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. Hence in this dashboard, we will be analysing the Ethereum ecosystem over the past 60 days, this is to determine whether there is a major transformation in the ecosystem.

Approach

1. Table Used: ethereum.core.fact_blocks, ethereum.core.fact_transactions, ethereum.aave.ez_deposits, ethereum.aave.ez_withdraws, ethereum.core.ez_eth_transfers, ethereum.core.ez_nft_sales
2. Start date: July 28th, 2022

Topics

1. Blocks Mined
2. Transaction Success Rate
3. ETH Staked on Aave & Lido
4. NFT Sales Volume in USD

Blocks Mined

• The metrics above show the details of daily blocks mined over the past 60 days.
• As can be seen, prior to the 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 6.29k and blocks mined after the merge is 6.76k.

Transactions Success Rate

• The metrics above show the details of the transaction success rate over the past 60 days.
• We can see that the transaction success rate on Ethereum has been relatively consistent throughout the 60 days.
• The transaction success rate on Ethereum has stayed around 96% pre and post merge. Therefore, there were no noticeable shift in transaction success rate on Ethereum.

ETH Staked on Aave & Lido

• The metrics above show the details of the ETH staked on Aave & Lido over the past 60 days.
• 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.
• Similarly, Lido shows an identical trend with a massive increase in stakers and amount of ETH staked.
• The number of unique stakers and ETH staked on both platforms created a 60 days high after the merge.

NFT Sales Volume in USD

Conclusion

1. Blocks Mined:

   • Prior to the merge, around 6k to 6.4k blocks mined each day on Ethereum.

   • Since the day of the merging, more blocks have been mined, and the daily average has stayed over 7k blocks.

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2. Transaction Success Rate:

   • Over the past 60 days period, Ethereum transaction rate saw virtually little variation.

   • Ethereum's transaction success rate remained constant at 96% pre and post merge. As a result, there was no discernible change in Ethereum's transaction success rate.

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3. ETH staked on Aave & Lido:

   • Number of stakers & ETH staked on Aave and Lido saw a huge increase since the day of the merge.
   • A 60 day high was reached after the merge in terms of the number of ETH stakers and ETH staked amount on both platforms.

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4. NFT sales volume:

   • Following the merge, the trend has been continuously decreasing and there has been no improvement in NFT sales.
   • The average daily sales volume before vs after the merge have dropped roughly 33% in sales volume.

• The metrics above show the details of the NFT sales volume in USD over the past 60 days.
• The overall trend for the NFT sales volume has been steadily decreasing over the past 60 days.
• Furthermore, after the merge, the trend has been continuing to decline and showed no increase in NFT sales.
• The daily average USD volume prior to the merge is 42.4 million USD, whereas only 28.16 million USD were generated per day on average. Which is around 33% decrease in NFT sales volume.