Merge Open Analytics

    Introduction

    The Merge represents a significant update to Ethereum’s current blockchain consensus mechanism. InSeptember 5th, the transition saw Ethereum shift from a mining-based proof-of-work (PoW) blockchain to a more energy-efficient, scalable proof-of-stake (PoS) system. This was achieved by joining Ethereum’s mainnet with its PoS-based system, referred to as the Beacon Chain.

    After The Merge, Ethereum’s miners will be replaced by stakers, who lock up ETH for the right to validate transactions. In doing so, The Merge is expected to reduce energy usage on the network by more than 99.5%.

    Transaction gas fee & ETH price

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    When we look at the daily transaction charts:

    • There is been an increase on the volume transfered during de the days just before and after the merge. The day with most volume transfered is the day before the Merge 14 September with almost $14B. The day after almost $13B ere transfered.
    • Regarding the number of transactions we can say that the tx volume increases a little bit in the days just after the merge but they are within standard values. Same thing happens for the daily active users.
    • Transactions per second and transactions per block doesn’t have any peculiar values. They are within the standard values.

    Swap Activity

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    • The first charts shows the net balance (ETH IN - ETH OUT) from all swaps. As can be seen in the first graph, on the day before the merge there is a very large volume of ETH swapped OUT, the volume is so large that practically the volume of the other days is unperceivable. More than 100M ETH were swapped out on September 10th. However, only 50,8% of the days the ETH net balance was negative since 1st of July.
    • Talking about the number of swaps tehre seems to be more volume after the merge.
    • Uniswap is the #1 platform in number of swapps, they account for more than 65% of the swaps since 1st July.
    • In the normalised charts we can see how both ETH volume and number of swaps is around 50/50 between ETH in and ETH out. There isn’t any peculiar aspect after the merge.
    • Due to Uniswap is the #1 swapping platform some charts regarding volume and swap count are added. There isn’t any strange value on both swap volume and swap count between pre/post merge periods. However, if we talk about the ETH net value we can see how days before the merge there is a great ETH volume swapped out and after the merge there is a great ETH amount swapped in.
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    • Gas fees are the payments individuals make to complete a transaction on a blockchain.
    • The average fas price has not had any variation according to the merge. However, if we have a look at daily average gas used we can see how the values are little bit higher after the merge.
    • The tx fee after the merge have similar values than during the ‘pre merge’ period. This means that gas fees will remain relatively high, depending on the demand and supply of computation power.
    • Finally, the ETH price has been in a downward trend since the merge.
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    Transaction metrics

    Methodology

    In this dashboard we will analyze any notable trends or outliers that we can see since ETH switched to POS. Fuerthermore, we will compare ETH activity in the days and weeks prior and post the merge and see what changes happened. In order to do this analysis I will review:

    • Gas fees
    • Transaction Activity
    • Swap Activity
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