Post Merge Behavior
In this dashboard, We will analyze the behavior changes after the Merge.
This dashboard contains the following sections:
- Transactions and users
- NFTs
- NFT Sales
- NFT Mints
- DeFi
- ETH Swaps
- ETH Deposit and withdraws
- Ethereum Network
- Blocks
- Fees
Transactions and users
In this section, the daily number of transactions and users are evaluated
NFTs
In this section, NFT related activities will be analyzed.
Swaps
In this section, the number and volume of swaps (ETH and its derivatives to stablecoins and stablecoins to ETH and its derivatives) are analyzed.
AAVE Deposits/Withdraws
MAKER Deposits/Withdraws
Ethereum Blocks
One of the most significant and anticipated events within the web3 ecosystem happened with the birth of Ethereum 2.0 following the iconic ‘Merge’.
The Merge is an upgrade to the Ethereum blockchain. The Ethereum Merge has shifted the Ethereum security mechanism from proof-of-work (PoW) to proof-of-stake (PoS). (Source)
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- NFT sales decreased before the merge, but after the merge, got back to normal
- NFT sales volume also increased after the merge in comparison with last week before the merge but not as much as several weeks before.
- NFT mint value decreases severely before the merge. It had a spike one day after the merge.
- NFT mints and minters increased significantly after the merge. it can be concluded that most NFT projects postponed their mint date after the merge (especially non-free mint projects)
- Daily transactions, users, and new users slightly increased after the merge. Especially the first two days after the merge.
- On the merge day, deposits and withdraws volume increased significantly.
- The amount of withdrawals a few days before the merge day also increased significantly.
- After the merge, things almost got back to normal. Although the number of withdrawers increased after the merge, the number of depositors was consistently higher than withdrawers and the average volume of deposits was more than withdraws.
- The average Number of blocks increased by about 8% after the merge.
- The daily average of transactions per block decreased by about 8%.
- The daily average of block sizes decreased by about 5% after the merge.
- We can see that the daily number of miners before the merge, on average, was about 50, while after the merge, the number of validators on the Ethereum network is 487(on average). It made the network more decentralized.
Fees
- The number of swaps didn't change significantly (6% increase) except for the day that the merge happened which increased more.
- While the average number of swaps increased by about 6% after the merge, the average volume of stablecoins to ETH swaps decreased by about 17%. and the average volume of ETH to stablecoins swaps decreased by about 33%. This means that the average volume per swap transaction decreased after the merge.
- On the merge day, the volume of ETH to stablecoins swaps was significantly higher than the volume of stablecoins to ETH swaps.
- After the merge, till now, users tend to swap their ETHs to stablecoins rather than swap their stablecoins to ETH. This also could be because of the decrease in ETH price after the merge.
- Before the merge, Deposits volume decreased, and withdraw volume increased, but after the merge, deposits volume increased and withdrawn volume decreased except for one day on September, 19th when a huge amount of withdrawals occurred.
- The number of depositors increased after the merge, while the number of withdrawers almost didn't change.
- Although the daily transactions slightly increased after the merge and in the first two days after the merge, we saw more increase, the gas fee and transactions' fees decreased.
Methodology
- 15th September 2022 was considered as Merge-Day.
- the date of all analyses in this dashboard starts from 60 days before the analysis report date.
- Analysis report date: 2022-09-25
- The Transactions and users data were extracted from
ethereum.core.fact_transactions
table. - The NFT sales and mints data were extracted from
ethereum.core.ez_nft_sales
andethereum.core.ez_nft_mints
tables. - The swap transactions data were extracted from
ethereum.core.ez_dex_swaps
table. - Only swaps between ETH and its derivatives (ETH, WETH, stETH, rETH & aETH) and stablecoins (DAI, BUSD, USDC, USDT & USDT) were considered for swap transactions analysis.
- AAVE deposits and withdraws transactions data were extracted from
ethereum.aave.ez_deposits
andethereum.aave.ez_withdraws
tables. - MAKER deposits and withdraws transactions data were extracted from
ethereum.maker.ez_deposits
andethereum.maker.ez_withdrawals
tables. - Network blocks data were extracted from
ethereum.core.fact_blocks
table. - Transactions’ fees were extracted from
ethereum.core.fact_transactions
table.
Conclusion & Summary
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Daily transactions, users, and new users slightly increased after the merge. In the first two days after the merge, the increase was noticeable.
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The merge didn't have an impact on NFT sales but NFT mints decreased before it and increased significantly after the merge. it can be concluded that most NFT projects postponed their mint date until after the merge (especially non-free mint projects)
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the average volume of stablecoins ↔ ETH swaps decreased while the number of swaps slightly increased after the merge. This means that the average volume per swap transactions decreased after the merge.
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After the merge, till now, users tend to swap their ETHs to stablecoins rather than swap their stablecoins to ETH. This also could be because of the decrease in ETH price after the merge.
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On AAVE, The amount of withdraws a few days before the merge day increased significantly but after the merge, things almost got back to normal.
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On MAKER, the number of depositors increased after the merge, while the number of withdrawers almost didn't change.
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On MAKER, Before the merge, Deposits volume decreased and withdraws volume increased, but after the merge, deposits volume increased and withdrawn volume decreased except for one day on September, 19th when a huge amount of withdrawals occurred.
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The daily average of transactions per block and the daily average of block sizes decreased after the merge and the average number of blocks increased.
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While the average number of miners before the merge was 50, the average number of validators after the merge increased to about 500.
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After the merge, we can see that gas fees and transactions' fees have decreased.