— In this paper, we present a complete analytical study of dynamic membership (aka churn) in structured peer-to-peer networks. We use a master-equation-based approach, which is used traditionally in non-equilibrium statistical mechanics to describe steady-state or transient phenomena. We demonstrate that this methodology is in fact also well suited to describing structured overlay networks by an application to the Chord system. For any rate of churn and stabilization rates, and any system size, we accurately account for the functional form of: the distribution of inter-node distances, the probability of network disconnection, the fraction of failed or incorrect successor and finger pointers and show how we can use these quantities to predict both the performance and consistency of lookups under churn. Additionally, we also discuss how churn may actually be of different ’types’ and the implications this will have for structured overlays in general. All theoretical predictions mat...