Merge Introduction

The Ethereum Merge merges Ethereum's PoS Beacon Chain and Mainnet in order to transition the blockchain away from the unscalable proof-of-work (PoW) mechanism. On the 15th September 2022, Ethereum has successfully made the transition to a PoS mechanism. Through the merging, operations have been moved from the current Ethereum Mainnet to the new Ethereum Beacon Chain. The energy use of Ethereum will be reduced by 99.95% as a result of this merge, allowing the Ethereum ecosystem to grow even further.

Dashboard Introduction

Ethereum Merge occurred on the 15th of September. The impact of the Ethereum merge has been discussed on Twitter by ETH developers and members of the public. Hence in this dashboard, we will be analysing different areas of the Ethereum ecosystem since one month before the merge, this is to determine if the Merge was beneficial or detrimental to the Ethereum network

ETH Staking activity on Aave & Lido

• The metrics above show the details of daily activity on Ethereum since one month before the merge.
• As can be seen, the activity across Ethereum ecosystem were relatively flat one month prior to the merge.
• Daily transactions executed, TPS and active wallets saw a three consecutive highs since the day of the merge.
• Moreover. these three consecutive highs were also the peak over the past month.

Activity on Ethereum ecosystem

Blocks Mined

• The metrics above show the details of daily ETH staking activity on Aave and Lido since one month before the merge.
• According the the graphs, staking activity on Lido & Aave displayed a similar trend.
• The trend that were shown are large amount of ETH were staked since the day of the merge.
• Especially on Lido, less than 2k ETH were deposited prior to the merge. However, the amount of ETH appears to skyrocket after the merge and peaked on September 26th with a whopping 18.1k ETH staked in a single day.
• On Aave, we can see that the number of unique stakers and ETH staked had spiked during the day of the merge with 457 stakers and 229.65k ETH deposited.
• Furthermore, during the day of the merge, Aave had the highest number of stakers and ETH deposited since one month before the merge.

Extra Key Points

1. It is clear that the Ethereum system as a whole saw a huge boost following the merger in all relevant sectors. This demonstrates the beneficial effects of the merge.
2. In addition, Ethereum's power consumption is anticipated to fall by an astounding 99.99% following the merge. To illustrate exactly how substantial this is, this decrease may be compared to the size of the Eiffel Tower being reduced to a Lego toy person.
3. This merge will enable Ethereum to have quicker transaction speeds and cheaper transaction fees, and most importantly, to operate at a larger scale.
4. Finally, the Ethereum merge provides huge organizations and financial institutions with a more environmentally friendly platform. As a result, it may attract more institutional investors to the cryptocurrency market which is extremely beneficial for the crypto industry as a whole.

• The metrics above show the details of daily blocks mined since one month before the merge.
• We can see that before the Ethereum merge, there were around 6k to 6.4k blocks mined each day.
• The number of blocks mined increased since the day of the merge and have remained above 7k blocks mined each day.
• The average number of blocks mined prior to the merge is 6.3k and blocks mined after the merge is 6.74k.
• As a result, the number of daily blocks mined saw an increase of around 7% since the merge of Ethereum.

Approach

1. Table Used: ethereum.core.fact_transactions, ethereum.aave.ez_deposits, ethereum.aave.ez_withdraws, ethereum.core.ez_eth_transfers, ethereum.core.fact_blocks
2. Start date: August 15th, 2022

Topics

1. Activity on Ethereum ecosystem
2. ETH Staking activity on Aave & Lido
3. Blocks Mined
4. Extra Key Points