📝 Introduction
If you are in the space of cryptocurrencies, you must have heard about the Ethereum blockchain update called the Ethereum Merge. This update was successfully completed on September 15th.
What is the Merge update?
The current Ethereum blockchain, where the smart contracts and rules of the Ethereum network are embedded, will become the "execution layer". The proof of stake or PoS chain becomes the consensus layer; Where transactions are confirmed through this mechanism. However, no new tokens issued and all existing ETH tokens on this blockchain will be usable.
What is Proof of Stake (PoS)
Decentralization is at the heart of blockchain technology and cryptocurrency. There’s no central gatekeeper to manage a blockchain’s record of transactions and data. Instead, the network relies on an army of participants to validate incoming transactions and add them as new blocks on the chain.[1]
In the PoS mechanism, instead of miners using computing power, users can stake their ETH token and act as a validator in the blockchain. ETH staking allows certain validators to be selected to propose new transactions to the blockchain. The higher the amount of ETH and the longer the staking period, the more likely they will be selected.
Other validators can then validate the block. With enough confirmations, i.e. more than 66% of the total ETH staked, called a 'super majority', the new block is added to the blockchain. Validators are rewarded in block rewards, also called 'minting' or 'forging'.
> Due to the importance of the Merge event in the Ethereum blockchain, in this dashboard, we are going to analyze the impact of this event on this network. The results are fully explained in each part.
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✍🏻 Methodology
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In this dashboard, the following table are used to extract data:
ethereum.core.fact_transactions
→ This table has been used to evaluate the number of transactions, transaction fees and the value of ETHs transferred.ethereum.core.ez_dex_swaps
→ This table is used to evaluate the status of ETH swaps in September.ethereum.core.ez_nft_mints
→ In this dashboard, this table is used to analyze the mint status of NFTs on the Ethereum blockchain.ethereum.core.ez_nft_sales
→ Data related to the number and volume of sales of NFTs in September is extracted from this table.ethereum.core.fact_hourly_token_prices
→ This table is used to evaluate the impact of the Merge event on the price of ETH.ethereum.aave.ez_deposits
ethereum.maker.ez_deposits
ethereum.compound.ez_deposits
The above tables are used to evaluate the amount of ETH deposited on Maker, Aave and Compound platforms.
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All data is from September 2022.
📃 Purposes of dashboard
In this dashboard, the activity of Ethereum network users before and after the merge event has been evaluated. On the other hand, the transaction status of the Ethereum network is also checked in terms of the number of transactions and their fees. In this dashboard, the impact of the Merge event on the Ethereum blockchain is analyzed.
This dashboard consists of 4 parts, which are:
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Analysis of Ethereum blockchain transaction status:
The indicators that are analyzed in this section:
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Number of Blocks Mined per Day
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Number of Transactions & Users per Day
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Total Transactions Value per Day
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Total Transactions Fee per Day
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Analysis of ETH swap status:
The indicators that are analyzed in this section:
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Volume of ETH Swaps per Day
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Number of ETH Swappers per Day
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Number of ETH Swaps per Day
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Analysis of mint data and sale of NFTs
The indicators that are analyzed in this section:
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Number of Mint per Day
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Number of NFT Sales per Day
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Number of Sales of Unique NFT Projects
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Analysis of ETH deposit status on platforms
The indicators that are analyzed in this section:
- Volume of ETH Deposited per Day
- Total Volume of ETH Deposited
🧐Observation
- The chart related to the number of mined blocks clearly shows that after the Merge event, the number of mined blocks increased daily.
- The number of daily transactions also increased after the Merge event. Likewise, the number of unique users also increased after September 15 compared to before this date.
- Two days after the Merge event (September 17), the number of unique users of the Ethereum network reached its highest level in September. (566.226k unique addresses)
- Unlike the previous parameters (number of transactions, number of addresses and number of mined blocks), the total value of transactions in ETH and the total transactions fee decreased after the Merge event.
- The interesting thing to note is that the decrease in total daily fees is not due to a decrease in the number of transactions, because the number of transactions has increased after the merge event. Therefore, it can be said that the merge event has caused a reduction in transaction fees. 🏆🏆🏆
- In total, the largest volume of ETH sales in different dexes was recorded on September 15.
- After September 13, the largest volume of ETH swaps(sales volume+purchase volume) in various dexes was recorded on September 15.
- After September 6th, the highest number of unique ETH swappers is on Merge Day.
- The average daily volume of ETH swaps and the number of unique ETH swappers decreased after the Merge compared to before the event. This is while the average number of daily ETH swaps increased after the Merge event.
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The results show that on September 15, the largest amount of ETH deposits were made on Aave, Maker and Compound platforms. The amount of ETH deposited in the Aave platform is more than other platforms.
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The ETH price chart shows that the ETH price has been in a downtrend since a few days before the Merge update. (The price of ETH has fallen from $1,764 on September 11 to around $1,300 in recent days.)
💡 Conclusion
In this dashboard, the activity of Ethereum users has been analyzed shortly before and shortly after the merge event. The results of this dashboard show that the Merge event has had an impact on the ETH blockchain.
Analyst: Emanoel
***Twitter: ***
Discord: Eman#9698
Special thanks to the Flipsidecrypto 🧡
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- The number of minted NFTs on the Merge day increased significantly compared to the first two weeks of September, so that the average number of NFTs minted after September 15 is 134k NFTs per day, while the number of NFTs minted before the Merge event has been 98k NFTs.
- On September 15th, fees collected for minting NFTs increased dramatically. On this day the mint of 'Merge NFTs’ generated a lot of fees.
- In general, the average number of minted NFTs, the number of NFT sales and the number of unique buyers of NFTs increased after the Merge event compared to before this event. But the total fees collected from the sale and minting of NFTs have decreased after the Merge event.