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The continuing expansion of the blockchain ecosystems has attracted muchattention from the research community. However, although a large number ofresearch studies have been proposed to understand the diverse characteristicsof individual blockchain systems (e.g., Bitcoin or Ethereum), little is knownat a comprehensive level on the evolution of blockchain ecosystems at scale,longitudinally, and across multiple blockchains. We argue that understandingthe dynamics of blockchain ecosystems could provide unique insights that cannotbe achieved through studying a single static snapshot or a single blockchainnetwork alone. Based on billions of transaction records collected from threerepresentative and popular blockchain systems (Bitcoin, Ethereum and EOSIO)over 10 years, we conduct the first study on the evolution of multipleblockchain ecosystems from different perspectives. Our exploration suggeststhat, although the overall blockchain ecosystem shows promising growth over thelast decade, a number of worrying outliers exist that have disrupted itsevolution.

Understanding the Evolution of Blockchain Ecosystems: A Longitudinal Measurement Study of Bitcoin, Ethereum, and EOSIO