable with other proof-of-stake chains. At that point its Solana coverage was SOL plus 29 SPL tokens, with 155 end-of-day metrics.
• Stablecoins and tokens. Its release notes record USDC and USDT on Solana from November 2025, BlackRock's BUIDL tokenized money market fund on Solana from April 2026, and 11 more Solana tokens in August 2026. In September 2026 one metric, the count of addresses sending at least $1 in a single transfer, was extended to 46 SPL tokens.
• Tokenized stocks. Coin Metrics started tracking xStocks AAPLx$344.78-0.7% on Solana with 13 assets in December 2025 and added 103 more xStock equities and ETFs in September 2026. Its State of the Network team used that data in a December 2025 analysis of xStocks, which found about 6-10 transactions per wallet per month.

The CMBI Solana index and SOL reference rate cover the pricing side.

Is Coin Metrics free? Community API, Studio charts and pricing

The free tier is real but limited. According to the Community Data documentation, Community API endpoints need no API key and are rate-limited to 10 requests per 6-second sliding window per IP address. They serve a subset of Network Data Pro and Market Data Pro data, 30 days of Atlas history for selected assets, and only the latest data points for granular reference rates. Community data is licensed under Creative Commons BY-NC 4.0, so commercial use needs a paid licence.

Studio, the browser charting and dashboard tool at charts.coinmetrics.io, is also free to use. Talos says it has 11k+ monthly chart users and 21k+ weekly Community API users, and it runs an academic programme for researchers.

Paid access (Network Data Pro, Market Data Feed, Atlas, indexes and reference-rate licences) has no public price list. Pricing is quoted through Talos's sales team and depends on datasets, history, throughput and redistribution rights. Since September 2026, paid clients can also take ten daily datasets as Apache Parquet files in Amazon S3 or as Snowflake tables.

State of the Network research

State of the Network is Coin Metrics' weekly research newsletter. It applies the company's own on-chain and market data to topics such as stablecoins, ETF flows, staking economics, tokenization and DeFi, and it avoids price calls. It has kept running under Talos: issue #383, on the sectors leading an altcoin rally, came out on 1 October 2026. Solana appears regularly, from introductions to the network to the xStocks analysis above.

Coin Metrics and Talos: what the acquisition changed

Talos announced the acquisition in July 2025. Talos builds order and execution management (OEMS) and portfolio management (PMS) software for institutions trading digital assets. Its aim was to put Coin Metrics' data, reference rates and indexes inside that trading stack, so one vendor covers research, portfolio construction, execution, risk and reporting.

For users, the visible changes are the branding and the URLs. Coin Metrics pages and company news now redirect to talos.com, and sales and support go through Talos. The documentation (gitbook-docs.coinmetrics.io), coverage tool, Studio charts and Community API still run on coinmetrics.io subdomains. In September 2026, Talos's data business was named Best Crypto & Digital Asset Data Provider at A-Team Group's Market & Alt Data Insight Awards USA.

Coin Metrics also works beyond Solana's ecosystem. It is a Super Validator on the Canton Network, and in July 2025 it launched a Canton Network intelligence app, built on Atlas, that tracks Canton tokenomics, validator rewards and network activity.

Who should use Coin Metrics?

Coin Metrics suits institutions that need auditable, methodology-documented data across many chains: fund administrators valuing SOL positions, ETF and index issuers that need a benchmark administrator, risk teams comparing staking yields across proof-of-stake networks, and researchers who want Solana metrics defined the same way as Bitcoin's and Ethereum's.

It is a weaker fit for Solana-native work. Its Solana coverage reaches dozens of tokens and selected tokenized assets, not the long tail of new SPL tokens and memecoins. It does not provide wallet-level labelling or real-time DEX analytics. Individuals and small teams can get a good deal from the free charts and Community API, but the non-commercial licence and rate limits rule the free tier out for products built on top of it.

Coin Metrics risks and limitations

• Vendor and licensing risk. Pricing is negotiated and unpublished, and free data cannot be used commercially. A business that builds on Coin Metrics depends on Talos's contract terms.
• Ownership by a trading-infrastructure company. Since 2025 the index and reference-rate business has belonged to Talos, which also sells trading and portfolio systems. The CMBI benchmarks' stated IOSCO and UK BMR adherence is the safeguard here, and clients with strict independence requirements should check the governance documentation.
• Transition friction. With the company now inside Talos, old coinmetrics.io links and company-news pages redirect, and older integrations, bookmarks and citations can break or land on different pages.
• Coverage gaps on Solana. Coverage is curated rather than exhaustive. A token or protocol you care about may simply not be in the catalogue, so check the coverage tool before buying.
• No on-chain risk surface. Coin Metrics has no smart contracts, token or custody, so smart-contract and custody risks don't apply. The risks are data accuracy and continuity, which rest on its published methodologies.

Coin Metrics vs Glassnode and other alternatives

• Glassnode focuses on on-chain market intelligence for traders and analysts, with proprietary indicators and polished dashboards. Coin Metrics leans more towards institutional plumbing: reference rates, regulated-standard indexes, harmonised market data and broad multi-chain network data.
• Kaiko is the closest competitor for exchange market data and reference rates. Choosing between them usually comes down to venue coverage and the index and rate methodology a client already uses.
• Messari focuses on research, fundamentals and protocol-level metrics rather than raw market feeds and benchmarks.
• Artemis and Dune are better suited to Solana-native, protocol-level and custom SQL analysis, including the long tail of programs and tokens that Coin Metrics doesn't curate.

Solana Compass is a free alternative for one slice of this. We publish Solana staking data, including APY history, stake distribution and validator performance, on our network staking statistics pages. Disclosure: we run a Solana validator and a liquid staking token, so we have an interest in that data.

Coin Metrics history

• 2017: founded in Boston.
• December 2024: Solana coverage expanded with 38 staking and yield metrics.
• July 2025: Talos agreed to buy Coin Metrics for a reported $100 million-plus, its largest acquisition. In the same month Coin Metrics launched its Canton Network intelligence app.
• December 2025: first xStocks on Solana added to Network Data.
• January 2026: Hyperliquid spot and perpetual markets added to Market Data.
• April 2026: BlackRock's BUIDL on Solana added.
• September 2026: 103 more Solana xStocks added. Cloud delivery launched via Amazon S3 and Snowflake. Talos named Best Crypto & Digital Asset Data Provider.