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 and it was a historic event for the crypto industry as a whole. Hence in this dashboard, we will be analysing the new users on Ethereum ecosystem and the NFT space over the past 60 days, this is to determine whether there is a noticeable increase in new user activity in the ecosystem.

Approach

1. Table Used: ethereum.core.fact_transactions, ethereum.core.ez_nft_sales
2. Start date: July 31st, 2022
3. New users will be identified as wallets that made their initial transaction over the past 60 days.
4. Only NFT sales data will be included; event types such as bidding will be excluded.

Topics

1. New users on Ethereum
2. NFT Space

New users on Ethereum

• The metrics above show the details of new users and transactions executed by new users over the past 60 days.
• As can be seen, the merge of Ethereum doesn’t increase the number of daily new users when compared to before the merge.
• However, since the merge, the number of transactions executed by new users have been steadily increasing.
• On September 27th, a total of 346.77k transactions have been executed by new users, making it the single day highest transactions executed by new users.
• Before the merge, 208.9k transactions were executed per day on average, while 288.46k transactions were executed per day after the merge.
• Furthermore, the average number of transactions performed by each new user per day has been growing steadily.

NFT Space

Conclusion

1. New users on Ethereum:

   • Although the number of daily new users on Ethereum have did not saw any noticeable increase, the transactions executed by new users have been increasing steadily after the merge.

   • The average daily number transactions executed by new users have increased around 38% after the merge of Ethereum.

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2. NFT Space:

   • Post Ethereum merge, activity of new users in the NFT space of Ethereum appears to have seen a huge growth.
   • In terms of new users buying NFT or NFT sales transactions executed by new users, both have made a new high post merge.
   • As a conclusion, we may conclude that Ethereum merge significantly helped increase in mass adoption. Despite the fact that Ethereum merge isn't projected to become quicker or reduce transaction fees right away, users could reap the advantages in the future.

   
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• The metrics above show the activity of new users that bought NFT on Ethereum over the past 60 days.
• Similarly, the number of new users buying an NFT and NFT sales transactions executed by new users have seen an increase after the merge.
• The highest number of new users that bought an NFT occurred on September 28th with 4321 users.
• The number of NFT sales transactions executed by new users have not surpassed 9k before the merge. Nonetheless, it has remained above 9k transactions for most of the days after the merge.