Coin Metrics Bulletin # 93 this week addresses a new metric, the Supply Equality Ratio ( Supply Equality Ratio or SER) of bitcoin (BTC), which examines the supply of BTC in the hands of the addresses with the lowest balance, in relation to the balance of the largest accounts.

The equality ratio of bitcoin is inspired by the ratio 20:20, a metric that estimates income inequality in a given country. This is calculated by dividing the average income of the 20% with the highest income in a country, by the average income of the poorest 20%.

For the calculation of the SER of bitcoin, the supply in the hands of those addresses with a balance less than 0.00001% of the supply, or 1.87 BTC, is divided by the sum of the balances of the addresses that they make up the 1% with more BTC. “A high SER reflects a relatively well-distributed supply,” says Coin Metrics.

Among the cryptocurrencies with the largest market capitalization, bitcoin also has the highest SER ratio, of 0.08 , as can be seen in the previous graph. ETH, Ethereum’s native cryptocurrency, is the second most widely distributed cryptocurrency at 0.041, followed by ADA, LINK, UNI, and DOT.

The SER of Tether (USDT) has also skyrocketed in the last few months, as there have been new issues of the stablecoin. The Ethereum version of Tether (USDT-ETH) has the highest SER, among the three variations tracked by Coin Metrics.

The version of Tron (USDT-TRX) is very close in the second place, while the version of Omni (USDT) follows a straight line, due to the low utilization of This.

Among the other stablecoins, USDC’s SER has grown alongside its supply, which surpassed 9 billion last week, says Coin Metrics.

The SER of DAI also grew, highlights Coin Metrics, but not as much as that of USDC.

Among the tokens of the DeFi platforms, UNI shows a high SER index, which Coin Metrics attributes to the initial airdrop distributed among the users of the platform. COMP and AAVE also have a relatively high SER.

Although it was not addressed in this installment, Coin Metrics mentions another metric that offers another way of evaluating supply dispersion: the so-called Network Distribution Factor (NDF). “This quotient encompasses a larger economic group, perhaps equivalent to a combination of the middle and lower classes,” says Coin Metrics, in the study Bitcoin, an unprecedented experiment in a fair distribution.

The NDF is calculated by evaluating the accumulated supply in the addresses with more than 0.01% of the supply of a cryptocurrency, and dividing that amount between the total supply, the document says. The graph above shows that bitcoin has the highest NDF, followed by Decred, Litecoin and Ether, according to Coin Metrics figures.

In addition to their periodic reports on bitcoin, Coin Metrics you have been paying attention to altcoins, as some of the capital that flows into bitcoin and ether in this bull cycle could go to some of them. This is what Coin Metrics maintains in an analysis on the possibility that a “new season of altcoins” begins, which was commented on by CriptoNoticias last January 20.

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