ETH Removed

    Analyze the change in ETH Removing on Aave, compound and UniswapV3 pools

    Overview

    what we aim to provide here :

    • Eth removed amount from Aave, Compound and pools liquidity of uniswapV3 over Time
    • removing events number with amount greater than 1K ETH Over Time
    • Distinct user (remover) number over Time
    • removing events number over Time

    the questions that we will aim here to answer:

    1. How merge affect the Eth removing events?
    2. How was the Behavior of users who store high amount of ETH on the mentioned platform?

    Introduction

    what is the merge?

    The transition of the Ethereum network to Proof of Stake (PoS) or its new consensus mechanism for verifying transactions is called The Merge. In fact, the Proof of Stake algorithm will replace the Proof of Work algorithm that invented by Bitcoin.

    Why does merge have an impact on Ethereum that moved from platforms?

    It has many reasons, including users' fear of its failure, taking advantage of a possible fork, and other reasons that may not be as important as these two.

    Method

    the tables that I used for each platform is :

    Aave : 1- ethereum.aave.ez_withdraws | 2- ethereum.aave.ez_borrows

    Compound : 1- ethereum.compound.ez_redemptions | ethereum.compound.ez_borrows

    uniswapV3 : 1- ethereum.uniswapv3.ez_lp_actions

    I considered Withdraw+borrow as a ETH removing action for Aave and Compound. For uniswapV3 the event that I considered it as ETH removing is decreasing ETH liquidity in pools that contained ETH

    My analysis is based on the events before merge in the mentioned platforms, because low volatility of ETH price before merge I assume That all the big changes and spikes in the following amount affected by Merge

    this dashboard will include that data that belongs to dates between ‘2022-07-15’ and ‘2022-09-15’, tho second date is the date that merge happened on it

    My insight will be base on daily timeframe, but you can change it on the above of the dashboard

    Observations

    Everything was calm and the outflow amount of ETH was very low until an explosion in the amount of ETH output from Compound, happened, approximately 144K ETH was removed from the Compound platform on Sep 7th, although this High outflow of ETH did not stop here and continued in the following days. High removing amount were recorded, which were much higher than the amount we had seen before September 7.

    We see these events to some extent in Aave, although with a change in dates, on Sep2, the amount of ETH that was removed from this platform set a new record during this period with 468K ETH which is very huge, something is interesting that the second-highest day was Sep 15 which is the day of the merge.

    We see the least amount of changes on the date close to Merge in UniSwapV3 pools, of course, here we also see high amount of Eth removing on the day of Merge, September 15 with 32.7K ETH but this number is not the highest or even high among his amounts in the last weeks



    I put these graphs here to see what the big hand do, in compound we see a huge number of removing events with amount greater than 1K ETH close to merge date, the highest one was on Sep 14 with 16 events, but we also see some other big number like 15 events on Sep 7 which was the date that we observe highest removing amount.

    We also see such changes and behavior in Aave, the highest events number with amount greater than 1K ETH was on Sep 6 with 62 events, Of course, on the day of merge and the day before, we also see a high number of events which are a total of 107 events

    in uniswap we just had 7 events in total for Sep 15 and 14 which is very Low compared to the others



    compound as always been the leader of changes we can say this from the past analyzes and from distinct user number graphs on the right side. High number of users intend to remove their ETH from the platform, just focus on upward rally started by 7 Day Ma line from Sep 6, from this upward move we can say that users were very eager to get their ETH out, the highest number of users was on Sep 14, a day before the merge with 129 user

    in Aave we also see this changes, we can see some high numbers on Sep 5,6 with almost 270 user in total, also we had high amounts on merge day which is Sep 15 with 116 user

    In UniSwap, we don't see high changes, although we have seen an upward movement in the number of users since the beginning of September, but these changes are small compared to other platforms.



    Here also we see what we observed on the past analyzes,

    high number of removing event on Compound, which the highest was on Sep 14 with 193 events, there is a high number of events in dates that are close to merge date, and we can observe good upward movement from 7 Day MA from late Aug

    Merge day which is Sep 15 and the day before was so active for Aave, the removing activity was on the highest amounts, we can see almost 500 removing events on Sep 15 and 447 events on the day before, that is huge

    On the other hand, we have Uniswap, which has very few changes, there is little upward movement that we can see on 7 day MA

    Aave uniswapV3 Compound

    Conclusion

    • Compound :

      1. 144K ETH was removed from the Compound platform on Sep 7th, 1 week before the merge
      2. on the days that are close to merge date, High removing amount were recorded, which were much higher than the amount we had seen before
      3. removing events number with amount greater than 1K ETH reached the top on Sep 14 with 16 events 1 day before the merge
      4. the highest number of users that intended to remove ETH was on Sep 14, a day before the merge with 129 user
      5. highest number of removing events on Sep 14 also with 193 events
    • Aave :

      1. on Sep2, the amount of ETH that was removed from this platform set a new record during this period with 468K ETH
      2. the highest events number with amount greater than 1K ETH was on Sep 6 with 62 events
      3. we can see some high numbers on Sep 5,6 with almost 270 user in total
      4. Merge day which is Sep 15 and the day before was so active for Aave with 500 removing events’
    • uniswapV3:

      1. among three platform that are included in this dashboard we see the least amount of changes on the date close to Merge in UniSwapV3 pools
      2. high amount of Eth removing on the day of Merge, September 15 with 32.7K ETH but this number is not the highest
      3. in uniswap we just had 7 events with amount greater than 1K ETH in total for Sep 15 and 14 which is very low compared to the others
      4. although we can see some upward movement in users and events number, but these changes are small compared to other platforms

    Thanks for your Time.

    Discord and Twitter : Abbas_ra21

    Date: 2022-09-18

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    Stats change over Time